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Monday, May 01 2017
MindBody Online Review - Accountant's Perspective

MindBody Online ("MBO") Review

Mindbody has more than doubled its share price from $11.56 back in June 2015 to now worth $25.25 today.
That's quite impressive and reflects the success and demand of their software used in managing the fitness and wellness businesses.
Its a unique niche cloud POS and CRM software tailored to businesses with recurring membership broken down into time series and class count packages. A good match for yoga, dance, and fitness studios. It has the capacity to track customers purchases, classes, visits and much more. 
Staff / Payroll / Scheduling
MBO contains a staff module allowing for easy class scheduling and time tracking which then forms the source for payroll processing. The class schedule can be integrated with the businesses's website so that customers can view class times, class types and teachers online. MBO also allows for online class registrations or through the MindBody Mobile App.  
The reporting functions are more than enough. I've worked with this software for 5 years going on 6 and have only used about 1/2 the reports offered. One of my favourites as a CPA, is the "Deferred Revenue " report. This represents revenues collected, however not earned yet. For example a student purchased a 20 class card and has 5 classes remaining. The 5 classes should be reported as deferred revenue, thus deferring the income tax payable.  What would take hours of work to track, now can be reported in a few clicks of a button. A marketing manager may favor the "Client Acquisition" and/or "Retention Marketing Dashboards" offered or the new customers report. Other reports include "Sales by Category", "Daily Close Out", "Inventory on Hand", "Cost of Goods Sold", "Gift Cards Analysis" and much more.
Inventory & Purchase Orders
For businesses with retail merchandise sales, MBO contains a purchase order module which integrates with the inventory count and cost of goods sold report. It serves as a good internal control to first ensure you receive what you ordered, and then tracks your cost and sales of your products. A periodic count of inventory on hand is easily done and can be adjusted within the software.
AutoPays / Recurring Membership Billings
The ability to monitor and process monthly memberships is one of the key features in MBO. This automated billing system saves time and money.  Options to suspend and/or terminate accounts are available and can be done prior to the next billing cycle and  according to the business's policies. A list of declined cards can be pulled and AR collection calls can be made from the same list.
There are many more bells and whistles with Mind Body Online software and I highly recommend it for any business in the yoga, dance, fitness industries.
Josephreen Luk CPA, CGA, CFP
Bloom Accounting Services
Posted by: Jo AT 09:00 am   |  Permalink   |  0 Comments  |  Email
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