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The Client’s Story
Jim and Crystal operated two successful Pure Barre studios from 2018 to 2024, catering to their local fitness community. While they were passionate about running their business, the financial side became increasingly challenging, particularly during the COVID-19 pandemic. As fitness studio owners, they sought an accounting service that could deliver accurate monthly financials, highlight key metrics like labor costs and marketing expenses, and ensure they weren’t missing out on critical tax opportunities.
The Challenges
Before partnering with Ledge, Jim and Crystal relied on a general accountant who provided limited support:
- Inconsistent Financial Reporting: Monthly financials were only available upon request, leaving them without a clear picture of their business performance.
- Missed Tax Opportunities: Without industry-specific expertise, they couldn’t fully capitalize on pandemic relief programs like the Payroll Protection Program (PPP) and tax credits.
- High Demand for Reports: Their landlord and commercial property manager required detailed reports, especially during the shutdown, creating additional stress.
"We quickly realized we needed someone who truly understood the fitness industry," Jim shared. "Our previous accountant couldn’t meet the unique demands of our business."
The Solution
When Jim and Crystal switched to Ledge, they found the support they needed to manage their financials with confidence. Here’s how Ledge made a difference:
- Comprehensive Monthly Financial Reports: Delivered timely, detailed financials, including revenue breakdowns, labor tracking, and expense analysis.
- Industry-Specific Expertise: Helped Jim and Crystal take full advantage of PPP forgiveness, tax credits, and other financial relief programs.
- Responsive Support: Whether creating specialized reports for their landlord or answering questions about payroll costs, Ledge’s team was always quick to respond.
Jim emphasized, "The monthly financials weren’t just numbers; they came with insights—how much we were spending on marketing, payroll ratios, and more. That analysis helped us improve operations."
The Results
With Ledge’s support, Jim and Crystal experienced measurable improvements:
- Clarity in Financials: They received monthly reports with executive summaries, giving them a clear picture of their business performance.
- Maximized Tax Savings: By leveraging pandemic-related tax credits, they reduced financial strain during a challenging period.
- Peace of Mind: Ledge’s responsiveness ensured they could focus on running their studios, knowing their financials were in expert hands.
"Ledge always showed up for us," Jim said. "During stressful times, we relied on their team to provide the reports and insights we needed. They never let us down."
Conclusion
For Jim and Crystal, partnering with Ledge was a turning point. The financial clarity, industry expertise, and responsive support they received helped them successfully navigate their business’s most challenging moments.
Book a Free Consultation with Ledge
Take the first step toward better financial decisions. Schedule a free consultation to discuss your bookkeeping, tax filings, and an action plan customized for your business.
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