5 Best Accounting Software for Gyms in 2023
Compare the best gym accounting software providers: QuickBooks, NetSuite, Xero, Wave, and FreshBooks side by side to see which gym accounting software solution is best for your gym.
Often finding the best accounting software for gyms takes a backseat to running a gym, getting more gym members, and increasing gym revenue. We get it. But finding the best gym accounting software provider is an important addition to your software stack.
Sure, you can try to use Excel or Google Sheets for your gym bookkeeping, but that becomes a mess fast. Read on to learn about the most commonly used gym accounting software providers and which gym accounting software is best for your gym.
And while you’re at it, take a look through our gym owner guide, and then when you are ready to take your gym to the next level, get a demo of our all-in-one platform: the best gym management software around.
Best Accounting Software for Gyms Reviewed
| Features/Software | QuickBooks | NetSuite | Xero | Wave | FreshBooks |
|---|---|---|---|---|---|
| Pricing | Higher | Higher | Mid-range | Free | Mid-range |
| Ease of Use | Yes | Moderate | Yes | Yes | Yes |
| Financial Features | Invoicing, Billing, Payroll, Financial Reporting | Invoicing, Billing, Payroll, Financial Reporting | Invoicing, Billing, Payroll, Financial Reporting | Invoicing, Billing, Financial Reporting | Invoicing, Billing, Financial Reporting |
| Cloud-Based | Yes | Yes | Yes | Yes | Yes |
| Integration with Exercise.com | Yes | Limited | Limited | Limited | Limited |
| Advanced Features | Yes | Yes | Some | No | Some |
| Scalability | Yes | Yes | Yes | Limited | Yes |
| Website | QuickBooks | NetSuite | Xero | Wave | FreshBooks |
The table above encapsulates a comparative overview of the best accounting software for gyms, bringing to light the key differentiators in terms of pricing, ease of use, available financial features, cloud-based functionality, integration with Exercise.com, availability of advanced features, scalability, and their respective websites. Each of these software solutions holds its unique stance in catering to the accounting needs of gym operations, with QuickBooks and Exercise.com integration manifesting as a notable solution for a streamlined gym management experience. Read on to compare the best fitness accounting software providers in detail.
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#1 QuickBooks
QuickBooks is often heralded as a premier choice when it comes to the best accounting software for fitness centers. Its comprehensive suite of features encompassing invoicing, billing, payroll processing, and robust financial reporting are tailored to meet the diverse financial management needs of gyms. A standout advantage of QuickBooks is its seamless integration with Exercise.com, the professional gym management software solution. This integration allows gym owners to effortlessly merge their financial management processes with other essential gym operations, all under the unified platform of Exercise.com.
Pros
- Rich Functionality: QuickBooks accounting software for gyms offers a rich set of features adept at handling complex financial tasks, thereby aiding in precise financial tracking and reporting.
- Integration with Exercise.com: The harmonious integration with Exercise.com facilitates a more streamlined operational workflow, enabling gym owners to manage both financial and gym-centric tasks efficiently.
- Ease of Use: QuickBooks simplifies the accounting process with its intuitive interface, making it accessible even for individuals without a financial background.
Cons
- Cost: The pricing structure of QuickBooks may pose a challenge for smaller gyms or those on a tighter budget, as it may constitute a significant portion of their operating expenditure.
- Complexity: The plethora of features in QuickBooks accounting software for gyms, while robust, can be overwhelming for some users, necessitating a learning curve.
- Overkill for Small Operations: Some gym owners might find the extensive features of QuickBooks to be excessive if their operations are on a smaller scale or have simpler financial management needs.
QuickBooks coupled with Exercise.com emerges as a robust solution for gyms aiming to harmonize their financial processes with other operational facets. The integration significantly enhances its standing, making it a compelling choice for gym owners. Booking a demo with Exercise.com is the step forward for those in the fitness industry looking to explore the extensive benefits of this integration.
Read More: Best Gym Software with QuickBooks Integration
#2 NetSuite
NetSuite is a robust cloud-based accounting software platform often considered by gyms for its advanced features like invoicing, billing, payroll, and financial reporting. While NetSuite offers some features that outshine QuickBooks, it also comes with a higher level of complexity and cost, which may not suit smaller gyms.
