Must Have Accounting Solutions for MedSpa Software
Managing the finance and accounting of your med spa can be a complex task. The process gets increasing complex if you run your business from multiple locations. Granted that as a medspa owner, finance and accounting is not your area of either expertise or interest but it must be borne in mind that it is one of the foundation pillars of your business and the very existence of the business relies upon how well you manage your finances. If all this seems daunting, do note that in today’s time one can now deploy technology to assist you in the process. Popularly known as a medspa accounting software, the product not only helps you record the flow of the money but also aids you in examining the state of your business. Given the numerous ways in which a spa accounting software benefits a medspa, it is hardly surprising that increasing number of businesses are readily investing in such tech products.
Today, the global spa accounting software industry is worth USD 20 billion, and is growing at a CAGR of 7%, and there is immense competition in the software industry. At one end of the spectrum we have software solutions with basic features such as automation of routine tasks to help you save time and at the other end we have quality med spa software which can help you in scaling your business and increasing profits. So, read along to know what are the must have features and how the spa accounting software benefits the business.
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Automate Daily Tasks
One of the primary task required to keep the cash flowing is to raise invoices on guests. A med spa accounting software automates the task by raising invoices as soon as the service is completed. Some of the advanced medspa accounting software such as the one from Zenoti come with features such as recurring invoices, and are designed to send automated reminders for clearance of invoices, and also accept payment through multiple digital channels such as online transfers, credit cards, charge cards and wallets. As a result, you and your team no longer have to chase clients to clear their dues and or worry about unpaid invoices.
Expense Tracker
Cash is the king. Whether you are a small business, or a mid-sized one an often common mistake that spa owners do is that they fail to keep a track of expenses and tend to go overboard. The problem is further exacerbated because we now live in a society, that is very card friendly, and operate with the concept of tap and go. This is where a spa accounting software benefits your business. By allow you set up a budget for inventory, marketing, operational costs, human resources etc. and tracking your expenses against each of the pre-defined heads and limits, it alerts you and keeps your expenses under checks and balances.
Inventory Management
The inventory management solution is consistently rated amongst the top 3 spa accounting software benefits of deploying a med spa accounting software. Running a med spa requires you to keep a constant tab on the inventory of consumables, equipment spares, and retail products. The last thing you want is to be in a stock situation of consumables required or any hot selling service or have stock of products that keep languishing on the shelves. An accounting software ensures that you no longer have to manage your inventory on guess work. By tracking consumption, retail sales, and run reports on what sells and what doesn’t, the accounting software equips you in keeping your inventory at optimum levels and in turn keep your invested capital in stocks low.
Reporting & Analytics
In order to function properly, an accounting software collects data from your CRM, POS and other applications. As a result, it becomes the central repository of all data. Most spa accounting software are designed to easily work with the data, and create on-demand reports. Whether it is daily sales, cash flow statements, revenue or sales the spa accounting software can generate reports in a single click that can be accessed anytime from anywhere. Some advanced spa accounting software such as the one from Zenoti have various other features such as dashboards, which can provide both snap shot of the business and comprehensive store wise granular data. Furthermore, with its strong data analytics feature the Zenoti spa accounting software also helps you improve your marketing game.
HIPPA Compliance for Data Security
A regulatory requirement, and a feature to look for in a med spa accounting software is that it should be HIPPA compliant. HIPPA compliant accounting software have high end data security and come with features such as end to end data encryption to prevent misuse or loss of data. While getting a HIPPA compliant spa accounting software may cost you extra, it will certainly make your med spa stand out and appeal to the customers as they would know that you take their personal information and medical history very seriously and do everything to protect the data
Besides the above, a med spa accounting software can help you streamline many other business activities such as tax compliance, preparing books of accounts, reconcile bank statements etc. However, when it comes to selecting the right med spa accounting software always bear in mind that a thorough understanding of your business processes is the first step in the process.