As a fitness studio or gym owner, it is imperative that your books are constantly organized and your numbers are kept current - the health of your business depends on it. Many tools can help you do this, but some stand out among the rest. These software programs and applications will help to save you time and money and give you access to your critical financial data when you need it.
4 Tools Every Fitness Studio Owner Needs
A mistake that many small business owners make is using Excel to manage their books. Unfortunately, excel is prone to errors and can be time-consuming when managing large amounts of data.
Thankfully, there are accounting software like Xero that can you can use to simplify your bookkeeping process. This cloud-based accounting software allows you to easily access all of your financial data while you're on the go. It can also help you manage your inventory, track your income and expenses, generate financial reports, and create budgets.
Xero also integrates with the MindBody software, which allows for seamless data transfer and data accuracy.
MindBody is a cloud-based business management software program that is designed explicitly for fitness-based businesses. It has class scheduling and booking capabilities and can help you manage your memberships. It also has POS payment processing capabilities and can even help you keep in touch with your clients through its marketing application.
MindBody gives fitness professionals and gym owners the ability to manage every part of their business efficiently, and it is scalable, making it easy to grow alongside you.
MindBody has some accounting functions that can be extremely useful for a fitness-based business, such as:
- Handling all payments directly through the app - If your gym or studio has an in-store retail section, you don't need a different POS system to track your sales. MindBody is capable of monitoring all of your diverse sales revenues.
- Managing recurring membership payments - MindBody can automatically charge and collect any recurring membership fees, which can also go a long way in improving your cash flow.
- Tracking staff hours - Using the MindBody app, your employees can clock in and out, allowing you to track their hours at ease. This can help you calculate payroll, tips, and commission.
3. Dext Prepare
Managing your expenses can be difficult. Handling paper receipts and manually entering them into databases and spreadsheets can be time-consuming and leaves too much room for transcription error. Dext Prepare is the perfect solution to this problem.
This program allows you to take photos of your documents easily, and the information will be automatically extracted for you. You can then export this data to your accounting software. In the event of a CRA audit, Dext Prepare will store copies of all of your receipts and invoices for up to six years. This program helps boost your business's efficiency as it reduces the need for manual data entry, saving you valuable time.
There is no doubt that managing payroll can be tedious. With different employees working different schedules, making different pay rates, it can be challenging to keep track. Fortunately, Payworks offers a solution to this problem. It offers numerous different features that make managing your employee payroll a breeze.
It is prevalent in the fitness industry to have a range of full-time employees and part-time contractors that run different classes or training programs. Having a mix of full-time employees and part-time contractors is an excellent idea for your business as it means you don't have to bear the financial commitment that comes with relying solely on full-time staff.
Nonetheless, this mix of staff means that you will have to put in extra effort to track them separately in your regular payroll software. Payworks takes away this hassle and keeps track of full-time employees and part-time contractors, ensuring that your employee payrolls are done accordingly.
Finding the right tools that work best for your fitness studio or gym business can go a long way to helping you better manage your time, save your money, and have consistent access to accurate and timely financial data. Keeping your books organized will help you considerably when it comes to making timely data-driven business decisions.
If you need help keeping your gym or fitness studio’s books in order, Enkel can offer you the guidance you need. With years of accounting and bookkeeping experience under our belts, we know a thing or two about finances. If you have questions about our services, don’t hesitate - contact us today.