Pros
- Advanced Features: NetSuite offers a range of advanced accounting features that can cater to the needs of growing or larger gyms.
- Cloud-Based: Being cloud-based, it offers the flexibility and accessibility needed in the dynamic environment of gym management.
- Scalability: NetSuite is known for its scalability, making it a viable option as gyms expand and require more sophisticated accounting solutions.
Cons
- Cost: Higher cost can be a barrier for smaller gyms or those with limited financial resources.
- Complexity: The advanced features come with a steeper learning curve, which might be challenging for individuals without a strong financial background.
- Lesser Integration with Gym Management Platforms: Unlike QuickBooks, NetSuite may not have as seamless integration with gym management platforms like Exercise.com.
NetSuite shines in scenarios where advanced accounting features are a necessity, and where the budget allows for a more expensive software solution. However, the lack of seamless integration with specialized gym management platforms like Exercise.com might be a consideration worth weighing.
#3 Xero
Xero, a cloud-based accounting software platform, is often chosen for its affordability compared to QuickBooks while still offering a robust set of features like invoicing, billing, payroll, and financial reporting. However, it may not offer the same level of customization and flexibility as the integrated solution of QuickBooks and Exercise.com.
Pros
- Affordability: Xero stands out as a more budget-friendly option for gyms, especially smaller establishments or those just starting out.
- User-Friendly Interface: Known for its intuitive interface, Xero makes it easier for gym owners to handle their financial tasks without a steep learning curve.
- Cloud-Based: The cloud-based nature of Xero allows for easy access and flexibility, which is crucial for the dynamic nature of gym operations.
Cons
- Limited Customization: Xero may offer lesser customization options which might be a drawback for gyms with unique accounting needs.
- Lesser Integration with Gym Management Platforms: The integration with gym management platforms like Exercise.com may not be as seamless as with QuickBooks.
- Lacks some Advanced Features: Compared to more expensive options, Xero may lack some advanced accounting features that larger gyms might find necessary.
Xero provides a solid, budget-friendly accounting solution for gyms. Yet, when it comes to seamless integration with gym management platforms like Exercise.com, it may fall a bit short compared to QuickBooks. Exploring the integration with Exercise.com could unveil a more harmonized solution for managing gym operations.
#4 Wave
Wave, with its free accounting software platform, provides essential features like invoicing, billing, and financial reporting, making it a great option for small gyms on a budget. However, it may not offer the same level of automation and integration with gym management software like Exercise.com.
Pros
- Cost-Effectiveness: Being free, Wave presents a cost-effective solution for small gyms or those just starting out.
- Basic Functionality: It covers basic accounting needs, providing a simple solution for financial management.
- User-Friendly: The software is known for its easy-to-use interface which is great for those without prior accounting knowledge.
Cons
- Limited Features: Wave may lack some of the advanced features found in paid accounting software solutions.
- Lesser Integration with Gym Management Platforms: The integration with specialized gym management platforms like Exercise.com is not as seamless.
- Lacks Scalability: As gyms grow, they may outgrow Wave’s capabilities and need to migrate to a more robust accounting software.
Wave offers a no-cost solution to gyms with basic accounting needs, although the lack of advanced features and seamless integration with Exercise.com may necessitate a switch as the gym’s needs evolve.
#5 FreshBooks
FreshBooks is a cloud-based accounting software platform known for its ease of use while offering a decent range of features like invoicing, billing, and financial reporting. Despite being more affordable than QuickBooks, it may not offer the same level of customization and flexibility as the integrated solution of QuickBooks and Exercise.com.
Pros
- Affordability: FreshBooks is a more affordable option compared to some other accounting software, making it a suitable choice for smaller gyms or those with budget constraints.
- Ease of Use: Known for its user-friendly interface, FreshBooks simplifies the accounting process for gym owners.
- Cloud-Based: The cloud-based nature of FreshBooks allows for real-time access to financial data, which is essential for effective gym management.
Cons
- Limited Customization: The level of customization available might not meet the unique needs of some gyms.
