Lately, there’s been a lot of buzz about yoga membership software, and I’m pretty sure you are eager to learn more about this topic. Yoga is becoming more and more popular these days, so I don’t blame you for feeling as if there must be some sort of accounting system for yoga classes.
Have you just set up your yoga studio, but don’t know where to begin? There’s so much more than what meets the eye. Yoga membership software and yoga payment processing must be coded and entered into the system, marketing has to be done, lessons need to be planned, staff has to be managed, and payments have to be made. Really, there’s no one-stop solution.
Xero
Starting at just £10 per month, this is a tempting piece of software. But for many personal trainers, it may not be enough. That entry-level membership restricts you to sending 5 invoices and bills and reconciling a maximum of 20 bank transactions.
This could be suitable for a personal trainer that’s just starting. Still, perhaps there are better options – or more suitable membership tiers, such as their Growing Plan – for more experienced personal trainers.
Expenses are managed particularly well on Xero with a sophisticated expenses management feature on the app. There are many options for creating reports, budgeting and sharing the data with accountants. Highly powerful at its higher tiers, this could be an outstanding tool for the personal trainer with a well-established business.
Pricing : starts at 20$/month
Wave
Wave is an incredibly successful cloud-based accounting service, free for accounting, receipts and sending invoices. They support this free service through occasional adverts. However, technical support isn’t included unless you pay for it.
Wave is well designed, and for a personal trainer that needs quite basic features, this will do very well. As a sole trader and as a small business, it’s got some thoughtfully designed elements. However, do note that you pay per transaction.
If you’re doing significant sales volume, such as having clients who pay per session, this could be a factor, and you may want to find something that’s more competitively priced on that front.
Sage
Sage is one of the original accounting software on the market and offers a 30-day free trial and paid options without gimmicks. You can do everything you might need in one location, including cash flow forecasting and even handling multiple currencies – which would be a unique feature for online trainers with international clients.
The software is managed on a desktop or through a mobile app that has a user-friendly interface. It comes with plenty of web help and tutorials and includes free unlimited phone and email support 24/7.
For newer personal trainers with more basic needs, there’s Accounting Start, which doesn’t include quotes, estimates, bills or cash flow forecasts. Still, for personal trainers working as self-employed sole traders, this is likely to be more than adequate with the option to upgrade as your business grows.
FreeAgent
The first paid app we’ll review here is FreeAgent. If you need a cloud-based accounting app that was designed with freelancers in mind, you found it. You can use it for tasks like expense management, invoicing and even time tracking.
Their lowest tier fee is £19/month for sole traders, but you only pay half of that for the first six months. They claimed to provide award-winning support by UK-based accountants when you need directions. You don’t need to enter into a contract in case you change your mind, and you can have as many clients, invoices and projects as you want with no extra fee. You can try the software for free for 30 days too.
Zoho Books
Zoho Books is one branch of a large business and is a fantastic cost-effective solution for self-employed personal trainers. The desktop user interface is robust, and the mobile app is highly usable too. It’s also considered easy to use.
While there are limits with the basic entry-level plan, the standard package is more than enough for personal trainers. Even the professional package offering all the shiny toys is only £18 per month. Even at this competitive price point, there’s an incentive if you pay for the year, offering you 2 months off the price. There’s a 14 day trial for new users to see if it’s compatible with their needs.
However, a potential drawback of Zoho Books could be for personal trainers running a team or a gym owner. There’s a lack of payroll option, limiting personal trainers looking to expand their businesses.
Dext Prepare
Managing your expenses can be difficult. Handling paper receipts and manually entering them into databases and spreadsheets can be time-consuming and leaves too much room for transcription error. Dext Prepare is the perfect solution to this problem.
This program allows you to take photos of your documents easily, and the information will be automatically extracted for you. You can then export this data to your accounting software. In the event of a CRA audit, Dext Prepare will store copies of all of your receipts and invoices for up to six years. This program helps boost your business’s efficiency as it reduces the need for manual data entry, saving you valuable time.
Payworks
There is no doubt that managing payroll can be tedious. With different employees working different schedules, making different pay rates, it can be challenging to keep track. Fortunately, Payworks offers a solution to this problem. It offers numerous different features that make managing your employee payroll a breeze.
