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Making Sense of Club Ready Deposits
Confused by Club Ready's bank deposits not matching your sales? Those sneaky fees are to blame. At Ledge, we handle the math, ensuring your financials are crystal clear.
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Building the right tech stack is key
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How to choose the right tech stack for your company?
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What to consider when choosing the right tech stack?
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What are the most relevant factors to consider?
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What tech stack do we use at Simpletech?
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Let’s face it. You’ve seen the Club Ready bank deposits hit your bank account, but they don’t match up with your true sales. You’ve probably realized at this point that there are significant fees taken before you see your sales hit your business’s bank account.
The reality is that these bank deposits are an awful representation of sales. If you’ve already been questioning this, let me explain. There are the fees taken out before your sales hit your bank account:
- ACH Fees
- Marketing Fund Fees
- Processing Fees
- Remit Statement Fees
- Royalties
- Software Fees
- Technology Fees
This total equates to usually amounts to about 12-15% of your total sales.
So how do you know if the fees being taken out are actually the correct numbers?
To do this, you must use Club Ready’s reports to examine each deposit and make 100% you can arrive back at your Gross Sales number.
The good news is.. because this process is not straightforward and requires manual entries, we take care of it!
Every month, we provide our clients with reconciled financials showing every owner we serve the true costs they are incurring as well as a revenue breakdown! See below for an example:
So, the question is.. how do you reconcile this against sales. After all, these are business expenses and should be documented successfully as such.
The answer is this must be journal entry’d in. This is an accounting term which basically means capturing a transaction which did not hit the bank.
At Ledge, we specialize in this, and more importantly, creating clear and understandable financials for our clients. If you’d like to discuss this or you have questions about Club Ready, email me at ryland@yourledge.com.