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That’s where Ledge Accounting comes in. Unlike typical bookkeepers, they specialize in helping fitness studios gain clarity by breaking down revenue streams, pulling in every transaction from business bank accounts and credit cards, categorizing deposits, and delivering accurate monthly financial reports. This case study focuses on Eric, a fitness studio owner who transformed his financial management with Ledge Accounting’s help.
Eric’s Story: From Overwhelmed to Confident
Meet Eric, a fitness studio owner who, like many others, was constantly stressed about managing his studio's finances. Initially, Eric used QuickBooks and worked with a traditional bookkeeper, but he soon realized this wasn’t enough. He struggled to track where his money was coming from and how much was generated from memberships, retail sales, and services. This left him feeling overwhelmed and unsure of his studio’s financial health.
“We thought we could handle it ourselves using QuickBooks and a bookkeeper, but we were just getting lost in the numbers,” Eric recalls. “It didn’t give us the clarity we needed.”
When Eric switched to Ledge Accounting, everything changed. Ledge took over the financials, but instead of relying on QuickBooks alone, they manually broke down each deposit into categories like memberships, retail, and services. This gave Eric a clear picture of how his business was performing.
“I finally knew exactly where our revenue was coming from,” says Eric. “It gave me peace of mind and allowed me to focus on growing the business.”
The result?
Eric’s monthly financials became more accurate, giving him confidence in his numbers. Ledge Accounting’s detailed financial reports showed exactly how much revenue came from memberships, retail sales, and additional services like personal training. With this new level of clarity, Eric could focus less on bookkeeping and more on his members and growing his fitness community.
How Ledge Accounting Works: A Breakdown
Centralized Financial Management
At the heart of Ledge Accounting’s services is QuickBooks, which they use to manage all of their clients’ financial data. They connect it to clients bank accounts and credit cards to ensure that every transaction is recorded. We also pull in every transaction from all business bank accounts and credit cards to create the financials. But what really sets Ledge apart is how they handle the deposits coming from platforms like Mindbody, ClubReady, and Mariana Tek.
Most fitness studio owners receive large deposits from these platforms, but these deposits don’t provide much detail. Is the revenue from memberships, retail sales, or personal training? Without breaking it down, studio owners are left guessing.
Ledge Accounting solves this by manually reviewing every deposit, and categorizing it into specific revenue streams like memberships, services, and retail. This detailed breakdown helps studio owners, like Eric, understand exactly where their revenue is coming from and how their business is performing.
Detailed Revenue Breakdown: No Integration, Just Precision
Many fitness studio owners assume that platforms like Mindbody or ClubReady automatically integrate with accounting software like QuickBooks, but that’s not the case. These platforms process payments and handle bookings, but they don’t give you the detailed revenue breakdown you need for effective financial management.
That’s where Ledge Accounting steps in. They manually reconcile all transactions, breaking down deposits into clear categories so you know exactly how much revenue came from memberships, retail, and services.
For example, let’s say a deposit of $5,000 appears in your bank account from Mindbody. Ledge won’t just record this amount in QuickBooks. They’ll dig deeper, checking Mindbody’s data to break that deposit into specific revenue streams—showing exactly how much was generated from memberships, how much from retail, and how much from personal training sessions. This precision ensures you have a clear, actionable understanding of your revenue.
Specialized Payroll Processing
In addition to monthly financial reports, Ledge Accounting also provides payroll processing services that go beyond just logging a lump sum. For most fitness studio owners, payroll is one of the biggest expenses, but it’s often recorded as one large number without any details.
Ledge breaks payroll down into specific categories like wages, taxes, and roles (e.g., instructors, front desk staff), so you can see exactly where your labor costs are going. This level of detail helps studio owners make more informed decisions about staffing and labor expenses.
Case Study Recap: How Ledge Accounting Transformed Eric’s Business
Before partnering with Ledge Accounting, Eric struggled to manage his studio's financials. He was using QuickBooks and a local bookkeeper, but without a clear breakdown of revenue and expenses, he felt lost in the numbers.
After switching to Ledge Accounting, Eric experienced several benefits:
- Clear Revenue Breakdown: Every deposit was manually reconciled, showing exactly how much revenue came from memberships, retail, and services.
- Accurate Monthly Financial Reports: By the 7th of each month, Ledge delivered detailed reports that gave Eric a clear picture of his studio’s financial health.
- Peace of Mind: With Ledge handling the financial details, Eric no longer had to worry about where his money was coming from. He could focus on growing his fitness community.
Why Fitness Studios Choose Ledge Accounting
Fitness studios need more than just basic bookkeeping—they need clear, accurate financial reports that show where their revenue is coming from. That’s why Ledge Accounting specializes in helping fitness studios like Eric’s by offering:
- Manual Reconciliation of Revenue: Ledge Accounting manually reviews and breaks down deposits from platforms like Mindbody, ClubReady, and Mariana Tek into specific categories like memberships, retail, and services.
- Timely Financial Reports: Clients receive their financial reports by the 7th of each month, ensuring they have the data they need to make informed decisions.
- Specialized Payroll Services: Payroll expenses are broken down into categories like wages, taxes, and roles, helping studio owners better understand their labor costs.
Ready to simplify your studio’s financials and gain peace of mind like Eric did? Ledge Accounting is here to help. With our expertise in fitness studio financial management, you can stop worrying about the numbers and focus on growing your business.
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