Health & Fitness Accounting Services
Whether you own a spa, dance studio, fitness studio, you’re a gym owner or are a freelance personal trainer, your numbers need to be in tip-top shape. Health & fitness accounting helps you manage all of your business’ financial data when you don’t have time to.
Are you looking for credible bookkeeping services to handle your fitness center finances? Atlanta’s LYFE Accounting got your back.
Gym bookkeeping gives you the financial insight you need to make sound decisions for your gym management. 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, bookkeepers and tax preparers will help you maximize your tax deductions and lower your tax bill. We find that most businesses in the health and fitness industry 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. If health & fitness bookkeeping reports on your past financial results, health & fitness CFO services, on the other hand, 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 Your Fitness Business Needs 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 needs and acquiring new members. By having an accounting professional on your team, you can rest assured that your books are accurate. In addition to that, you’ll have the convenience of a trusted financial advisor in your corner every step of the way.
Fitness and gym accounting gives you your time back and removes the hassle of trying to figure out complicated accounting jargon, intimidating accounting software, and tax rules. Many gym, salon, spa and studio owners find themselves doing their own books or preparing their own taxes. But the fact is, very few non-accountants can do this successfully. And as a business owner, you surely don’t want to risk misclassifying transactions, that could ultimately trigger an IRS audit.
Benefits of Atlanta Gym Accounting Services
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
ATLANTA HEALTH & FITNESS ACCOUNTING:
WHY CHOOSE US
WHY CHOOSE US
Health & Fitness Accounting Considerations
Health & fitness accounting has special rules for accounting transactions such as memberships, cash flow, and prepaid items. It’s important to follow these considerations to avoid mistakes in your bookkeeping and taxes. Here are three considerations to keep in mind for accounting for gyms, salons or spas:
Our Methods To Gym Accounting
Catch Up Your Books
We take the time to catch up your books to the present month.
Set Up Chart Of Accounts
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 business 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.
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“I had an awesome experience at LYFE Accounting. My accountant was really knowledgeable & professional. She got me the maximum refund possible…I would recommend LYFE Accounting to any & everyone.”
– P. Griffin