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The business behind the game: accounting careers in the wide world of sports

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2 years ago

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The wide world of sports is a growing sector for accounting students considering a future career path. The intersection of sports and accounting offers accounting professionals a unique and dynamic environment. This article delves into the diverse opportunities within accounting careers in the sports industry, highlighting the roles, responsibilities, requisite skills and profiles of industry professionals such as Kip Elliot from the Minnesota Twins and Beth West from James Moore & Co.

The sports industry’s projected future expansion, over four times the expected growth rate of S&P 500 companies, provides job opportunities across the sports industry, including opportunities for accounting professionals. From professional sports teams to sports agents, sports gambling companies, event management firms, university athletic departments and more, there is a growing need for employees with the skills to manage finances in the rapidly growing sector.

Accountants’ roles and responsibilities in the sports industry are much like any other, with opportunities internally at sports-related businesses and externally through consulting and compliance services offered by public accounting and consulting firms. Whether through working directly for a sports enterprise or indirectly as a consultant with an accounting firm, accountants play a critical role in the financial management of sports enterprises by analyzing revenue streams, expenses and investment opportunities to optimize financial outcomes for teams, sporting events, or athletes. They utilize financial analysis techniques to assess the performance and profitability of various ventures within the sports industry. 

A unique aspect of sports businesses is how sports businesses exchange talent (players) on transfer markets. The opposite side involves contract management and sports agency. Negotiating contracts and managing the financial aspects of player agreements requires accountants who work closely with legal teams and other sports management professionals to structure contracts and calculate salaries, bonuses and incentives while ensuring compliance with league regulations and salary caps. 

Tax planning and compliance are also essential functions for sports entities. Sports businesses often operate across the country and are complex with service, entertainment and retail operations. Accountants develop critical tax planning strategies, prepare tax returns, and ensure compliance with tax laws to manage risks and maximize profits.  Accountants are also pivotal in preparing budgets and forecasts for efficient resource allocation. Furthermore, the seasonal nature of the sports industry exacerbates the importance of sound financial planning, budgeting and forecasting. Accountants in financial management in the sports world may be responsible for projecting revenues and expenses, but perhaps most importantly, cash flow.  

Important skills

Accountants entering the sports world need many of the skills required for working with other industries, including a strong understanding of accounting principles and the ability to perform financial analyses and forecasting. Thus, accountants working outside the sports world can feel confident that the skills they learn in school or other accounting jobs will help prepare them for a sports accountant career. They should also be able to interpret financial and operational data, identify trends and interpret results. Like all areas of accounting, attention to detail is a must. Details are essential when dealing with contracts and compliance matters where legal teams are also engaged. Moreover, effective communication is essential when presenting financial information, negotiating contracts or working with stakeholders. Accountants must be able to connect the dots, concisely associate financial results, economic conditions, and business strategy and articulate to individuals with a limited understanding of accounting and finance to help them make informed decisions. 

Although most accounting skills are transferable to the sports industry, understanding sports economics would be helpful, so electing educational options targeted at sports could help students adapt to the industry more quickly. Some universities have sports management degrees or minors, and others offer elective courses in sports economics that teach students the economics behind professional sports leagues, player pay, sports financing and more. Adding some sports-specific knowledge to the accounting degree would be helpful to aspiring sports accountants. 

Minnesota Twins

elliott-kip-minnesota-twins.

Kip Elliott, CPA, executive vice president, chief administrative officer and chief financial officer, Minnesota Twins

Kip Elliott serves as the executive vice president for the Minnesota Twins, a Major League Baseball team based in Minneapolis. Elliott graduated with a degree in accounting in 1989 and became a CPA. He started his career with the public accounting firm of Coopers & Lybrand and worked there from 1989-92. After joining the Twins in 1992, he became controller in 1995, CFO in 1999, senior vice president in 2006, executive vice president in 2012, and was named to his current position in 2016.  Elliott is responsible for finance, procurement, technology, ballpark operations, financial reporting and financial relationships with Major League Baseball.  

Elliott credits his accounting education, a CPA background and his time in public accounting for the skills necessary to become a CFO at a professional sports franchise. He stated that it’s essential to understand core accounting and how it affects business. He said the Twins’ business operations are divided into departments by function (e.g., ticket sales, ballpark operations, finance, etc.). The activities of these departments vary, but none of them, Elliott said, are more complex than the engagements he encountered in public accounting. He said the diversity of situations he got to work on as a public accountant is paramount to his ability to problem-solve and make decisions. Elliott highlighted the value of a background in accounting by stating that of the 30-plus CFOs he is in contact with, over 80% are or were CPAs.  He recommends accounting students should start in public accounting. “Working for a public accounting firm teaches you so much, and you often work with clients who would be happy to hire you,” he stated. That, in short, is how he got his position with the Twins and made his transition into sports.

