As you wrap up another year with your dance studio, gymnastics gym, swim school, or youth activity center, it’s a great time to gather important information from the past year. With class management software, you conveniently have all your information in one place so it’s a huge time-saver to pull reports for what you need!
Annual reporting with Jackrabbit Class doesn’t have to be hard. That’s why we’ve created this handy guide for you to reference all year long.
Why are annual financial reports important for your youth activity center?
The best part about having class management software is having data at your fingertips. Year after year, it’s important as a business owner to go back and look at what went well, what didn’t go as well, and how to move forward. Without the data and reporting to back it up, how can you make the right business decisions? Asking for a friend, of course!
You know that accountant you hired to help you with your taxes? They will love you for taking the time to give them the information they need when it’s time to file your taxes for the year. If you’re using a class management software, you already have the information at your fingertips. Why not make it easy on yourself (and your accountant) for the win-win? (—>Read more about year-end tax planning tips)
Speaking of year-end taxes, parents may also ask for information to submit with their yearly tax information. This is common if you live in a state that allows tax deductions for childcare or your youth activity program qualifies for specific education expenses.
Of course, Jackrabbit Class makes this easy-breezy for you to send out year-end statements to all families at once or show parents how they can get the information they need directly from the Parent Portal.
Before you dive into the annual reports you need to access in Jackrabbit Class, make sure you have clean, accurate data to work with. After all, what you put in is what you get out when it comes to data. Some quick and easy things to do to get ready to start running financial and enrollment reports is:
- Find and apply any unapplied payments or account credits.
- Reach out to families who still have a balance, requesting payment.
- Archive classes that are no longer active.
- Send inactive families to the Lead File if they do not need to access the Parent Portal or be considered in enrollment reports.
Now that that’s done, you can begin to look at the details of annual financial and enrollment reporting.
5 financial reports you need for annual reporting with Jackrabbit Class
Jackrabbit has a full suite of reports that can help you pull information on anything you need. And when it comes to financial reporting, you need to see the full year at a glance so you can continue to make great business decisions, am I right?
So, let’s explore the 5 financial reports that are important to your annual reporting goal.
1. What fees were posted?
The Fee Summary report is a great way to see what fees were posted throughout the year, as well as the status of those fees – were the fees paid, was there a credit applied, or are the fees still due?
If you have more than one location, this is a great report to break fees down by location to see which one is bringing in the most revenue.
2. How much revenue and taxes were collected?
With the Paid Fees report, you can easily see how much revenue and taxes were paid throughout the year. Whether the tax was paid on merchandise sold or monthly tuition, you can see it all in one place, either in the detailed or summary versions.
The Paid Fees report is also helpful for finding any payments that are uncategorized or improperly categorized. It’s important that this report reflects the true breakdown of where your revenue came from.
3. How much did you discount?
This question always surprises business owners the most. Giving discounts has its advantages in some situations but you want to make sure you aren’t over discounting yourself. You love what you do but also, you provide tremendous training to your students – don’t forget that 😉
The Revenue Summary report allows you to see how much you discounted throughout the year, compared to the revenue you brought in. If you found you discounted too much (with the exception of COVID-19), make some adjustments for the next season.
4. How much is still past due?
Think of your typical Accounts Receivable report that your account asks you for at the end of the year. That’s exactly what Jackrabbit’s Aged Accounts Detail report is!
Not only does this report help streamline collections but it also gives detailed information of who owes you money, how much, and what for during a specific time period. It’s an accountant’s dream come true!
5. What kind of credits did you give
Non-monetary credits are important to separate – they aren’t exactly discounts but they aren’t revenue either. It’s important to make sure that credits you give aren’t counted towards your revenue, making it look like you collected more than you did.
In addition to seeing your revenu for the year broken down by payment method, the Deposit Slip report will show you non-monetary credits that were applied over the year as well!
If your facility isn’t in a position to run these financial reports now, don’t panic. The New Year is just around the corner, which means you have the opportunity to partner with a class management solution that will help make collecting data and running financial reports a breeze. Try Jackrabbit Class free for 30 days to take advantage of our entire suite of reports and more!
Why are annual enrollment reports important for youth activity centers?
Let’s shift from looking at what your accountant needs to wrap up the previous year and take a look at what you need to plan for a new year or session of classes.
If you had a way to optimize your gymnastics, swim or dance classes to retain more students, fill more classes or make your most in-demand classes more available would you do it? (cough–enrollment reporting–cough)
Jackrabbit’s annual enrollment reports help you visualize what opportunities you have for an upcoming session or year to maximize class size and revenue potential, as well as aid in future planning. Here are a handful of reports you should run annually to ensure business growth year over year.
4 Enrollment reports to run annually using Jackrabbit Class
Enrollment Detail Report
Which students were enrolled in classes last year but not this year? Jackrabbit’s Enrollment Detail Report helps you quickly identify who is not registered for your upcoming season.
Drop those families a postcard, give them a call or reach out via email to let them know that you miss them and look forward to celebrating another great year of classes together at your program.
When a retention tool is this easy to use, it shouldn’t be overlooked!
Student Attendance Report
Crystal balls don’t exist to tell you which students may not return to classes at your swim school, gymnastics gym or dance studio. The Student Attendance Report does, however and it’s a great way to see which students may be on the fringe of not re-enrolling based on last season’s attendance.
Run this report annually or more often to see who at your program is constantly missing. Then contact that family to see what the issue is. Some grade-A customer service can go a long way when it comes to retaining a student who is habitually absent!
Enrollment Snapshot Report
Want to visualize your potential maximum class revenue? The Enrollment Snapshot Report just became your go-to tool. Intended to give you a quick snapshot of each class, this report includes revenue from students currently enrolled vs the maximum revenue if the class were full.
Talk about leaving money on the table, huh? Let this tool motivate you to ensure you’re marketing classes that aren’t full so that you can achieve your full revenue potential each year!
Wait List Report
If you don’t know which classes are the most in-demand at your facility, the Wait List Report is a great resource. Run this annually, or anything at the beginning of your session, to determine if you need to add additional classes or if you can move students to another class.
Who said maximizing class size and revenue had to be time-consuming?
Whether you’re running annual reports with Jackrabbit Class to prepare for taxes, planning for a new year or anywhere in between- it’s important to remember that the quality of data going in reflects the quality of data coming out. It may be tempting but don’t skip on the details.
Ready to set your facility up for a successful year of financial and enrollment reporting? Download our End of Year Reporting Checklist!