Tax planning is an important aspect of running a fitness enterprise. Income taxes largely comprise the difference between how much a business actually makes and how much it gets to keep. Identifying all qualifying business expenses and maximizing deductions helps ensure the difference between the two numbers is small.
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Inventory costs, legal fees and marketing expenses represent potential qualifying business expenses for a personal trainer. Cash accounting means the business reports earnings during the period it receives payment, whereas business that use the accrual method report earnings when the money is earned, even if the business has not been paid yet. Since most fitness professionals are sole proprietors or unincorporated individuals, these kinds of businesses must submit Form T during tax time. It breaks down all of the income earned by the business during its fiscal year, as well as all of the qualifying expenses the business paid.
Fitness professionals who are owners of incorporated businesses must fill out a T2 corporate tax return in addition to their T1 personal income tax return. A year is a long time to keep up with income and expenses to be reported during tax time.
Recording these figures manually is time-consuming and can lead to inaccuracies. Many small-business accounting programs are sophisticated enough to recognize potential deductions and credits that even seasoned tax professionals might miss.
Personal Training Software | TotalCoaching
Whether to hire an accountant or bookkeeper is a personal decision for a business owner. Some fitness entrepreneurs will like to have an experienced set of human eyes looking over their books, while others prefer to save money and simplify the process by using personal training accounting software instead. An accountant or bookkeeper can be a great asset, particularly if the financial side of the business is complex or nuanced. However, gym accounting software gets more sophisticated every year and can often deal with bookkeeping nuances.
New technology represents heretofore untapped revenue opportunities for fitness professionals. For example, mind body software enables clients to track their fitness progress in real time, with the results relayed automatically to their trainer.
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Adding such revenue streams can make a business more successful, but it also brings on the need for more sophisticated accounting practices. The key component of our personal training business software is the ability to track membership fees, and alert you when those fees are due for renewal. Create invoices for clients individually or in batches save you time and helps maintain a proper income stream.
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- PTminder | Personal Trainer Software;
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- Your training plan, on your clients' smartphone.
TPTF Office generate revenue stream reports too. TPTF Office will keep track of staff hours and what staff members are set for what appointments and classes. No more accidental double or overlapping of clients.
Keeping clients is always crucial. What personal training business software is complete without some type of retention aspect. TPTF can alert you to high rates client non attendance or no shows. It will generate email or post card follow up contact methods to re-establish better attendance. Providing information on new specials, classes, and promotions can also help maintain a good client roster.
Contact us for more information and a quote. TPTF Office is licensed as a single computer install and single trainer and comes with several office log in for no trainers. It can be licensed for multiple computers and multiple trainers.
TotalCoaching is the personal training software you’ve been looking for:
Licensing is a one time fee. There are no refunds on software. We offer a free trial to ensure the software will meet your needs prior to purchasing. It may be possible to use on a Mac with additional windows emulator software. Fitness Testing Software. Nutrition Software. Personal Training Business Software for Trainers. Handle all your scheduling and billing with our personal traineing business software.