As a health and wellness business professional, you’re a master at making sure your gym, spa, salon, or wellness center offers the best products and services. But when it comes to bookkeeping, do you see yourself as a Master or more like a Grasshopper?
Having full understanding of your financial health is non-negotiable if you want your business to prosper. Knowing the current state of your accounts not only allows you to get your books into shape, it provides insights into the successes (and failures) of your business efforts. Health and wellness businesses are focused on cashflow, hiring and maintaining good staff, tracking membership revenue, and improving overall business operations. Making sure your financial data is up to date, secure, and well-managed dramatically impacts how your business performs over time.
Employing cloud accounting software can be a game changer. What makes accounting software so powerful these days is that they integrate with other leading business apps, making the capabilities far more robust. It’s possible to manage your accounts, inventory, payroll, expenses, and reporting all in one place. Virtually every aspect of bookkeeping, tracking supplies, HR functions, invoicing and payments can be automated. When employed correctly, this technology eliminates the need for you to do manual data entry and improves overall accuracy and compliance.
Working with an expert – a bookkeeping master – who understands exactly how to employ and manage this technology can make you better-equipped to grow your health and wellness business. Outsourcing day-to-day bookkeeping tasks to a trusted advisor is now easier than ever, and can provide you with far better insight into your business. But what does that look like in practice?
What Automated Bookkeeping and Accounting Software Can Do For Your Health & Wellness Business
Make sense of monthly bills
Bills are unavoidable, but there’s a way to automate payments so there are fewer things you need to worry about each month. With cloud accounting software you can access all your bills and data on your mobile device, which means being able to approve bills on the go and make electronic payments with a single tap on the screen. If you use an integrated billing app, all of the data can be configured to automatically sync to your accounting software, eliminating the need for double data entry while allowing your bookkeeper to ensure that all of your bills and payments are properly filed.
Manage your payroll reconciliation
Being able to pay your employees on time is a key part of being a business owner. Whether your employees are W-2 staff, contract trainers, or part-time health specialists, they need to be properly set up and follow compliance laws for employment. Payroll software helps automate these processes. It can also sync with accounting software to allow your bookkeeper to accurately reconcile each pay run with your bank account, and track all reconciled expenses accordingly.
Help you understand business performance
Utilizing technology should always help, not hinder, your business processes. The point is to streamline mundane tasks so you can run your health and wellness business more efficiently. When employed and managed correctly, automated bookkeeping provides vital metrics for your business––the cash you have available now, cashflow projections, money paid and money owed, sales tax and payroll liabilities, and equity ratio. An expert bookkeeper can help translate these metrics into data trends, which leads to making more informed business decisions.
What is the Future of Bookkeeping for Health and Wellness Businesses?
By and large, technology is the force that leads progress and shapes the future. Bookkeeping is not immune to this force. When there are massive shifts in the way things are done, those who are adaptable typically persevere. In that same vein, if you can do more than adapt and figure out ways to make these changes work in your favor, that’s when the magic happens. It’s about embracing change, not just accommodating it.
It’s also about working smarter and knowing that as a business owner, there are certain things that you excel at and other things that may require outside help. When you can trust others and delegate specific tasks, you become a more efficient business owner. You can certainly make use of cloud accounting software to manage your own bookkeeping, but don’t you want more hours back in your day to get more clients, build your team, and run your business? Working with a bookkeeper who specializes in the health and wellness industry can provide additional security in knowing that your books are financially fit. It can also be the way you achieve holistic health for your business.