Bookkeeping for Health and Wellness Businesses

Why is proper bookkeeping for health and wellness more necessary?

AIS Solutions

The health market has been considerably expanding for quite a while now. Entrepreneurs from this field can now set up their businesses and market their services easily due to the increased public interest and facile promoting channels. However, as in most other industries out there, professionals keep their primary focus on the provided services and generally lack the skills necessary to manage the financial side of their business properly. This is only normal since it’s your duty as a professional to ensure you offer the best products and services in your gym, spa, salon, or wellness centre.

Nevertheless, if you’re planning to lead your business down the road to prosperity, you need to understand its financial health and requirements. Being aware of the state of your accounts will ensure legal compliance and provide you with insights regarding the performance of your business. Opting out for professional accounting for health services will help you keep the business focused on cash flow, track revenues, and improve the overall business operations. As you probably know, keeping your financial data secure, up-to-date, and well managed can have a massive impact on how your business improves over time.

By outsourcing your bookkeeping, you will gain prompt and punctual access to structured reports of your financial data. At the same time, you’ll have the certainty that all your invoices are paid on time and that you are not paying more tax than you should.

massage, spa, back-272823.jpg

Why is proper bookkeeping for health and wellness more necessary?

AIS Solutions

The health market has been considerably expanding for quite a while now. Entrepreneurs from this field can now set up their businesses and market their services easily due to the increased public interest and facile promoting channels. However, as in most other industries out there, professionals keep their primary focus on the provided services and generally lack the skills necessary to manage the financial side of their business properly. This is only normal since it’s your duty as a professional to ensure you offer the best products and services in your gym, spa, salon, or wellness centre.

massage, spa, back-272823.jpg

Nevertheless, if you’re planning to lead your business down the road to prosperity, you need to understand its financial health and requirements. Being aware of the state of your accounts will ensure legal compliance and provide you with insights regarding the performance of your business. Opting out for professional accounting for health services will help you keep the business focused on cash flow, track revenues, and improve the overall business operations. As you probably know, keeping your financial data secure, up-to-date, and well managed can have a massive impact on how your business improves over time.

By outsourcing your bookkeeping, you will gain prompt and punctual access to structured reports of your financial data. At the same time, you’ll have the certainty that all your invoices are paid on time and that you are not paying more tax than you should.

bookkeeping for health and wellness

How can professional bookkeeping help your health and wellness business?

Here’s how dedicated accounting for health services can help your business:

Payroll Management

Most businesses in this industry, especially in the fitness niche, don’t usually have direct and simple payroll management. This is due to the fact that most organizations have a mix of full-time, contract, or seasonal staff and commissioned employees. Managing the timesheets and compliance standards while running payroll by yourself takes valuable time that you can invest in other areas of your business.

Accounting Skills and Software

The costs of employing an in-house professional to deal with your business’s bookkeeping and payroll parts will leave a mark on your profit margin. Apart from the extra salaries, you’ll also need to consider the cost of the necessary software. Outsourcing those previously mentioned will allow you to capture all the benefits for a fraction of the cost.

Accurate Financial Statements

From capital outlays to seasonal surges, the finances in the health and wellness industry can be a true roller coaster ride. Regular updates regarding your income statements, cash flow, and balance sheets will provide you with insights regarding your business performance. This way, you can make better, well-informed business decisions.

Revenue Tracking

Most health and wellness industry businesses rely on memberships as their main income stream. However, along with members comes the management of automated billing and recurring revenue, which can get messy if not handled properly. A professional bookkeeper can track your revenue from different sources and handle the deferred revenue.

Schedule a free consultation with us and discover how we can help.

Whatever business challenges you might face, we assure you there is always a solution.

What are the benefits of outsourcing accounting for health services?

Apart from the previously mentioned advantages of outsourced bookkeeping, the list of benefits keeps going. Below, we’ve listed the main benefits of outsourcing bookkeeping for health and wellness businesses.

AIS Solutions

About AIS Solutions

AIS Solutions offers a wide range of services designed around your specific industry needs. We blend our expertise with experience and the latest technologies in order to deliver flawless services and assist businesses to scale up in their field.

For many years, our business was based on delivering personalized accounting solutions and tax services to clients. We decided to expand our services and form a team that is able to deliver consistent and reliable bookkeeping solutions, hence having a larger positive impact on our customers’ lives. Over the years, we’ve grown and defined a team just as passionate about changing the lives of our clients as we are.

Discover more about our story and what made us who we are today.

Frequently Asked Questions

Whether you need to employ the services of a bookkeeping company or not, it’s a personal decision for you as a business owner. There are cases in which you might be better off handling your own books if you have the time and expertise to do so. However, as stated above, a professional bookkeeper brings its own benefits to the table.

We balance your books, monitor and reconcile your bank accounts and credit cards to catch any discrepancies, all your bills are paid on time, your government remittances are current, your payroll completed and the money owed to you is collected. Click here to overview the full list of services.

Bookkeeping for health and wellness can get messy but worry not: leaning up your books will be included as part of our work estimate. At the beginning of every collaboration, we provide our clients with a set of clean books that have been thoroughly checked for any eventual errors.

We offer professional training for QuickBooks accounting software regardless of your current knowledge level. Click here to learn more about this.

Our team is always here to help you through and clarify any questions you may have. Feel free to contact us, and we’d be more than happy to have a no-obligation chat.