In Focus: Eureka Solutions – Navigating Financial Fair Play
Football turns to cloud software experts, Eureka Solutions, to navigate financial fair play.
In today’s highly competitive sports industry, the ability to quickly adapt to changing circumstances on the pitch and in the boardroom is crucial for success.
The Premier League’s recent actions around enhanced profitability and sustainability rules (PSR) highlight the mounting pressure on sports organisations to ensure their finances are in order.
Football clubs must now navigate a complex web of revenue streams, operational costs and regulatory requirements—all while striving to remain competitive on the pitch. At Eureka Solutions, our team of experienced consultants has worked extensively with a wide range of clients in the sports sector.
We understand the specific pain points that football clubs face, and with this knowledge, we’ve developed tailored solutions to help them overcome these hurdles and achieve their financial goals.
One of the key areas we focus on is enabling sports organisations to automate financial processes and effectively report across their diverse revenue streams by migrating to modern, cloud-based finance and ERP systems.
We also specialise in integrating back-office systems with point-of-sale solutions such as ticketing, retail and ecommerce to ensure data flows automatically between systems.
Legacy accounting systems simply aren’t built to handle the reporting and revenue recognition complexities of ticket sales, hospitality, sponsorship, retail and events. Eureka Solutions, with Oracle NetSuite, is well-equipped to take on these challenges.
Emma Parker, CFO of Millwall FC, noted: “Having the right equipment [e.g., NetSuite] to give you accurate results in real-time helps maintain financial fair play. A lot of PSR measures are a year behind, so you’re looking at last year’s accounts and the three years before.
“But having access to real-time results is great from a forecasting point of view. If you know your current financials are up to date, then you can use that to project more realistically going forward.”
Another key benefit of implementing Oracle NetSuite is its ability to help football clubs stay on track with financial fair play regulations by improving financial reporting accuracy.
Parker adds: “Prior to NetSuite implementation, we had a lead time of around two months to get final monthly figures, and by then it was too late to be of value.”
With real-time figures, clubs are better equipped to forecast and control costs in the present year, aligning with PSR measures. And with PSR itself constantly reviewed, critiqued and challenged across football, clubs of various sizes and circumstances are pushing the boundaries to maintain competitiveness.
Parker shared: “Some clubs spend well ahead of what they need, and they take that gamble on spending and getting promoted. Sometimes it works; sometimes it doesn’t.”
A more cautious and controlled approach has been embraced by Aberdeen FC, who recently partnered with Eureka Solutions to upgrade its legacy systems and future-proof operations. Kevin MacIver, Finance Director at Aberdeen FC, explained the significance of the move.
He said: “Our legacy finance system, in use for over 20 years, lacked the efficiency and scalability needed to support our growth ambitions. By integrating NetSuite with the expertise of Eureka Solutions, we are not just upgrading our systems but creating a future-facing operation.
“Our project with Aberdeen focuses on automating key administrative functions such as purchase order approvals and accounts payable automation, while improving cost control and budget monitoring.”
MacIver continued: “NetSuite allows real-time access to our data, which will enable faster preparation of management accounts and reporting to our board, and better overall financial oversight.”
We know that more changes to PSR are anticipated, which further underlines the importance for clubs to invest in systems that can provide real-time financial insights and support strategies.
By implementing Oracle NetSuite, Eureka Solutions has helped sports organisations like Millwall FC, Heart of Midlothian FC, Luton FC and Aberdeen FC streamline revenue recognition, automate processes and gain real-time visibility into financial performance.
This not only ensures compliance with PSR but also enables clubs to make data-driven financial decisions that secure their long-term success.
Moreover, NetSuite’s advanced budgeting and forecasting tools have empowered clubs to adopt a proactive approach to financial planning. In one study, NetSuite customers saw a 50-80% increase in actionable insights, allowing for more informed decision-making across their operations.
As the leading UK Oracle NetSuite partner, Eureka Solutions has become the go-to business solutions partner for sports organisations, helping them navigate the complexities of financial sustainability and digital transformation, and ensuring they stay on track with financial fair play regulations and beyond.
Alan Miles is Commercial Director at Eureka Solutions, business solutions experts based in East Kilbride and one of the UK’s leading cloud software integration firms. www.eurekasolutions.co.uk