It is prevalent in the fitness industry to have a range of full-time employees and part-time contractors that run different classes or training programs. Having a mix of full-time employees and part-time contractors is an excellent idea for your business as it means you don’t have to bear the financial commitment that comes with relying solely on full-time staff.
Nonetheless, this mix of staff means that you will have to put in extra effort to track them separately in your regular payroll software. Payworks takes away this hassle and keeps track of full-time employees and part-time contractors, ensuring that your employee payrolls are done accordingly.
Finding the right tools that work best for your fitness studio or gym business can go a long way to helping you better manage your time, save your money, and have consistent access to accurate and timely financial data. Keeping your books organized will help you considerably when it comes to making timely data-driven business decisions.
Intuit QuickBooks Online
Pricing: Starts at $12.50/month
Intuit Quickbooks might be the first resource that comes to mind when you hear the term, “small business accounting software” — and for good reason. Beyond its first-rate suite of capabilities, the program sets itself apart with elements like receipt capture and 24/7 chat support.
It also features integrations with PayPal, Shopify, and Square. Taken together, those components — among several others — make Quickbooks a crowd-pleasing small business accounting software.
All plans allow you to track income and expenses, send invoices and receive payments, run reports, send estimates, track sales and taxes, and capture and organize receipts. More advanced plans allow you to track inventory, track time, and even run full-service payroll.
Best for Businesses Looking for a Tried-and-True Option
Intuit Quickbooks is one of the most (if not the most) prominent accounting software for small businesses. It’s been around long enough for you to have a solid idea of what you’re getting when you invest in it — an accessible, affordable, time-tested solution that can suit a company of virtually any size. If you’re looking for a safe choice that reconciles reliability with exceptional functionality, consider looking into Intuit Quickbooks.
Wave
Wave is a free accounting solution for entrepreneurs. That’s right—free. There are no set up fees, hidden costs, or monthly charges.
Here’s a list of everything you get for free using Wave:
- Income and expense tracking
- Bank and credit card connections
- Unlimited guest collaborators
- Invoicing in any currency
- Send estimates and turn them into invoices once approved
- Receipt scanning
- Automatic receipt recording
Use the Wave mobile app to manage everything you need on the go. You can even capture receipts when you’re offline, and they’ll upload when you connect.
You can manage multiple businesses with one Wave account, which is perfect for any entrepreneur. Personalize your invoices with customizable and professional templates as well.
The usability, features, and mobile app rival some of the best paid accounting solutions on the market today. The fact that you can use Wave for free is incredible.
You’ll only have to pay if you enable online payments or payroll with Wave.
Online payments are billed per use, at industry-competitive rates. ACH transfers are 1% per transaction with a $1 minimum fee. Credit card processing is 2.9% plus $0.30 per transaction.
Payroll starts at $20 or $30 per month, depending on your state. You’ll also be charged an additional $4 per active employee and $4 per contractor paid.
Overall, Wave is perfect for entrepreneurs looking for a basic accounting solution. It’s pretty limited outside of the standard features. Both the app and payroll integrations aren’t as useful as other solutions on my list.
MindBody
MindBody is a cloud-based business management software program that is designed explicitly for fitness-based businesses. It has class scheduling and booking capabilities and can help you manage your memberships. It also has POS payment processing capabilities and can even help you keep in touch with your clients through its marketing application.
MindBody gives fitness professionals and gym owners the ability to manage every part of their business efficiently, and it is scalable, making it easy to grow alongside you.
MindBody has some accounting functions that can be extremely useful for a fitness-based business, such as:
- Handling all payments directly through the app – If your gym or studio has an in-store retail section, you don’t need a different POS system to track your sales. MindBody is capable of monitoring all of your diverse sales revenues.
- Managing recurring membership payments – MindBody can automatically charge and collect any recurring membership fees, which can also go a long way in improving your cash flow.
- Tracking staff hours – Using the MindBody app, your employees can clock in and out, allowing you to track their hours at ease. This can help you calculate payroll, tips, and commission.
Conclusion:
You may be wondering what accounting software you should be using for your yoga business — and I’m here to tell you! Even if you think you have everything in order, there’s just so much to remember when it comes to staying on top of your finances, it’s hard not to worry that there is something missing. There is! And the secret to becoming a successful yoga business owner is by using the right affiliate marketing tools — all of which are available at an all-in-one resource for yoga businesses.