Sports accounting is a lot like good coaching for professional athletes. Just like a coach can motivate you to reach your greatest potential, a sports accountant can help you meet your financial goals.

Experts who understand the sports industry will know how to best support you, whether you’re a grassroots football player or an Olympic-level swimmer.

Here’s why you should hire a professional sports accountant to help you manage your wealth.

Why athletes need sports accounting

Keep an eye on your finances

As a sportsperson, you need to spend most of your time training to become the best athlete you can be. This means you may not have enough hours in the day to take a closer look at your finances.

Working with an accountant for athletes can make managing your wealth much less time-consuming.

With an expert handling your basic bookkeeping tasks and helping you take advantage of tax breaks, you can focus on your commitments while keeping an eye on your spending.

You can rely on your accountant to update you about any new legislation that could affect your tax liability.

Speaking to your accountant before making important financial decisions can also help to protect your wealth. They’ll answer your questions and offer advice on opportunities that come your way to ensure your finances aren’t put at risk.

Account for different income sources

Many professional athletes supplement their wages with sponsorships, property investments or TV appearances. This can give you more financial freedom while you pursue your sport, but it can make managing your affairs more complicated.

A sports industry accountant can advise you on the tax implications of your different income streams and draw up a strategy to help reduce your liabilities.

If you’re considering a sponsorship, your accountant can look at contracts with you to ensure you’re getting the most out of your paid partnership.

Sports accounting may also include property management services to help you boost your earnings with rental income.

Save on tax when negotiating a new contract

If you play a team sport such as football or rugby, you may need to negotiate contracts with different sports clubs.

It’s important to enter into an agreement that meets your financial needs — particularly if you’ll stay with the same team for a long time.

As financial experts, accountants for athletes can review your contract’s structure to help you save money on your tax bill.

Plan for your future

Athletes are in a fairly unique financial position. You’ll likely retire at an earlier age than professionals in other industries, making good financial planning essential to securing your future.

Accountants for sporting professionals can work with you to estimate your earnings potential and determine how much you’ll need to put aside for a comfortable retirement.

They’ll help you budget accordingly, offering advice on diversifying your income streams so you’re not completely dependent on your sporting salary.

Meanwhile, comprehensive estate planning services can give you more control over your finances after you’re gone, potentially leaving your family with a lower inheritance tax bill.

The perfect addition to your team

As accountants for athletes, you can rely on us to put your interests first, no matter the stage of your sporting career.

With years of experience in the sports and leisure industry, we know how to help athletes stay at the top of their financial game.

We offer our accounting and advisory services to athletes involved in a wide range of sports including tennis players, cricketers, footballers and more.

Get in touch to find out how our sports accounting services can help you manage your wealth.