Two Best of the Best Practices for Private Clubs
Enhance Your Financial Reporting: The simple solution to providing a deeper level of information for ease of analysis is to make the Executive Metrics Report (EMR) a key component of the monthly financial reporting package. The EMR is made up of important operating metrics tracked by the financial accounting and payroll systems, along with key department benchmarks, both of which are formatted to provide month by month and year by year comparisons.
Pay Cycle: With semi-monthly or monthly pay periods, a manager cannot compare like to like – a primary caveat of benchmarking. With a semi-monthly pay period the number of days in a pay period can vary from 14 to 16 depending upon month and leap years. Also, since pay periods can start and end on any day of the week depending upon the calendar (instead of the constant and comparable Friday through Thursdays in bi-weekly pay periods), there may be some pay periods with anywhere from 4 to 6 weekend (busy) days. This makes it impossible to compare pay periods on a like to like basis, thereby diminishing the value of benchmarking. The same applies to monthly pay periods.