Running a business of any kind is going to be stressful. Personal training is no different and the industry has changed immensely due to the pandemic. Virtual training sessions erupted in popularity as not all people were or are comfortable with being at the gym. Exercising with a mask on is not something that most people want to do but they also want to stay safe. If most people are being honest, there are some that don’t wipe equipment down at the gym and now that is not just disgusting but also potentially dangerous.
Accounting might not be your forte but the last thing you want is the dreaded IRS auditing you. This can lead to legal expenses as mistakes do happen but the IRS is not a forgiving entity. There is a reason that most people state that death and taxes are the only sure things in life. The following are tips to help you handle accounting when running a personal training business.
If you think that it will be a good idea to write everything down on a piece of paper that you could lose, this can be a dangerous game to play. You might have multiple streams of revenue from various gyms or forms of training that you offer. Group fitness classes could be a part of your income as could virtual training along with one on one sessions.
QuickBooks is a great way to stay organized as you can send this straight to an accountant to help you. The other factor that you need to consider is not all clients are steadfast about paying on time. Without proper organization, you could be missing out on payments without even realizing it. Being able to refer to payments that have been made either in cash, check, or card is important. Expenses can also be noted here as all self-employed individuals have expenses in one form or another. This could include being recertified or equipment that you have purchased to help give superior workouts to clients.
Invest In Accounting Services
Accounting services are a great investment for any entrepreneur running their own business. Taking accounting off of the task list of a person allows them to continue to generate income. Sitting around for days working on taxes can decrease revenue for that month. You don’t want to pay more in taxes than you have to so a CPA can be a huge help.
Hiring an accountant in-house if you run your own gym simply is not ongoing to be a great allocation of money. An accounting firm might even cover their fee in the savings that they find you doing your taxes. Make this job easy for them by staying as organized as possible and keeping receipts or using an app that helps store this information.
Accounting is not something that most people want to spend their free time doing. Invest in a reputable accounting firm that can help you ensure that your business stays healthy and you do as well.