The landscape for Leisure and Tourism in the UK is changing. Iconic buildings like the Shard and the Gherkin are no more functional buildings than they are photo opportunities. In addition, the success of Britain at the Olympics and British athletes at events like Wimbledon, The Tour of Britain, the London Marathon and the Ashes pulling greater live and televised audiences than we could ever have expected.
But behind all the euphoria of the sporting theatre one thing remains. Sports clubs, national bodies and events are all run as businesses. Some may include a ‘not-for-profit’ aspect to them, (sometimes because they simply can’t turn profit), but the fundamentals remain the same. Clubs like Manchester United have to ensure they manage player wages, cost of the stadium, shirt sales, marketing budgets, cost of overseas fixtures all according to a P&L account. Economists would have been lined up and asked what financial impact hosting the Olympics would have on the economy years before they even thought about constructing a hosting bid.
Behind every match day ticket or tourist experience the underlying aspect is making money, and if you are a business that involves money you need an accountant to make sure that you are profitable and all your tax planning is taken care of.
Accountants are an integral part of any business, especially those in the leisure and sport industry where turning a profit might be harder to come by. Their eye for detail when it comes to the numbers is imperative to ensure a businesses or clubs success.
Our age old saying; ‘good accounting is good business’ has never been so apt. I’m not sure how a business would fill the void of an accountant? Our clients certainly couldn’t do without theirs.