How to efficiently manage finances for your nutrition practice
While enhancing your client’s lifestyle and promoting healthier alternatives is one part of running a successful nutrition business, you also need to manage your finances which can be really tricky. With the volatile economic environment where tax reforms are changing by the day, you need to stay on top of your finances and minimize the possibilities of error.
To achieve this level of finesse and accuracy in their accounting, many nutritionists and dietitians are using finance management tools that can instantly sort their finances.
Advantages of having a finance management software
Here are a few ways in which a finance management tool can enhance your business:
- They can help you measure your practice’s growth. It can show you how each of your service packages is performing so that you can promote the best ones and revise the ones that are not performing well.
- The current financial scenario of the world is quite dynamic, with tax regimes changing every financial year. Under such scenarios, finance management softwares can help you increase compliance as they can automatically update themselves to the latest accounting standards and prevent mistakes.
- One of the biggest advantages of financial management tools is that they can automatically calculate your taxes. Some of the advanced models can provide you insights on the tax amount applicable on each package, as well as each client payment.
- As it can help you conduct financial analysis, having a finance management tool also facilitates planning and strategizing for improving your practice.
- It can substantially increase your productivity. It can save you a lot of labor time and relieves you from paying hefty fees to your accountants. Furthermore, it also eliminates the factors of human error.
Features of a good finance management tool include
While selecting a good finance management tool for your practice, here are a few features that your software must have:
Tax Calculation
An ideal finance management tool should be able to instantly calculate the tax amount of each payment and appropriately cumulate the aggregate tax amount of the financial year. Also, it should automatically update the tax reforms as and when required.
Detailed log of Invoices and Payments
It should be able to automatically generate invoices as and when the payments are made. It should also keep a track of all the transactions that have been made by the business and save them for future use.
Seamless Payment Integration
The finance management tool should be able to seamlessly integrate with all payment options, including Credit/Debit cards, net banking, UPI, wallets, etc. It should accept all major currencies and convert them without any charges.
Generate finance reports
It would be a major facilitating factor if your financial management software can generate comprehensive financial reports, as it can help you analyze your practice’s performance and help you strategize for future expansion.
Understanding Payment Reports generated by Zoconut
In this section, we will understand the analysis of the payment reports.
- Go to the reports section present on the dashboard
- Select the payment menu.
- The revenue report graph will appear on the screen.
- Filter out the total number of days for the appointment report.
- Filter the respective dietitians for specific appointment reports.
- Select the gender of the dieter: male or female
- Choose the package plan for the dieter,
- Select the currency of the country,
- Choose the mode of payment for the package.
Introducing a finance management tool in your business model can exponentially increase your productivity and help you analyze your practice’s growth. You can not only eliminate unnecessary human errors, but you can also get your taxes instantly calculated and recorded.
With Zoconut’s online finance and billing features, you can reap all these benefits, while integrating them efficiently with your service packages.
