Why you should use Xero in your gym or fitness business
When you as a gym owner or fitpro use Xero, your business is better and I want to explain why because Xero as a piece of software might seem over the top
Xero is an accounting software that will save you time, reduce your stress and ultimately give you the tools to grow your business. Sounds great doesn’t it, but perhaps a little over the top for a piece of software.
Benefits to your business:
Save time never having to connect bank feeds:
As Xero automatically connects bank feeds you will no longer have to spend time entering data into a system or a spreadsheet. This will save you a LOT of time and also reduce any errors. A bank feed means you can connect transactions for a large variety of banks into Xero via an automatic connection.
Never worry about a lost receipt:
With either the Hubdoc app (free) you can scan in invoices to Xero with a phone app, just take a quick picture of your receipt and upload. You don’t need to keep the receipt or it gets coffee split on it. HMRC have confirmed that the digital copy is sufficient.
Being able to have a bigger pool of accountants to choose from
No longer do you need to work with the accountant down the road, the one who is nearest so you can pop your information in. You can choose to work with a specialist fitness accountant and/or an accountant that you connect with and can enjoy building the business you want with. Don’t let your accountants location limit your business potential.
See your bank and recent transactions anywhere from your phone
You can view your bank balance and the recent transactions anywhere, any time just by logging onto the app on your phone. If a supplier calls you and if you have paid, you can check there and then and not worry about having to get back to the office.
You can set up the dashboard on the main screen to instantly check the balances in your chosen accounts, i.e. what VAT may be due, how many sales have you made this month etc.
Pay invoices on the go
Pay invoices on the go via the Xero app, so you can pay when you remember instead of waiting to get back to the office.
Connect with your gym management software and/or your payment system
Xero can connect to other software such as GoCardless for payment collection or gym management software such as ClubRight. This will save you time with data instantly transferring between the softwares and reduce human error.
Keep your financial data secure
Xero is secure with two step authentication and encrypted data.
Spend more time understanding your business numbers and less time getting the numbers
You can see where the business’ money is being spent quickly and easily and compare month on month to see any increases. Then you can spend the time asking why instead of spending time checking the numbers.
It means as your accountant I would be able to have meaningful conversations with you, with up-to-date relevant data. Making changes and catching potential errors or wrong actions before it’s too late.
Therefore, a tool such as Xero will give you the time and energy to really understand your business and therefore you can focus on how you can achieve your business and personal goals.
Are there any downsides?
Yes, there is a subscription fee (around £24 + VAT for a standard subscription) and if you are moving from a spreadsheet or a free piece of software then this might look like a cost to you.
But this is not a cost in real terms.
At the moment, how long are you spending on completing your finances or collating the paperwork? An hour to full weekend maybe? In that time, most gyms I work with could have earnt more than that money in much less time. Wouldn’t it be better to spend the time understanding the numbers or making your members feel special so they stay loyal.
If you would like to work with me but are not on Xero, then don’t worry, I can move you across if it’s the right system for you. To find out more, book in a discovery call. Learn more about the process here: https://southbourneaccountancy.co.uk/how-to-get-started-with-southbourne-accountancy/
Other blogs that you might find useful:
How to get the most out of Xero: https://southbourneaccountancy.co.uk/how-to-get-the-most-out-of-xero-from-the-start/
How much does accounting cost for gym owners: https://southbourneaccountancy.co.uk/how-much-does-accounting-cost-for-gym-owners/
5 common accounting mistakes: https://southbourneaccountancy.co.uk/5-common-accounting-mistakes-that-could-hurt-your-gym-business/
2. Download our free guide on “7 mistakes to avoid – to stop your fitness business running out of cash” https://southbourneaccountancy.co.uk/fitness-ebook/
3. Connect with me on social media:
4. Book an R&D eligibity call: https://calendly.com/rdteam/15min?month=2020-11
5. Grab a copy of our “32 ways to extract value from your business” – tax savings. Here https://southbourneaccountancy.hubspotpagebuilder.com/32-ways-checklist-to-extract-value-from-your-business-save-tax-now