- Lesser Integration with Gym Management Platforms: Unlike QuickBooks, the integration with Exercise.com may not be as seamless, potentially affecting the operational workflow.
- May Lack Advanced Features: Larger gyms or those with complex accounting needs may find FreshBooks lacking in some advanced features.
FreshBooks provides a balance between cost and functionality for gym owners. However, for a more integrated and holistic solution, gym owners might find the combination of QuickBooks and Exercise.com more appealing. Booking a demo with Exercise.com could be a wise step to explore the robust solution offered by this integration.
Why use gym accounting software?
Managing finances is a critical aspect of running a successful gym or fitness center. As a gym owner, you need accounting software that can help you manage your finances effectively. With so many options available, it can be challenging to choose the right accounting software for your gym. In this article, we’ll explore some of the best accounting software for gyms and compare them to QuickBooks, NetSuite, and other accounting software providers.
What is accounting software for gyms?
Accounting software for gyms is designed to help fitness center owners manage their finances effectively. This type of software can help gym owners automate various tasks, including invoicing, billing, payroll, and financial reporting. Accounting software for gyms can also help gym owners stay compliant with tax laws and regulations.
Why is accounting software important for gyms?
Accounting software is essential for gyms because it helps owners manage their finances effectively. Here are some reasons why accounting software is crucial for gyms:
- Accurate financial reporting: Accounting software can help gym owners generate accurate financial reports, including profit and loss statements, balance sheets, and cash flow statements.
- Streamlined invoicing and billing: With accounting software, gym owners can automate invoicing and billing, which can save time and reduce errors.
- Payroll management: Accounting software can help gym owners manage payroll more effectively, including calculating taxes and deductions and generating pay stubs.
- Compliance with tax laws and regulations: Accounting software can help gym owners stay compliant with tax laws and regulations, including filing taxes and generating tax forms.
Read More: How to Sell More Gym Memberships
How does Exercise.com compare to other accounting software providers?
Exercise.com offers gym management software that integrates with QuickBooks, one of the most popular accounting software providers. While Exercise.com does not offer accounting software, it offers robust gym financial reporting capabilities that can help gym owners manage their finances effectively. Here’s what you need to know to compare accounting software providers.
How do you do bookkeeping at a gym?
The best way to do gym bookkeeping is with a professional accountant and a professional software solution. Sure, you can try to do it yourself, and you can try to manage in a spreadsheet, but if you want your time to be high leverage then you need to focus on the right things to grow your gym, not on wrangling spreadsheets. And, let’s be honest, you’re probably doing your gym bookkeeping wrong (unless you’re also an accountant).
Read More: Gym Bookkeeping Guide
What features should gym owners look for in accounting software?
Gym owners should look for accounting software that offers features such as invoicing, expense tracking, financial reporting, payroll integration, and the ability to manage membership fees and recurring payments. Integration with existing gym management software and ease of use should also be considered.
What is the best accounting software for fitness franchises?
For fitness franchises, the best accounting software would be one that can handle multi-location operations, consolidate financial data, and integrate with gym management platforms. Software such as QuickBooks Online Advanced or NetSuite may provide the necessary features for handling the complexities of a fitness franchise. However, integrating this with a specialized fitness business management software like Exercise.com can provide a comprehensive solution that caters to both the accounting and operational needs of a fitness franchise.
What is the best accounting software for small gyms?
For small gyms, user-friendly and cost-effective accounting software like QuickBooks or FreshBooks might be suitable. These software solutions provide essential accounting tools to manage finances effectively. Yet, for a more tailored solution, integrating accounting software with a gym management platform like Exercise.com can provide a more holistic approach to managing both the financial and operational aspects of a small gym, making it a great choice for comprehensive management.
What is the best accounting software for multi-location gyms?
Multi-location gyms require accounting software capable of consolidating financial data across all locations, such as NetSuite or Sage Intacct. These software solutions are designed to handle multi-entity operations and provide real-time financial insights. A superior approach would be to integrate such accounting software with Exercise.com, a fitness business management software. Exercise.com is designed to streamline operations across multiple locations, making it easier to manage memberships, scheduling, and other gym-specific tasks, while also integrating seamlessly with your accounting software for a comprehensive management solution.
