With the pandemic behind us, and the world moving towards the normalcy people are more and more eager to spend the bucks on beauty and rejuvenation programs. Thus, it comes are no surprise that the beauty and wellness industry is growing by leaps and bounds and resulting in spa businesses seeing high demands, and a constant stream of revenue. However, along with the demands for services, the guest expectations have also undergone a paradigm shift. While adjusting to life after the pandemic, increasing number of guests are seeking modern minimal contact experience at the spas patronized by them. Fortunately, in today’s times, by leveraging technology, known as spa accounting software, spa owners are now being able to provide the guests with experience which not only meets their expectations but also far exceeds it. So, how is technology helping improve customer service? Read along to know how the spa accounting software benefits the business and transforms the administrative processes.
Improved Client Interaction
A spa accounting software transforms the way your business interacts and engages with the clients. With minimum to no-contact policy still fresh in the minds of the people, a spa accounting software turns the policy into a reality. The appointments and bookings module of a spa accounting software democratizes the processes of booking an appointment by putting the entire control in the hands of the guests. What is even better that it enables your business to respond to guests even outside the standard business hours. The guest can simply make a booking in just about 4 clicks. Once the booking is placed, the administrative side of the software almost instantaneously confirms and schedules the booking and simultaneously allocate the work to the providers. No longer do the clients have to wait for confirmation or front desk staff has to be busy juggling appointments. Certain spa accounting software such as the one from Zenoti come with a comprehensive client management system. For each new guest, the software creates a complete guest profile, updated with communication, payment and choice of service preferences.
Amongst the crucial spa accounting software feature is the integrated management of all financial transactions with complete end to end traceability. A major spa accounting software benefit is that it is your one stop solution to handle invoices, process payments, compute commissions, tips and taxes process your accounts payable and maintain your books. In other words, it is your all-in-one tool. The software is equipped to auto generate invoices, based on the appointment details and working in tandem with a POS hardware it can accept payments in multiple ways. As a result, the entire check out process for the guest is not only seamless but also quick and smooth. With the payment processed the accounting software auto generates the relevant accounting entries in real time. As a result the entire administrative processes behind each and every booking is completely swiftly.
Often the most time consuming of all the administrative tasks required to run a spa is inventory management. To make it complicated, the task of inventory management is also the trickiest aspect of the business. Marginally wrong guess work or computational error can lead to having less than adequate inventory which will result in expressing regret to guests, and loss of revenue. On the other hand, stocking excess inventory means eating into the profitability by increased finance cost of the working capital. A spa accounting software is a tool to uncomplicated the equation and take the guess work and human error out of it. The inventory management module of a spa accounting software tracks the inventory, its consumption and based on the lead times auto prompts reminders when it is time to re-stock. Furthermore, by analyzing past sales data the inventory management module also helps you identify guests purchasing preference such that you don’t stock things that don’t move.
Reporting and Analytics
Another major spa accounting software benefit is its ability to empower you to have complete control on the numbers of your business. Whether it is accounts receivable or accounts payable, the accounting software keeps you updated about every incoming and every outgoing and gives you a clear real time picture of your cash flow. By generating on-demand reports business owners can keep a tab on daily sales, revenue, profit and loss and deployed capital. The software is equipped to give you a picture of the health of your business along with the key financial metrics such as Return on Investment, Internal Rate of Return etc. such that you can take data driven decisions.
Did you know that a spa accounting software can help you manage your employees? From creating daily and weekly work schedules to computing tips, commissions, and payrolls a spa accounting software can accomplish it all. No longer do you have to indulge in any of the above time consuming tasks and worry about bias. Furthermore, as the spa accounting software is designed to compute payrolls based on attendance and work hours, you can be rest assured that your employees are getting compensation free from all human errors.
The spa accounting software market is mature and has some good products available. Some of the renowned names are Zenoti, MindBody, Boulevard, and Phorest. Personally, we prefer Zenoti to be the best in class product for its additional host of features such as advanced data analytics, geo fencing, and award winning loyalty program module.