Spa businesses are created to grow, and with this growth the volume of financial transactions that the businesses have to handle also grows. As a result, handling of the financial data and drawing correct inferences from the data becomes a complex task. The complexity rises exponentially if your business operates out of multiple locations. Handling these financial transactions manually on pen and paper or through traditional methods such as registers, or spreadsheets is confusing, time consuming and subject to human error. Thus, a faster and better solution is required and thankfully in today’s times we can leverage technology to find that solution. Colloquially known as a spa accounting software, the accounting solution is able to execute multiple tasks. From basic invoicing and billing and computing taxes to reconciling bank accounts and generating insightful reports, a spa accounting software benefits in multiple ways. So, you’re someone who’s still new to the idea of adopting technology or looking to upgrade your spa business then read along to know why you’ll never regret your decision of investing in a spa accounting software
Invoicing & Billing
Invoicing is a repetitive, time consuming and tedious task, and if done manually, it is prone to errors. However, what holds true for manual invoicing process doesn’t hold true for an automated process. A spa accounting software is designed to generate accurate invoices and in less than a minute. It does so by using a track & trace model, whereby as soon as a transaction is validated, the system generates a corresponding invoice. Furthermore, the system automatically sends the invoice to the designated recipient for settlement. What is even better an accounting software can easily mention other details such as discounts, payment terms etc. and also help you set up reminders based on the due dates. As a result, you and your team save precious time. Since, everything is recorded in a central database, you can always track all unpaid invoices in a single click.
Online Payment Processing
Post generation of invoices it is time to get paid, and this is where client convenience must be the first priority. The days of cash only payments are long gone. Clients, today, expect complete democratization of the payment process and prefer to settle invoices by utilizing the payment methods that is convenient to them. Payment methods have undergone a sea change with clients now having multiple choices between contact and non-contact payment methods. From charge cards and credit cards to online payment using NFC or QR code the spa accounting software benefits by enabling your business to collect payment in multiple forms and in the methods that are convenient for the clients.
Expense Tracking
Having check and balances on expenses is both vital and mandatory. Granted that you can keep a track of your expenses, manually too but the chances are that you are likely to miss out recording certain expenses and will certainly not be able to a get a clear picture as to where your money is going. However, by recording each and every expenses in an accounting software you can easily categorize and understand where the money is going, and take informed decisions.
Inventory Management
Rated amongst the top 3 spa accounting software benefits, the inventory management solution is literally a boon. Inventory management is a tricky terrain. Adequate inventory is the key to providing proper customer service. On the other hand, excess inventory leads to reduced cash flow and inefficient utilization of working capital. A spa accounting software eliminates the guess work out of this equation. By tracking the consumption, lead times and movement of goods and consumables, it auto prompts to release orders when the stocks reach critical levels. Furthermore, by giving inventory specific reports, the software also helps you understand what sells and what doesn’t sell such that you can better understand client preferences.
Tax Compliance
When you have to work with multiple tax rates, which differ based on the nature of the transaction believe us, a spa accounting software can make your life very easy while ensuring that you are neither wrongly computing or defaulting on your statutory dues. Whether these are sales tax, or employment tax or income tax, the software allows you to apply the right tax amount to every transaction and also help you better comprehend your taxes by generating month end and quarter ending tax reports.
Financial Reporting
Our personal favorite amongst all the spa accounting software benefits is its on demand reporting feature. The software allows you to generate multiple reports such as cash flow, expense statements, income statements, balance sheet, and financial metrics in just a few clicks. In other words, the on demand reporting feature enables and equips you to be constantly in control of your business such that you can take data driven informed decisions to stay ahead in the competition. Spa accounting software such as the one from Zenoti makes the process even simpler with their pre-set report template and dash boards.
A spa accounting software can do all the above, and improve your processes for bank reconciliation, data security while substantially reducing your operational costs. Most importantly some of the best in class accounting software such as the one from Zenoti come with a holistic solution for managing your spa. The spa accounting software from Zenoti takes care of the commencing from appointment booking to collecting client feedback at the time of check out to provide a streamlined and seamless experience to the clients.