Health & Fitness Accounting
HEALTH & FITNESS ACCOUNTING SERVICES
Whether you own a gym, spa, dance studio or are a freelance personal trainer, your numbers need to be in tip-top shape. Health & fitness accounting helps you manage all of your finances when you don’t have time to.
Gym bookkeeping gives you the financial insight you need to make sound decisions. Not only will you understand your income and expenses, but you’ll also know which assets or equipment you have on hand and the value of each. Doing this will prepare you for any necessary equipment replacements. In addition, gym bookkeeping helps maintain accurate depreciation amounts which will ultimately help you save in taxes later on.
Tax preparation is not the reason you started your fitness business. Which is why we are here. Our team of CPAs and tax preparers will help you maximize your tax deductions and lower your tax bill. We find that most health & fitness businesses wait until tax time to think about their taxes. When, in fact, tax should be a continuous conversation throughout the year. Our professionals can create an annual tax strategy that focuses on saving you the most in taxes.
If you want to take your gym, studio, or spa to the next level, you need CFO services. Where health & fitness bookkeeping reports on your past financial results, health & fitness CFO services reports on your future financial results. Our team of CPAs and CFOs develop budgets and projections that will help you plan for the future. Our team also renders advice and recommendations on your financial strategy so that your business can improve operations and efficiency.
Why Use Health & Fitness Accounting Services?
Accounting is a necessary part of every business. However, as a health & fitness professional, your time is better spent focusing on your business and clients. By having an accounting professional on your team, you can rest assured that your books are accurate. In addition to having the convenience of a trusted financial advisor in your corner every step of the way.
Health & fitness accounting gives you your time back and removes the hassle of trying to figure out complicated accounting and tax rules. Many gym, salon and spa owners find themselves doing their own books or preparing their own taxes. The facts are, very few non-accountants can do this successfully. You don’t want to risk misclassifying transactions, that could ultimately trigger an IRS audit.
Benefits of Gym Accounting
The only way to grow your health & fitness business is to know your numbers. But more than that, you need to understand your numbers and make profitable decisions based on what they are trying to tell you. Specifically, health & fitness accounting allows you to:
- Keep track of all of your income and expenses
- Maximize your tax return by deducting all applicable expenses
- Plan long term with budgets and projections
- Implement strategies to grow based on financial results
WHY LYFE ACCOUNTING FOR HEALTH & FITNESS ACCOUNTING?
We have experience in providing accounting for gyms, spas, and salons. Our process starts by assigning you to an in-house professional with experience in health & fitness accounting. You are in trusted hands of someone who truly understands your business and industry.
We understand that no 2 businesses are the same. Especially those in different industries. We make sure to set up your chart of accounts, reports, and returns in a way that is specific to your industry. You will receive reports that are specific to your business.
Our team comprises of Certified Public Accountants. We have the knowledge, experience, and credentials to support the services we provide. We are experts and have combined experience over 35 years in accounting and finance. Rest assured that there is not an accounting issue we have not encountered.
Health & Fitness Accounting Considerations
Health & fitness accounting has special rules for accounting for transactions like memberships, cash flow, and prepaid items. It’s important to follow these considerations to avoid mistakes in your bookkeeping and taxes. Here 3 considerations to keep in mind for accounting for gyms, salons or spas:
- Membership dues. If your gym or fitness services receives membership dues upfront, this is a prepaid transaction. Meaning, you still have an obligation to perform a service for these clients. Monthly memberships are also considered prepaid until the last day of the month.
- Cash flow considerations. Because your customers could ask for refunds for any prepaid service, it’s important to keep prepaid monies and earned monies separate in your accounting system. If not, you might find yourself strapped for cash if one month is heavier in customer refunds and you already spent funds received.
- Contractors. Always keep proper records for the contractors you hire. Whether they be trainers, dance instructors, hair stylists or other professionals, you want to be able to deduct those expenses on your tax return. In order to do so, you need to issue 1099s to them every year. There are penalties associated with failing to do so.
OUR METHODS TO RESTAURANT ACCOUNTING
We take the time to catch up your books to the present month.
We set up your chart of accounts so that reviewing your financial statements is easy and tax return filing is a breeze.
We gather data. Whether you use Paypal or a credit card processor, we incorporate that information into your books. We will also connect your financial accounts to your bookkeeping software and begin data entry.
To ensure accuracy on your financial statements and ultimately your tax return, we reconcile your accounts.
We prepare your financial statements. The financial statements include income statements and balance sheets.
We help you use your reports and KPIs to make informed, profitable decisions.
Get Your Finances in Shape with Health & Fitness Accounting
Accounting should never be an “option” in your business. Serious business owners prioritize their accounting in order to have hyper-profitable businesses.
Your gym, spa or salon needs health & fitness accounting. Your industry is specialized and there are specific rules and considerations you must legally go by. You need accounting services that serve your particular needs.
In addition to being a health & fitness professional, you are a business owner. And all business owners need their accounting in order to make the best decisions for their companies.
Ready to get started? Schedule a meeting below.
“I can’t say enough good things about Lyfe Accounting. Not only was Krystal super helpful for our small business, but she was amazingly fast at getting our taxes taken care of for us. I highly recommend her to anyone looking for CPA services!”