One of the most challenging aspects of being a small business owner is tracking finances. Most people go into business on their own because they want to provide a certain product or service to customers, not because they’re experts in accounting and finance. Thus, those who run gyms and fitness centers across the country often tend to have a difficult time keeping their finances in order. This isn’t to say that these people are totally clueless or anything like that. They understand that they need to make more money than they’re spending, and they also understand the need to track their finances consistently. However, it’s the actual tracking that causes problems. Far too often gym owners and managers track their finances on their own in Excel spreadsheets or with good old paper and pen. This kind of tracking leads to errors, and if those errors are significant enough, the viability of their gym or fitness center could be at risk.
This is where gym revenue management software comes in. Gym revenue management software is pretty much exactly what it sounds like, that is software that helps gyms and fitness centers track and manage their revenue. There are all sorts of different types of such software out there, but they all do the basic task of helping gyms track their finances. For example, nearly all gym revenue management software solutions handle the billing of member accounts for the gym. The software will set up a system where each member is automatically billed each month on a specific date. The software will charge the member on that date and take the money directly out of their checking account, debit card, or credit card. This is essential for gyms because it ensures that every single member is paying their monthly fee each and every month. Nobody slips through the cracks because of clerical errors. This is the best way to bill members not only because it’s automated, but also because it allows the gym to be notified when someone’s payment doesn’t go through. This keeps everyone current, which in turn means a constant flow of money into the gym.
Another great aspect of many gym revenue management solutions is the company operating the software will often handle all customer service requests for the gym. This is what TSG, the maker of Debitsuccess, does. When a gym purchases their software solution, they take over all customer service requests and complaints. When someone wants to know why their payment came out on a certain date, TSG takes the call and provides the necessary response. This frees up the gym owner to do other tasks that need handling, which in turn allows the gym to operate more smoothly.
As you can see, gym revenue management systems make it much simpler for gyms and fitness centers to track their finances and keep their revenue coming in. On top of charging members and keeping all members up to date with their payments, these systems also make it possible for gyms to track their expenses each month. They can then compare those expenses against their revenue to see how far they are into the red or black. It’s impossible to overstate just how vital this is to a small business like a gym or health club.