At this point in time, everything may be looking pretty smooth for your gym business: more members are signing up, your revenue is better than ever, and your costs are going down— well, until it’s time to scale up.
If you find yourself relating to this situation well, then it’s safe to say that your gym is on the verge of scaling but still struggles with its bookkeeping. It’s like how your members struggle to put five pounds on their max deadlift. While it may be easy to say that struggling with books is a normal part of any business’s life cycle, you may also be struggling because you’ve overlooked the basics of bookkeeping.
In the same way that basic form and a good foundation are essential for squats or deadlifts, the fundamentals of bookkeeping will always be integral to working effectively no matter how heavy the weight—or in this case, the scale of your operations—may be.
You see, not being able to have the basics of bookkeeping down for your business is a whole lot like curling in the squat rack. If you’re lazy and oblivious enough, you’ll probably end up doing it even if you shouldn’t. Fortunately, it isn’t too late to avoid the terrible habit of scrambling for papers and sifting through records if you start fostering a properly established bookkeeping routine right away.
Overcoming the huge hurdle of not struggling with bookkeeping
If you’ve grown tired of having to go through sleepless nights of cramming your gym’s books come reporting time, then it’s important that you take the right steps towards getting your bookkeeping basics down.
By following these tips, you’ll be able to overcome your bookkeeping hurdles in no time:
#1. Keep your records organized all year-round
Keep all your daily transaction records as organized as possible throughout the entire year. Take the necessary steps to collect your receipts and records for both your expenses and revenue daily. Doing so will ensure that everything has been recorded, so you can avoid having to cram the recording part when you need the reports.
Ask us about Receipt-Bank and how this can help!
#2. Set your personal expenses apart from your business’s finances
As a gym owner, it can be especially tempting to do anything for yourself and charge the final bill to your own business because all the funds are right there for you to take. Although it may be clear that running a business successfully is essential for having the freedom to buy anything that you want, it is vital to avoid misconstruing it by getting the funds right out of your gym’s finances.
To avoid running your gym bankrupt with a severe lack of self-control, it is in your business’s (and you own) best interest to set up a separate bank account wherein you can set your business’s funds and budget aside. Aside from making it much easier to reinforce self-control, opening a separate account for your gym will cut out the need to sift through expenses and figuring out how much was actually spent on your business.
Receipt-Bank does an amazing job with this, otherwise known as Expense Reporting.
#3. Outsource your business’s bookkeeping
If tackling your business’s bookkeeping needs is a bit too much to bear or you don’t have the necessary discipline to pull everything off, the best option is to outsource the task to a bookkeeper.
Having an outsourced bookkeeper for your gym makes it a whole lot easier to keep your books updated without having to go through the costly process of hiring an in-house bookkeeper. You can bring in someone who can hold you accountable for ensuring that you stay on track with your finances while they take care of the heavy lifting for you.
When it comes to effectively running a gym, it is vital to ensure that you’re taking the right steps towards ensuring it’s longevity, especially when it comes to bookkeeping. By following the tips mentioned in this list, you can take the heavy lifting and difficulty far away from your bookkeeping efforts and keep it in the gym area where they truly belong!
Looking for a Toronto or Ottawa based accounting service? We’re the ones for you! As financial professionals, we provide accounting and bookkeeping services for retail businesses that need our expertise. Let us help you sort out your books today!
We understand running a small business is complicated. Your financials shouldn’t be. Take the guesswork out of the accounting and let us help you build your blueprint for success.
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