When it comes to running a dance studio, you know all about technique, choreography, dealing with parents and everything in between. But what happens if you don’t know everything about the financial side of your studio? No problem. That’s where we come in.
Keeping tabs on the financial health of your dance studio is essential. Let this financial reporting roadmap be your guide to the financial reports your dance studio should be consulting so you’ll know exactly how your business is performing.
How often should my dance studio run financial reports?
The best way to understand more about your business is through financial reporting. Reports tell a story about your dance studio from the past to the present and helps you look into the future.
The frequency at which you run financial reports should be customized to how your business is set up. It’s common in the dance industry to run studio reports on a daily, weekly and monthly basis. While running reports may seem like a time commitment you don’t have the luxury to afford, they should be an unnegotiable part of growing a successful business.
Financial reports to run daily at your studio
Daily deposit report
Chances are your dance studio is processing tuition payments and fees through automated epayments. That doesn’t mean a customer couldn’t come in to pay cash or check for a birthday party deposit, private lesson, or new pair of tights from your studio’s store.
Bonus: If your studio has rotating staff shifts at the front desk, a daily deposit slip is the perfect way to reconcile payments collected during each shift as a checks and balances approach for staff.
Recommended report: Jackrabbit Dance Deposit Slip Report
Paid fees report
If your customers like to make prepayments on their account, you may not have the best picture of where those fees should be applied to. Was it next month’s tuition, an upcoming recital fee or even competition dues? Running a report that shows all fees paid daily will allow your bookkeeper to find unapplied payments to help attribute revenue generated to the correct source.
Recommended report: Jackrabbit Dance Paid Fees Report
Financial reports to run weekly at your studio
Which customers have up-to-date accounts
Do you know which customers owe your studio money? Are you able to tell the exact dollar amount they owe and communicate payment reminders to help keep your accounts receivable as close to zero as possible?
Running a report to show who owes money on a weekly basis will help your staff stay on top of keeping accounts that are overdue by more than 30 days as close to zero as possible.
Recommended report: Jackrabbit Dance Aged Accounts Detail Report
Whether you sell leotards, tights and other merchandise at an on-site dance store or you make routine orders from a dance apparel or costume company, you need to be able to report on what was sold, to whom, tax charged, and the total amount of the sale.
Why run a report like this weekly? Aside from being able to see weekly revenue, if you studio is frequently ordering tights, shoes and leotards for students, it’s a great report to run as items get delivered and are ready to distribute
Recommended report: Jackrabbit Dance Sales Detail Report
Who hasn’t been charged for tuition
It’s your worst nightmare, you have a new student (or worse, multiple) enroll in classes halfway through the season only to realize at the end of the year that their account was never charged for tuition. Instant panic, right?
Running a report that shows tuition has been applied to every account of students enrolled in a class at your program will help ensure no tuition revenue is lost at your dance studio.
Recommended report: Jackrabbit Dance Tuition Not Posted Report
Financial reports to run monthly at your studio
Total payments collected
After closing out a month, it’s important to get a full picture of the revenue your studio collected in tuition and fee payments, as well as a breakdown of the discounts that were applied to tuition payments throughout the month. Over a course of several months you’ll be able to identify things like which types of classes generated the most revenue and if you’re potentially overusing a discount that’s costing your business money.
Recommended report: Jackrabbit Dance Revenue Summary Report
Multi-location revenue reporting
If you own a dance studio with multiple locations, you know the importance of being able to break down revenue by location. The puzzle of unscrambling where payments were collected and where they were earned in order to make necessary bank transfers should be easy to solve through proper monthly financial reporting. Analyzing revenue by location helps you determine where your studios are growing and where they could use some extra attention when planning for the future of your business.
Recommended report: Jackrabbit Dance Revenue Reconciliation Report
What financial reporting system should I use at my dance studio?
Any financial reporting system at your dance studio is better than no financial reporting system. However, the best financial reporting system is the one that is included in your dance studio management software.
When it comes to tackling dance studio financial reporting, you should use the system that’s studio owner approved. Jackrabbit Dance is trusted by 7,000 clients around the world to help manage everything from class enrollment, processing tuition, managing staff and parents, reporting, and more. In return, they get more time to focus on what they love – teaching students and transforming their studios into thriving businesses.