Accounting and booking systems are always interesting and important topics for any schools or businesses. Many of these are looking for a new and flexible system that can integrate with their current accounting system. Tasks such as managing debtors and creditors have proven to be an extremely manual operation which can be time consuming and open to human error. These processes are no longer required through magicbooking’s automated system.
magicbooking reports give you all the information you need to add to your financial system including the income per your required facility based on sessions booked within any given date range. Further to this, the system allows you to view a clear summary of overdue payments and payments being received, thus providing total clarity of your school or business’ cash flow.
In your account system, you would typically set up an income line either per club or service and a cost code that relates to these. This data can be assigned to the total income for that club from our magicbooking reports feature straight into your system as a single total amount/invoice associated with that cost code.
Having an overview of your amounts per income is beneficial, however, does have its limitations. With magicbooking, you are able to carry out the recommended accounting procedure, which is to report sessions delivered within a time period rather than report all payments received. Prepayment for future sessions and debtors for sessions taken and not paid, for which our system helps you avoid, should and can be recorded within the balance sheet which your accountant would typically help with.
The magicbooking system does not replace your accountant or account system but should go a long way to reduce the time invested in both, by providing you with relevant and accurate data via the in-depth reporting system.
If you have any questions about how this would work, we are happy to speak to you or your account to show you how the reporting system works. Click here to get in contact.