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Your Financial Reporting Roadmap for a New Season

You’re heading into a new season and there’s nothing more exciting than seeing smiling faces re-entering your facility during the first week of class. It reminds you of why you love what you do, am I right?

But as a new season starts, it’s essential to keep tabs on financial reports for your gym, swim school or dance studio.

That’s why we’ve created this financial reporting roadmap as your guide to which financial reports your youth activity center should be running daily, weekly, and monthly so you’ll always know where you stand so you can continue to set goals and reach them! 

Daily Financial Reporting

I know that adding more day-to-day tasks to your to-do list feels a little counter-intuitive when trying to save time, but running certain financial reports daily will save you time in the long run. You can make any adjustments needed right away so you aren’t trying to jog your memory a month later. Talk about a win-win!

Deposit Slip Report

For the most part, gone are the days when you have to take cash and checks to the bank to deposit funds daily but the Deposit Slip Report is still one of the most valuable financial reports in the Jackrabbit Reporting Suite. If there is cash and a check or two dropped off at the front desk on any given day, the Deposit Slip Report has everything you need to take your deposit to the bank.

If you’re a dance studio, gym, or swim school that has rotating office shifts, this is a great way to reconcile payments collected during each shift as a check and balance for each person. Each payment logged in Jackrabbit is accounted for and sorted by the payment method and family or date, depending on what format you prefer. It’s also a great way to see refunds at a glance to ensure all refunds are processed properly and when necessary, according to your policies.

Paid Fees Report

The Paid Fees Report has many benefits but when it comes to running this report daily, it’s a great tool to help you find revenue that isn’t applied so you can keep payments appropriately applied along the way. 

If you wait until a week or month later, there’s a good chance that you or your office staff member won’t remember what happened and why the payment wasn’t applied. (—>Check out the help documentation for using the Paid Fees Report daily)

Are you a checklist person?

Explore Jackrabbit’s Checklists for Success Topic Hub for an interactive Daily and Weekly Checklist plus other checklists you didn’t know you needed until now!

Take me there

Weekly Financial Reporting

Not every report needs to run daily. Using the tasks on the Dashboard in Jackrabbit is a great way to keep track of when to run those reports on a less frequent basis to help you stay consistent and intentional. 

Aged Accounts Detail Report

The quickest way to see who hasn’t kept their account up-to-date is with the Aged Accounts Details Report, which is very similar to a traditional accounts receivable report. Not only can you see who owes and how many days the fees are overdue but you can also email families directly from the report to streamline the process of reaching out.

The goal is always to have your accounts receivable as close to zero as possible as the fees age, but that is more challenging than it sounds. Staying on top of this weekly will keep those that owe more than 30 days out low.

Sales Detail Report

If your gym, swim school, or dance studio sells any kind of merchandise or apparel through the store, it’s helpful to run a Sales Detail Report each week to see what was sold, to whom, how much tax was charged, and the total amount of sales for the week. 

In the scenario that your merchandise isn’t sold on-site or has to be ordered, this is also a great report to run when items come in and you are ready to distribute. 

Tuition Not Posted Report

No matter how often you promote the start date of your new season, you’ll always have stragglers that register for classes after the session is in progress. That’s where the Tuition Not Posted Report is a great double-check to ensure revenue isn’t lost. 

Running this report weekly will help you find any lost opportunities before too much time passes so you can avoid having to go back to the family and explain. It helps you stay organized and put your best foot forward so parents know they can trust your processes and workflows. (—> Learn more about the Tuition Not Posted Report here)

Are you ready to give Jackrabbit and all the financial reports a try? Open your free account today and get access to every report immediately! 

Monthly financial reporting 

After a month closes, it’s the best time to run revenue reports to see how things have shaped up!

Revenue Summary Report

The Revenue Summary Report gives you a total for payments collected and in addition, gives insight into which programs are most profitable for you during any given month as it is divided up by each category. What better way to enforce that you continue to schedule the most popular classes than to see which ones bring in the most revenue? 

This report also shows what discounts are given each month and is a great gut check to make sure you aren’t over-discounting the value of your program. Discounts are always the great debate – to discount or to not discount – so having proof of what is being given away is sometimes all you need to make the adjustments that are best for your business. 

Revenue Reconciliation Reports

If you have multiple locations, the Revenue Reconciliation Reports are a must-have in your financial reporting roadmap. Not only can you reconcile revenue between where payments were collected and where they were earned so you can make the necessary bank transfers, but you can also analyze revenue by family or location. To learn more about the power of the Revenue Reconciliation Reports, check out the help documentation here.

This financial reporting roadmap is a guideline for you and your youth activity center. Of course, every gym, swim school, and dance studio is unique with different needs so you may decide to run all reports more frequently. Do what makes sense for your program!

As you head into the end of the calendar year, you’ll want to start thinking about the annual reports (financial and enrollment) you need to give a holistic view of the last year at your youth activity center and we’ve got the perfect resource for you – the Annual Reporting Guide!

By |September 14th, 2022|Software Tips|0 Comments

About the Author:

mm
With Amber's prior experience as a dancer, dance teacher, and an office administrator at a dance studio, she can use her prior experiences to relate to Jackrabbit customers. As part of Jackrabbit's Marketing team, Amber focuses on notifying clients about new enhancements, training opportunities, upcoming webinars, and more! Amber enjoys watching football and traveling in her free time!

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