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How can accounting software help gym owners manage membership fees and recurring payments?
Accounting software can help gym owners manage membership fees and recurring payments by automating billing processes, sending payment reminders, tracking overdue payments, and generating detailed reports on membership revenue. This can save time and help ensure consistent cash flow.
What are some popular accounting software options for gyms?
Popular accounting software options for gyms include QuickBooks, Xero, FreshBooks, Zoho Books, and Wave. Each of these options offers various features and pricing plans, so it’s essential to research and compare them to find the best fit for your gym’s needs.
How important is integration between gym management software and accounting software?
Integration between gym management software and accounting software can streamline processes, reduce manual data entry, and help prevent errors. This integration allows for seamless data sharing, enabling gym owners to efficiently manage membership fees, payroll, and other financial aspects of their business.
Can cloud-based accounting software be beneficial for gym owners?
Cloud-based accounting software can be beneficial for gym owners as it allows for easy access to financial data from any device with an internet connection. This flexibility can be particularly useful for managing multiple locations or for gym owners who are often on the go. Additionally, cloud-based software typically offers automatic updates and data backups, ensuring your financial information is always up to date and secure.
How can accounting software help gym owners with tax preparation and compliance?
Accounting software can help gym owners with tax preparation and compliance by organizing financial data, generating necessary reports, and ensuring accurate record-keeping. Many accounting software options also include built-in tax support, making it easier to calculate tax liabilities and file returns on time.
What kind of support should gym owners expect from their accounting software provider?
Gym owners should expect their accounting software provider to offer resources such as user guides, tutorials, and customer support via phone, email, or chat. It’s essential to choose a provider with a strong reputation for responsive customer service, as timely assistance can help resolve any issues that may arise while using the software.
How do the costs of accounting software for gyms typically vary?
The costs of accounting software for gyms can vary depending on factors such as the number of users, the level of features required, and whether the software is cloud-based or installed on-premises. Some providers offer tiered pricing plans or monthly subscriptions, while others may require a one-time purchase or annual fee. It’s important to compare pricing options and consider your gym’s specific needs and budget when selecting accounting software.
Is QuickBooks worth it for a small gym business?
QuickBooks can be a viable solution for small gym businesses as it provides basic accounting tools necessary for tracking finances, managing invoices, and generating reports. However, it lacks the specialized features that a gym business might need for managing memberships, scheduling classes, and other fitness-specific operations. Compared to a more comprehensive solution like Exercise.com, which not only integrates with accounting software but also provides a plethora of fitness business management tools, QuickBooks may serve as a starting point but not a holistic solution.
What is the best bookkeeping method for small gyms?
The best bookkeeping method for small gyms would be a combination of digital accounting software to track financial transactions and a specialized gym management platform like Exercise.com to handle industry-specific needs such as membership management, class scheduling, and online workout plan sales. This integrated approach ensures accurate financial records while also streamlining the operational aspects of running a gym, providing a more efficient and effective way to manage the business.
Can I do bookkeeping for my gym without QuickBooks?
Yes, bookkeeping for a gym can be conducted without QuickBooks. There are other accounting software options or manual methods like using spreadsheets. However, integrating a specialized gym management software like Exercise.com with your accounting software can provide a seamless experience, ensuring that all financial and operational data is accurate and easily accessible.
Which gym accounting program has no monthly fee?
There might be free or open-source accounting software available, but they often lack the robust features and support provided by paid options. For gyms, investing in a comprehensive solution like Exercise.com, which can be integrated with accounting software, will prove to be more beneficial in managing the entirety of the business efficiently.
How do I do accounting for a gym?
Accounting for a gym involves tracking all financial transactions, managing memberships, processing payments, and generating financial reports. It’s advisable to use digital accounting software alongside a specialized gym management platform like Exercise.com. This combination not only automates many accounting processes but also provides tools specifically designed for gym management, making the overall management of the business much easier and more effective.
What accounting software do fitness centers use?
