Accounting is probably one of the most dreaded tasks by most people, and personal trainers are no exception. The best solution to stay on top of things while you don't have to deal with it is to outsource it, of course, but you'll still need to keep your records somewhat tidy and regularly update them, so you don't have to look for them for over a year back when the tax return is due.
One of the best ways to do that is to use tech that makes your life much easier, saves time when doing your cash dash, and maybe even compatible with the system your accountant uses and approved by your tax authority.
So, in this article, we listed 8 of the best accounting software. Some can be used globally, and some are more for local users in the UK, US or Canada. Just like with most software, you can find all of these on Capterra and check the reviews of fellow business owners so you can decide which might be the right solution for your fitness business.
QuickBooks by Intuit is a global accounting software that provides solutions wherever you live in the world. The link above will take you to the UK site. However, it's easy to change the country in the footer if you're in the US, Canada or practically any country in the world.
We use the UK version as an example. There may be slight differences in each country depending on tax regulations and requirements. The software's core provides innovative but easy-to-use tools for personal trainers to create and send invoices, manage VAT, record expenses or even include the payroll if you have employees.
QuickBooks in the UK is also Make Tax Digital ready, so when HMRC launches MTD for all sole traders and businesses, you'll be ahead of the curve and prepared to plug your account into the system. You can also connect to your bank accounts and integrate payment methods like QB Payments, PayPal, GoCardless or Zettle.
The prices start at £8 per month for sole traders and £12 per month for companies, but you can try it for free for 30 days to discover all QuickBooks has to offer before you commit.
FreshBooks is another contender on this list available in multiple countries, including the UK, US, Australia, Canada, France, Ireland and South Africa. If you're looking for a comprehensive invoicing and accounting solution for your fitness business, FreshBooks could be the one.
Tools that will free up your time include invoicing, expenses, time tracking, projects, payments, reporting, and accounting on your desktop and mobile. You can also automate invoice reminders and collect payments, so you don't have to spend time emailing your clients one by one.
FreshBooks integrates with a host of other software, including Shopify, GSuite, Stripe, Zapier and more. In the UK, you'll be able to even file your self-assessment via one of their integration and be MTD ready as well.
FreshBooks is an excellent choice for self-employed personal trainers, and you can try it free for 30 days, no credit card required.
Xero is another award-winning online accounting software designed for small business owners and accountants. It's available in multiple countries, including the UK, US, Canada, Australia, Hong Kong, Indonesia, Ireland, Malaysia, New Zealand, Philippines, Singapore and South Africa.
You can access updated business finances and cash flow in real-time because Xero imports the transactions from your linked bank accounts. It even supports multiple currencies if you take payments from many countries. The software features include paying bills, submitting VAT returns online, managing expenses, accepting payments, tracking projects, sending quotes and invoices, creating purchase orders, and many more.
Xero also offers 1000+ 3rd party ap integrations from their app store, including PayPal, Stripe, Zapier, HubSpot, MailChimp. Their Starter plan costs £10 per month, ideal for sole traders and new fitness businesses. Their Standard plan is perfect for growing businesses like a gym or even an online personal training business employing multiple trainers. Xero also offers a 30-day free trial, so you can check out if it's the right choice for you.
Sage Accounting (formerly Sage One) is the 4th online accounting software on this list with a global reach. Whether you live in the UK, US or Canada, Sage has you covered. Ensure you check the locations in the footer if you are based elsewhere. You might find your country on the list.
You'll be able to send quotes and invoices, scan receipts and documents, include payroll if you have employees. The UK version also offers VAT Make Tax Digital compliance. Compatible with Mac/PC, Apple/Android. For a limited time only, try free for 3 months.
Pricing plans start at £12 + VAT per month for one user and limited features. The standard plan costs £24 + VAT per month, includes the core features, and supports unlimited users. If you'd like to add payroll to either of the plans, you can add it for £7 per month. You have 30 days to try the software before you make your decision.
These days it's unusual to access business solutions completely free, but Wave wows its users by sticking to a no-fee policy. Wave is built for entrepreneurs and small businesses operating in the US and Canada. Still, when you try to sign up choosing Other when asked about the country, they might be able to link you with one of their partners operating in your country. It's worth a look.
Wave offers a fast set-up process for which you don't need any training, unlimited income and expense tracking, invoicing, bill and invoice reminders, exportable reports, customisable sales taxes, automatic exchange rate calculations if you invoice in foreign currencies and a dashboard to see it all in one screen.
Netsuite is not just accounting software. It's a well-rounded business tool any growing fitness business can use to manage their business' core processes, including accounting, client management and even eCommerce in one place.
NetSuite Cloud Accounting aims to simplify your accounting tasks, so you can record transactions, send invoices, pay bills, and automate repetitive tasks to save time. Since Netsuite is cloud-based, you can access it anytime from anywhere.
While this solution might be more complex than what most personal trainers need to manage their accounts, big-box gyms or even online training service providers might find it's precisely what they need to have a business system in place for all their admin tasks. You can book a free product tour and find out more about pricing that way.
ZohoBooks is another global online accounting software that covers most countries PT Distinction members come from as well. United States, UK, Australia and South Africa are only a few of the locations.
ZohoBooks is the first software that highlights that they are Brexit-ready for UK personal trainers and businesses. If you offer any digital services to clients residing in the EU, ZohoBooks will ensure that you always know how you are with your VAT on those trades.
There's a 14 day trial for new users, and businesses with less than £35,000 per annum revenue are eligible for a free account. This means that newbie personal trainers can use Zoho Books until they hit that revenue limit and then decide whether to stay with them or use a different provider. Their Standard plan costs £12 per month paid monthly or £10 per month on a yearly plan.
Patriot Accounting is an easy-to-use yet powerful accounting software for personal trainers and fitness business owners based in the United States of America. The benefits of using their solution are that they're 100% online, mobile-friendly, guarantee security by audits and bonds, and provide expert support by staff in the US.
The features include invoicing, tracking money in and out, toggling between cash-basis and accrual accounting, importing bank data, and getting financial reports. If you employ a team, you can also use their Payroll, HR and Time & Attendance features.
The Basic Accounting costs $15/mo and includes features like pay and print unlimited 1099s and 1096's, create and mail invoices, record payments, track unpaid invoices & import bank transactions. The Premium Accounting plan for $25/mo includes everything in the Basic plan plus custom invoices, estimates, bank reconciliation, recurring invoices, and more! You can try the software for free for 30 days.
As you can see from the range of systems listed above, wherever you are with your personal training business, there is a solution out there for you to help you stay on top of your finances, organise your outgoing and incoming invoices and payments and make paying your taxes a lot easier and stress-free.
We'll get you up and running in no time. Start with our zero-risk free trial and build your personal training empire today.