What does he enjoy most about his career in the sports business? “The cliché answer (and sincere answer) is the people,” Elliott responded. “I’ve had the good fortune to work with a variety of tremendous individuals who share a passion for the business of sports, in particular, a passion for Major League Baseball. The many personal relationships that I’ve been fortunate enough to have built are what makes the job fulfilling. At the end of the day, it’s a pretty cool product to be a part of. All of us at the Twins are lucky to work in an industry that provides entertainment and social engagement for a myriad of people to experience. The variety of each day continues to make it fun to go to work. Truly, no two days are the same. I get to use my cumulative experience from college to public accounting and my 30-plus years at the Twins to hopefully make the Twins a better organization. There aren’t many places better to go to for a job than a baseball park.”

Sports accountant

Beth West of James Moore & Co.

Beth West, senior accountant, James Moore & Co.

Beth West has enjoyed a diverse career as a sports accountant. She has worked in internal accounting operations for a university athletic department and is now a trusted advisor to athletic departments nationwide. West enjoys “combining a personal passion for athletics with accounting and business concepts to result in gratifying work. I enjoy that an educational background in accounting can lead to so many varying career paths, including being able to help organizations in the business arena of sports.”

Like Kip Elliot, she started her career in public accounting. West graduated with a Master of Accounting degree in 2011 after a standout Division I women’s volleyball career. After graduation, she worked in the assurance practice with the CPA firm Ernst & Young. When an opportunity opened for an assistant athletic director for business at her alma mater, West merged her passions for accounting and sports. She eventually rose to senior associate athletic director for business, overseeing the university athletic department’s business and financial operations, including financial management and budgeting, financial reporting, various accounting and human resource processes, and more. West supported the university’s athletic endeavors while ensuring long-term financial sustainability. 

Her career has gone full circle.  She now works as a senior accountant for James Moore & Co., a CPA firm in Gainesville, Florida, that consults with collegiate athletic departments and helps them with their financial operations and compliance. She specializes in helping collegiate athletic departments with agreed-upon procedures over their NCAA financial reports. West leverages her previous experience as the senior associate athletic director for Business. Regardless of the position, she said flexibility, purpose and communication are the three most important skills for working in a sports accounting role. “You may wear a variety of hats within a sports organization, and it is important to remain flexible with the ability to adapt and learn,” she said. West has been able to adapt, learn and leverage her experiences into a great career in both accounting and sports. She recommends that individuals interested in finding job opportunities in the sports world browse teamworkonline.com, a networking and talent-searching platform for professionals with an affinity for sports.

Accounting careers in sports offer a unique opportunity for accountants to blend financial management and passion for athletics, with professionals like Kip Elliot and Beth West exemplifying the diverse opportunities within this field. As the sports industry continues to evolve and grow, the demand for skilled accounting professionals remains high. Aspiring accountants can carve out rewarding careers in this exciting and dynamic sector with the right mix of skills, expertise and dedication.

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Accounting

AI-Driven Automation and Continuous Accounting Frameworks

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6 days ago

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August 15, 2026

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The accounting profession is undergoing a fundamental structural transition as enterprise finance departments shift from periodic month-end closes toward automated continuous accounting models. By integrating specialized machine learning algorithms directly into enterprise resource planning (ERP) platforms, chief accounting officers are transforming financial reporting from a retrospective exercise into a real-time operational asset.

The Shift from Periodic Close to Continuous Financial Reporting
Traditional accounting workflows heavily relied on manual data reconciliation, spreadsheet calculations, and multi-week closing cycles at the end of each fiscal period. In contrast, continuous accounting frameworks utilize automated software agents to process, validate, and post transactional data in real time as business activities occur.

Automated bank reconciliation tools cross-reference incoming bank feeds, invoice records, and purchase orders automatically. By resolving transactional variances instantly throughout the month, corporate accounting teams eliminate the traditional workload spikes associated with quarterly and annual closes.

Machine Learning in Audit Trails and Anomaly Detection
Advanced natural language processing (NLP) and machine learning tools are redefining internal audit and financial control environments. Automated systems analyze 100% of general ledger entries, identifying anomalous transactions, duplicate payments, and unauthorized journal entries in real time.

Rather than relying on random statistical sampling, corporate internal auditors can focus their attention on high-risk flags automatically surfaced by algorithmic monitoring platforms. This continuous risk assessment strengthens internal controls over financial reporting (ICFR) and significantly reduces fraud risk.

Evolving Roles for Accounting Professionals
As routine data entry and manual reconciliation tasks become fully automated, the skill set required for accounting professionals is shifting toward data analysis, system design, and strategic business advisory.
– Systems Governance: Accountants are increasingly responsible for monitoring algorithmic accuracy and managing data integration pipelines.
– Business Partnership: Finance professionals leverage real-time financial dashboards to advise operational leaders on margin management and working capital allocation.
– Regulatory Compliance Management: Accounting teams utilize automated platforms to ensure compliance with dynamic tax codes and international accounting standards.

