Activate IHRSA’s Accounting and Finance Best Practices
January 29, 2022
9 ClubReady CORE Reports Critical to Fitness Studio Success
IHRSA recently published their best practice guidelines for accounting and finance. Along with their best practices, they identified 4 things your accounting and reporting should do, as well as 11 Accounting and Finance KPIs, fitness studios and gyms and should track. In an effort to support ClubReady customers in exercising these 2022 best practices, we’ve identified 9 pre-built reports within the ClubReady CORE system that provide this data and insight for your fitness studio.
Show Me the Money! Payroll Percentage of Revenue
Payroll should include salaries and wages, contract labor, payroll taxes, workers compensation (or equivalent, where relevant), insurance, and benefits. Access the following reports within your ClubReady CORE system to understand this financial breakdown.
1. Session Payroll Report
2. Time Clock Payroll Report
3. Draft Commission Report
Roll Call – Visits and Attendance
Track average visits per customer per week, the percentage of customers visiting at least once per week, and the number of customers that haven’t visited in over 60 days. These reports within the CORE system provide insight into member behavior.
Who’s Who and Who’s Here? Customers, Clients, and Members
Monitor daily unique customer visits and total customers. Using these reports, your fitness studio can gain greater visibility and understanding into your historic and present member and prospect activity.
6. Member List or Customer List Report
7. New Members Report
8. Active members Report
Get Sticky – Reduce Attrition
To calculate your membership attrition rate, divide total dropped memberships for the 12 months by the 12-month average beginning memberships. With this out-of-the box report, you can forego manual calculations and understand member attrition behavior at an individual and trend level.
As we advance into 2022, understanding our business, and the drivers behind the data is imperative. What additional information do you need to more efficiently operate your studio? Let us know and we can guide you to that data.