Combat money laundering and drive huge efficiencies in your club

Clubs in the ACT and across Australia have faced greater scrutiny in recent years as regulators seek to clamp down on money laundering.

For club owners and managers, finding practical and cost effective ways to achieve compliance with antimoney laundering (AML) laws is no easy feat. This is especially true for clubs that still rely on individual systems to manage various aspects of operations – such as membership, point of sale, gaming, human resources, incident management, inventory, and warehousing.

With no “single source of truth” available, it’s extremely difficult to:

> effectively manage risk

> maintain an auditable data trail

> make informed decisions based on accurate, real time data

As the Australian Transaction Reports and Analysis Centre (AUSTRAC) ramps up compliance investigations, it’s time for club owners to consider leveraging purposebuilt solutions that solve these challenges.

The low down on Enterprise Resource Planning (ERP) systems

Technology has come a long way in recent times, and

ERP solutions are no exception.

An ERP solution helps an organisation to collect, store and analyse data across finance and operations in a single centralised system. Because it is businesswide, club owners are able to retire (and eliminate the subscription and maintenance costs for) all or most of their existing software which is also keeping their data and operations siloed.

In addition, the capabilities of an ERP make it possible to completely revolutionise how a club operates – driving huge efficiency gains, enhancing productivity, and promoting growth.

Leading ERP solutions like NetSuite achieve this through their extensive array of features, such as:

> flexible financials

> multi-entity consolidation

> inventory and warehousing

> advanced procurement

> projects, resources, time sheeting and job costing

> eCommerce web store

> non-profit features

> payroll, awards and human resources

> Customer Relationship Management (CRM)

> end-user driven reporting and analytics

> workflows, industry dashboards, roles and automation

From a data consolidation point of view, the ability to cross-reference a huge variety of datasets (from membership and marketing through to gaming and point-of-sale) opens up unprecedented insights for club owners and managers that they may never have known existed.

Automated data entry into a single system not only saves time – it reduces risk, frees staff to focus on value-add tasks, and effortlessly tracks data changes for enhanced financial integrity.

Dealing with periods of change (such as adding a new product or service, or any regulatory change) is made simpler with integrated data across Members, project, resource, inventory, and financial management.

Club owners can also rest assured their data is protected by advanced cybersecurity expertise that RSM offer. The latest cybersecurity solutions can set robust permissive access models, tracking data breach attempts and remediation efforts, and keeping event logs readily available for audits.

Leveraging your ERP for compliance assurance

When it comes to AML compliance, leading ERP systems like NetSuite enable vital data consolidation for comprehensive risk assessments and reporting required

by AUSTRAC.

The ability to track, analyse and report on suspicious behaviour gives club owners confidence in compliance and reduces the potential for hefty fines.

Built-in anomaly detection provides assurance that your systems is doing a lot of the hard work for you, with concerning trends and anomalies served up in a visual format for security personnel to review.

Deploying an ERP needn’t be complicated

ERPs such as NetSuite come with the majority of a club’s needs out-of-the-box. Club owners can then choose to add more solutions as and when it’s needed to solve specific challenges like cyber security and data analytics.

Ideally, working with an ERP consultant will give you the greatest chance of success. They can help you determine the right solution for your club, and develop a practical roadmap for deployment.

A skilled consultant will also be able to advise on maximising benefits and minimising costs, as well as ensuring everything is set up properly to meet all of your governance, risk and compliance requirements.

For more information on how to evaluate the NetSuite solution for your club, contact Brynt Moggach at RSM Australia on (02) 8226 4625 or complete this form: https://tinyurl.com/3e4fmuzf