Core Implementation Recommendations
1. Deploy Automated Reconciliation Tools: Integrate continuous transaction processing modules into existing enterprise ERP architectures.
2. Establish Algorithmic Governance Controls: Implement strict internal testing protocols to ensure automated accounting rules comply with GAAP/IFRS standards.
3. Reskill Accounting Teams: Invest in training finance staff on data analytics, workflow automation, and predictive financial modeling.

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Accounting

Global ESG Reporting Standards and Double Materiality Compliance

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2 weeks ago

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August 9, 2026

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Corporate accounting departments face expanding reporting expectations as international sustainability disclosure standards achieve regulatory enforcement across major global jurisdictions. Chief Accounting Officers (CAOs) and corporate controllers are establishing rigorous internal accounting controls to treat Environmental, Social, and Governance (ESG) metrics with the same data precision, auditability, and governance as traditional financial statements.

Regulatory Harmonization Under Global Sustainability Frameworks
The implementation of standardized sustainability reporting frameworks—notably rules established by international sustainability accounting boards—has created unified expectations for public and large private enterprises. Corporations must report standardized metrics covering greenhouse gas emissions (Scope 1, 2, and material Scope 3), energy utilization, workforce demographics, and supply chain governance.

In Europe and other participating international jurisdictions, double materiality principles are mandatory. Under double materiality, organizations must report both how external sustainability risks impact corporate financial performance, and how internal corporate operations affect surrounding environmental and social structures.

Integrating Sustainability Metrics into Core ERP Systems
To provide auditable non-financial data, enterprise organizations are integrating specialized carbon accounting and ESG management platforms directly into core ERP systems. Automated data collectors capture energy utility invoices, logistics fuel consumption metrics, and vendor compliance records in real time.

Establishing automated, traceable data pipelines ensures that non-financial reporting is supported by clear audit trails. This structured approach allows external financial auditors to provide reasonable assurance on sustainability disclosures during annual corporate reporting cycles.

Financial Impacts and Capital Market Disclosure
Accurate ESG reporting directly influences corporate cost of capital and institutional credit ratings. Commercial lenders and institutional asset managers systematically incorporate sustainability metrics into risk pricing models. Companies that demonstrate transparent, verifiable progress in operational energy efficiency and climate risk mitigation benefit from expanded access to green bond markets and lower debt pricing.

Action Steps for Accounting Leadership
1. Implement Double Materiality Frameworks: Conduct comprehensive assessments to identify material financial and operational sustainability metrics.
2. Build Auditable Non-Financial Data Pipelines: Automate ESG data collection within core accounting software to ensure data integrity.
3. Align Sustainability with Annual Financial Filings: Prepare non-financial disclosures concurrently with financial statements to satisfy regulatory audit expectations.

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Modernizing Internal Controls: Machine Learning and Continuous Monitoring in Auditing

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2 weeks ago

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August 5, 2026

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Internal audit departments and corporate risk managers are modernizing internal control frameworks by shifting from periodic sampling techniques to continuous monitoring and machine learning analytics. As operational data volumes increase across enterprise organizations, automated control testing ensures financial integrity, prevents corporate fraud, and streamlines annual audit engagements.

The Limitation of Periodic Audit Sampling
Historically, internal and external auditors evaluated internal controls by reviewing random samples of financial transactions—often analyzing less than five percent of total ledger entries. In complex enterprise environments, periodic sampling methods carry inherent risks of overlooking localized financial misstatements, unauthorized disbursements, or operational control breakdowns.

In 2026, progressive internal audit functions are utilizing automated continuous monitoring platforms that evaluate one hundred percent of financial transactions in real time. Continuous control auditing systems continuously monitor general ledger entries, procurement approvals, and expense reimbursements across all operating subsidiaries.

AI-Powered Fraud Detection and Anomaly Identification
Machine learning models trained on historical corporate financial data excel at identifying subtle transactional anomalies that indicate potential fraud or operational error. Automated systems instantly flag duplicate invoice payments, unapproved vendor creation, unusual journal entry timing, and unauthorized override of authority thresholds.

When an anomaly is detected, the automated auditing platform generates an instant risk alert, allowing internal audit teams to investigate root causes immediately. Early detection prevents minor operational errors from escalating into material weaknesses in financial reporting.

Streamlining External Audit Preparation
Continuous internal control monitoring delivers significant benefits during annual external financial audits. External audit firms can review continuous audit logs and automated control testing documentation, reducing the time required for manual field testing.

This integrated approach lowers overall audit compliance fees, reduces administrative burdens on corporate accounting staff, and provides senior management and audit committees with real-time visibility into the organization’s overall risk profile.

Core Implementation Guidelines
1. Transition to 100% Data Testing: Replace legacy sampling methods with automated continuous audit monitoring systems.
2. Deploy Anomaly Detection Algorithms: Implement machine learning models to identify unauthorized transactions and operational control overrides.
3. Align Internal and External Audit Workflows: Coordinate continuous control testing protocols with external auditors to optimize annual compliance cycles.

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