Fitness centers may use a variety of accounting software like QuickBooks, FreshBooks, or Xero. However, to effectively manage all aspects of their business, integrating with a specialized gym management software like Exercise.com is highly recommended. Exercise.com provides a one-stop solution for membership management, class scheduling, online workout plan sales, and much more, alongside seamless integration with accounting software.
How do I use accounting software to manage my gym business?
Using accounting software, you can track financial transactions, manage invoices, and generate reports for your gym business. For a more comprehensive management solution, integrating your accounting software with a gym management platform like Exercise.com is advisable. Exercise.com will streamline many operational aspects of your gym business, including membership management, class scheduling, and online training, making it easier to manage the business as a whole.
How much is accounting software for gyms?
The cost of accounting software for gyms can vary widely based on features, support, and the brand. It’s a good practice to invest in a comprehensive gym management solution like Exercise.com, which not only integrates with your accounting software but provides an extensive range of features tailored for gym businesses, ultimately providing better value for your investment.
Can I do my own accounting for my gym business?
Yes, it’s possible to do your own accounting for your gym business, especially if you have a good understanding of accounting principles. However, using digital accounting software and integrating it with a gym management platform like Exercise.com can significantly streamline the process, ensure accuracy, and allow you to focus more on growing your business.
Can I do my own bookkeeping for my gym business?
Certainly, doing your own bookkeeping is possible with a good understanding of financial management. Utilizing accounting software and integrating it with specialized gym management software like Exercise.com can simplify bookkeeping tasks, ensure accuracy, and save time, allowing you to focus on other aspects of your gym business.
Is anything better than QuickBooks for a gym business?
While QuickBooks is a reliable accounting software, gym businesses might find more value in a comprehensive management solution like Exercise.com. Exercise.com is designed specifically for fitness businesses, providing tools for membership management, class scheduling, online training, and more, alongside integration with accounting software, making it a superior choice for managing a gym business holistically.
Does Google have free accounting software that my gym could use?
As of now, Google doesn’t offer a dedicated free accounting software. However, Google Sheets can be used for basic accounting tasks. For a more professional and tailored solution, investing in a software like Exercise.com, which integrates with accounting software and provides a plethora of fitness business management tools, would be a more viable choice.
Can I do bookkeeping for my gym in Excel?
Yes, Excel can be used for basic bookkeeping tasks. However, it lacks the automation, integration, and specialized features provided by a dedicated accounting software or a comprehensive gym management platform like Exercise.com. Exercise.com’s integration with accounting software and its wide range of fitness business management tools provide a more efficient and effective way to manage your gym business.
Is Microsoft Excel an accounting software?
Microsoft Excel is not a dedicated accounting software, but a spreadsheet program that can be used for basic accounting tasks. For more robust and automated accounting solutions, dedicated accounting software or a comprehensive solution like Exercise.com, which integrates with accounting software and provides a host of gym management features, would be a better choice.
Do accountants prefer QuickBooks?
Many accountants prefer QuickBooks due to its user-friendly interface and robust feature set for general accounting tasks. However, for gym businesses, a solution like Exercise.com that integrates with accounting software and provides a range of specialized tools for managing fitness centers can provide a more streamlined and efficient way to manage both financial and operational aspects of the business.
How can Exercise.com work with my accounting software to help me run my gym better?
Exercise.com can work seamlessly with your accounting software to streamline the management of your gym business. By handling membership management, class scheduling, online training, and other operational aspects, Exercise.com frees up time that can be spent on other areas of your business. The integration with accounting software ensures that all financial data is accurate and up-to-date, providing a comprehensive overview of your gym’s performance and financial health. Booking a demo with Exercise.com would provide a deeper insight into how it can work alongside your accounting software to improve the management and growth of your gym business.
Finding the Best Accounting Software for Your Gym
Choosing the right accounting software for your gym is essential to managing your finances effectively and staying compliant with tax laws and regulations.
If you’re interested in learning more about Exercise.com’s QuickBooks integration and how it can benefit your gym, we encourage you to book a demo today. During the demo, you’ll have the opportunity to see the software in action, ask questions, and discuss your unique business needs.
Don’t wait – book your demo now and take the first step towards improving your gym’s accounting and financial reporting strategy.
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