Between charges, payments, credits, and more, we know that working on your finances can be stressful. But with GoMotion’s reporting tools, you can stay on top of all your business finance needs with ease. As the year comes to an end, it is important to have a complete understanding of your finances and collect any outstanding balances so that you can start the new year on the right foot.
Here are our top tips to utilize GoMotion reporting to manage your finances and maximize your income.
Setting Up Charge Categories
One of the easiest ways to keep your business finances organized is to set up charge categories. When collecting payments from customers, every charge that your business issues should be assigned its own charge category. Think of the many different items you charge your members and accounts for: competition fees, monthly dues, uniforms, and more. With all of these varying sources of income, it can become difficult to keep track of which channels are generating the most revenue, or what categories you may be over or under indexing. Categorizing your charges can help you identify which sources of revenue you should be leaning in to, and which might need some extra attention.
When setting up your billing or adding new line items to a payment plan, it is imperative to assign charge categories that specifically reflect what you are collecting money for. Charge categories allow you to understand how much money has been invoiced to your accounts and how much has been paid or credited towards that charge. You can even access that data within the GoMotion app with the Charge Category Report, which gives you a view of all of your charges and payment summaries by category to help you easily maintain your businesses finances.
To dive even deeper into each individual account’s financial data, use the Account Summary Report to give you a view of all the payments made by each account by category.
Staying on top of overdue accounts and chasing down late payments isn’t something any business owner enjoys, but it’s an essential part of ensuring that your business gets paid for services rendered. Fortunately, tracking these dues is easy with GoMotion’s specialty filters and reporting features in the Billing Manager.
Within the system, there are a number of filters to keep you organized, including an Overdue Charge Summary Report that allows you to view which accounts have a past due balance and how many days they are overdue. If you need to see which members of a specific team or class have an outstanding balance, use your Customized Filters to select specific programs and then use the Overdue Charges filter to create a simple report of overdue accounts. From there, you can easily follow up with the overdue accounts to collect payments or directly communicate with families to create payment plans.
Discounts can be a major lead generation tool to attract families to your organization, but have you ever tracked how much money you’ve really been giving away in this method of outreach? The Discount Coupon Report is a feature that shows you how many discounts and coupons have been provided to your members over a period of time. It is broken down by account and discount or coupon name, so you can see which accounts are receiving the most discount, and what they’re receiving discounts for.
There are different ways that you can regain control of the discounting options that you provide to members. When creating and assigning coupon codes and discounts for a class, consider adding an expiration date or maximum dollar amount the total can be discounted by. You can also prorate discounts, or even set up rules so that the only charge category that is discounted is the class fee.
Pro tip: Switch the date range filter to “Last Year” to get a full snapshot of your discounting. This may be a great time to reevaluate your discount plans before heading into the new year or starting your next season.
Staying on top of your organization’s finances can be a daunting task, especially when there are so many moving pieces to running a business. And let’s face it - you want to be spending most of your time with the youth athletes cultivating their talent and spreading the love of the sport. That’s why GoMotion makes sure that utilizing the reports and tools outlined above is simple and provides a comprehensive view of your finances with the click of a button, making it the perfect first step to taking back control of your business finances.