As an accountant or bookkeeper working with youth activity centers, you will notice they come in all shapes and sizes. Some of these businesses run their programs through one location, while others run out of 10 locations. There isn’t a “set” formula – each one is unique.
Being able to reconcile revenue tailored to a specific youth activity center (no matter the size) is key to your success, and theirs.
With these 3 tips, you will be prepared to work well with youth activity centers.
- How to work with activity center owners
- How to report multiple location revenue
- How to reconcile accounts using Jackrabbit
1. How to work with activity center owners
Understanding the business owner you work with is crucial, whether you are working with youth activity centers, fitness studios, or any other small businesses around town. It is important to learn about your client’s industry and know what kind of program(s) they offer. Here’s where to start:
Get to know their season
Questions you can ask the owner include:
- When are you the busiest?
- Do have a slow season at some point in the year?
- What is your average cash flow each month?
Having the answers to these questions will help you best serve youth activity center owners.
Get to know their industry and lingo
Whether you are dealing with a dance studio, swim school, gym, etc., there are a lot of similarities and differences. While the common goal is children’s activities, each type of center has a different dynamic. And from business to business, there’s differences in pricing, size, and expenses.
Understanding what youth activity centers offer, in their lingo, will only help you successfully work with them!
2. How to report multiple location revenue
When you “do the books” for businesses that have more than one location, show how much money was earned at each location. Being able to see which location is more lucrative helps the owner know which efforts are proving to be the most successful.
As cash flows in, it is important that the youth activity center ties the money earned to the respective location. Whether they are using a class management system that will act as their subledger, or they use the old-school method of Excel – this information has to be recorded as money is brought in.
Make sure the owner is aware of the importance of this so they can quickly provide you with the information you need.
3. How to reconcile accounts using Jackrabbit
Jackrabbit is an online class management system used by youth activity centers. With a long list of available reports, Jackrabbit takes the guesswork out of reconciling revenue.
Whether you’re new to working with youth activity centers or a seasoned pro, these built-in reports will make you bust out your happy dance (pun intended!) come tax time.
Jackrabbit’s Favorite Accounts Receivable Reports
Jackrabbit has a suite of Accounts Receivable Reports to choose from. The most popular ones are:
Both reports allow you to quickly see who owes money and how long the fees have been overdue (e.g., 0-30 days, 31-60 days, etc.). In other words, these are your traditional accounts receivable reports to keep a pulse on.
Jackrabbit’s Multiple Location Revenue Reporting
Historically, revenue has been tracked by family location in Jackrabbit. With the new Multiple Location Revenue Reporting feature, Jackrabbit can track revenue by class location.
The reports within this feature are most helpful if:
- You track revenue by class location,
- You have more than one location in a single database,
- Each location’s revenue is directly funneled to a separate bank account and
- Students take classes at multiple locations
With the ability to reconcile to the cent between locations, you can easily see how much revenue was earned by each one and determine how much money needs to be moved over to another bank account.
There are 4 core reports that come with the Multiple Location Revenue Reporting capability, known as the Revenue Reconciliation Reports. Each report builds on the next and offers more detailed information, helping you audit the results from the previous report.
All new clients as of May 2019 will automatically be set up to track revenue by class. For existing clients prior to May, you can request to track revenue by class location. Just contact our Support team using the ? button from within your database!
Being familiar with how youth activity centers work is important for accountants who want to work with these business owners. Check out what else Jackrabbit has to offer – reports accountants are guaranteed to love!
Read more here!