The IHRSA Advantage program offers club owners the opportunity to purchase a wide, and ever-expanding, range of products and services from office supplies, to electricity, to prepackaged sales seminars at remarkable prices. Among the newest and most exciting Advantage product is the IHRSA Financial Management Tool (FMT), which was introduced recently at the association’s annual convention and trade show in Las Vegas.

Since then, FMT has been receiving rave comments from association reviewers, club owners, and others. “This tool is great for club operators,” reports Rick Devereux, IHRSA’s director of operations and marketing, who’s taken it out for a few trial runs.

Created by IHRSA in partnership with the Atwood Consulting Group (ACG) of Needham, Massachusetts, FMT is an Excel-based software package that consists of 15 linked spreadsheets that can be customized to address a club’s specific circumstances and financial-management needs, and can also be adapted to IHRSA’s Uniform Accounting System, the industry standard.

‘FMT is an easy-to-use package that provides club owners and managers with the information they need to improve cash flow, increase profits, and, ultimately, take their business to the next level,” notes John Atwood, the managing partner of ACG.

“Big chains always know their numbers because they can afford expensive, financial management and projection systems,” he explains. “FMT is designed to provide independent clubs, small and large, with the same sort of customized, interconnected spreadsheet capabilities.” Using the software, operators can analyze the performance of their entire business or of individual profit centers, better evaluate their cash position, and construct financial projections from the ground up.

Among the other useful features: simultaneous updating of all appropriate spreadsheets when changes are made; automated graphs for membership, revenues, expenses, and net profits; color-coded line items that help prioritize business plan issues; and four-year projections, coupled to actual results.

A special, valuable feature is FMT’s ability to convert a club’s financial information to IHRSA’s Uniform Accounting System format. “This permits them to quickly and easily compare their numbers with industry ratios and benchmarks,” points out Devereux.

Getting started with FMT is also simple. The software is first customized to account for every aspect of the club’s operation. Then, the customer receives a one-hour phone tutorial, during which they’re walked through the spreadsheets. “Clients with a good working knowledge of Excel find the package easy to use,” says Atwood, “and, for those who need a bit more help, we offer optional two-hour training.” ACG also provides ongoing assistance on a consulting basis.

“FMT is a powerful and affordable management package that gives operators the professional edge and competitive advantage that they need to succeed,” observes Atwood.

Source:

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