As a martial arts business owner, understanding your business’ financial performance is key to making smart choices and propelling growth.
But let’s face it, keeping tabs on your financial information and making sense of it can be a real challenge. It can feel like a mountain to climb, especially if you don’t have the right tools or know-how.
That’s why we’re thrilled to share that we’ve given our monthly financial statement a major makeover. We’ve revamped and modernized it to give you a straightforward and easy-to-read snapshot of your business’ monthly financial activity. It’s never been easier to stay on top of your membership billing and funding with Member Solutions.
Let’s take a look…
The new monthly financial statement is divided into 4 easy-to-read sections:
1. REVENUE: An Organized Read on Income & Sources
The Revenue section provides a complete breakdown of your business’ gross revenue, deductions/credits, and net revenue. Specifically:
◾ The gross revenue category includes all the billing income your business earned for the specified period.
◾ The deductions/credits category includes any refunds, discounts, or other deductions from your gross revenue.
◾ The net revenue category shows you the amount of money your business earns after deductions and credits have been applied.
2. SUMMARY: All the Details on Deposits
The Summary section lists all deposits for the selected billing cycle, including:
◾ Date funded
◾ Deposit type (whether it’s a credit card deposit or an Automated Clearing House (ACH)/bank draft deposit)
◾ Deposit amount
The new freshly organized format makes it easier than ever to reconcile your deposits with your bank statement.
3. MONTH-END SUMMARY: A Crystal-Clear Review
The Month-End Summary is a critical component of the monthly financial statement that provides a clear and concise summary of your business’ financial activity for the selected billing cycle.
One of the key features is the detailed breakdown of credit card and ACH payments processed during the billing cycle. By breaking down revenue by payment method, you’ll have all the information you need to make smart choices about how you handle payments for your martial arts business. You can see which methods are bringing in the most revenue, and use that knowledge to optimize your payment processing strategy.
In addition to payment processing, the Month-End Summary includes details on deductions and payments funded during the billing cycle. This is where you can gauge the impact of refunds, chargebacks, and other deductions on your business’ revenue.
4. STATISTICS: A Quick-Read Comparison & Trend Finder
The Statistics section is an invaluable resource for measuring your business’ financial performance over time.
One of the key features of the Statistics section is the month-over-month and year-over-year funding statistics. These statistics show you how much funding your business has received over time, allowing you to track changes in revenue and identify trends that may impact your business’ financial health.
The Statistics section also provides information on delinquency rates, cancelled accounts, and new accounts. By tracking these metrics over time, you can identify trends in member behavior, make informed decisions about your business’ pricing and payment policies, and identify potential areas for improvement.
Unlocking Informed Decision-Making with Crystal-Clear Financial Data
It’s clear. Whether you’re looking to improve cash flow, increase profitability, or simply track important financial metrics, the new monthly financial statement will help you achieve those goals. With its new user-friendly format, it’s sure to become your go-to resource for managing your business’ finances and driving your business forward.
Looking to drive consistent, predictable cash flow to your martial arts business? Tired of tracking down missed payments … worrying your business is leaking money? Learn more about our full-service billing solution here or book a live demo today.
The Member Portal makes sign-ups a breeze
With the Member Portal, members can easily enroll, renew, and upgrade a membership — in less than a minute!