Congratulations on making the decision to hire a bookkeeper for your gym. Many business owners attempt to take on this task themselves, taking time and focus away from other important business priorities.
When you hire a bookkeeper for your fitness business, not only will you regain some of your valuable time, you will also gain the expertise of a professional who can help you gain a better understanding of your company’s finances.
Outsourcing your bookkeeping will allow you to have timely access to your financial data and reports, ensure that all of your invoices are paid on time, and make tax season a much less stressful time of year.
However, not all bookkeepers are created equal. Be sure that you do your research beforehand and look for a bookkeeper to meet all of your business's needs.
4 Key Considerations When Hiring a Bookkeeper for your Gym
1. Level of Expertise
When searching for the perfect bookkeeper for your business, consider what your needs are and what their areas of expertise are. Ensure that they are familiar with your industry and have experience working with other gyms or fitness studios.
Not all bookkeepers specialize in all areas of bookkeeping. Be sure that the person you choose is capable of the following tasks:
- Reconciling bank transactions.
- Enter supplier bills and pay suppliers.
- Checking the coding of transactions to ensure they have been coded to the correct account and with the proper tax treatment.
- Lodging and filing sales tax and GST.
- Preparing financial reports such as Profit and Loss statements, Balance Sheets and Cash flow statements.
Other tasks that you may need assistance with include payroll, budgeting, and cash flow forecasting. Choosing a bookkeeper that can provide detailed financial analysis is also extremely helpful for the health and growth of your business.
2. Level of Tech Experience
Advancements in technology have made the bookkeeping process a much easier one, and there are still new changes and innovations happening every day. New apps are being developed, and new integrations are surfacing on a daily basis.
When choosing a bookkeeper, make sure you select someone who knows all of the ins and outs of the best accounting software and has in-depth knowledge of the most appropriate tools and management software specific to gyms and fitness-based businesses. Your bookkeeper should be willing and able to stay up-to-date on all the latest accounting software and technology.
3. Level of Responsiveness
Outsourcing is becoming increasingly popular among so many businesses, and for a good reason. Having a full-time, in-house bookkeeper can be extremely expensive. However, outsourcing also means that you can't just take a quick trip down the hall to the accounting department to request a report or ask a question about your business's finances.
If you are working with an external bookkeeper, you need to ensure that the person you select is responsive and easy to get in touch with. They must be able to support you and your business in a timely manner, despite their remote location.
4. Level of Scalability
Increasing membership rates or opening new locations is the goal of most gym businesses. A successful business will grow over time, and you need to make sure that the bookkeeper you choose can grow along with you.
If your small business starts to grow and you open more locations or start a franchise, a bookkeeper can help you manage and keep up with this growth. They must be able to create a custom yet replicable bookkeeping process that can be used for your entire business, all across the board. Your bookkeeper must be able to provide you with consistent, multi-location reporting, company-wide financial visibility, and a detailed comparison of all your locations.
Outsourcing your bookkeeping process is an excellent decision for your gym or fitness studio. It will give you the assistance of a well-trained professional while freeing up your time so you can focus more on the health and wellbeing of your clients.
When you choose an experienced bookkeeper with excellent technical knowledge who is ready and willing to grow with your business, your success is unlimited. If you want to learn more about all of the advantages that outsourcing your bookkeeping can provide, or if you have questions about how our company can help you, contact Enkel today!