IHRSA Releases “New & Improved” Financial Management Tool (FMT) for Health Club Operators

BOSTON-December 10, 2007- The International Health, Racquet & Sportsclub Association (IHRSA) announced today the release of the Financial Management Tool (FMT), a strategic resource for health clubs. The FMT is an Excel -based package that was originally developed in 2004 but has been updated this year to include 17 linked spreadsheets. The FMT can be easily customized to address a club’s specific business model and financial-management needs, which is set in IHRSA’s Uniform Accounting System – the industry standard.

“This tool is a great solution for club operators that are either developing a financial system or that want to improve their current systems,” said Phoebe Anderson, IHRSA’s Publications Coordinator. “The Financial Management Tool can save you hundreds of hours of time and effort plus the substantial cost it would take to start from scratch to develop an integrated system. Tracking and analyzing your finances within one system will efficiently lead your business to success, she said. When it comes to the financial management of your business, why reinvent the wheel?”

The FMT automatically calculates hundreds of key numbers and compares them against industry benchmarks and ratios so operators can make informed daily decisions. Profit centers are individually analyzed and monthly input for the whole package takes just 30 minutes.

Features of the FMT include:
• Every number ever needed linked together in one set of spreadsheets
• Profit center performances consolidated on one sheet
• Compares individual club numbers to industry benchmarks and ratios
• Graph for membership growth, revenues, expenses and profit/loss
• Financial Summary sheet to see performance at a glance
• Color coded cells to show input cells versus formula cells
• Benefits automatically calculated as part of staffing/payroll sheet
• Key tool for acquiring initial start-up funding, and for long-term professional management

To order or learn more about the FMT, please contact Phoebe Anderson, IHRSA’s Publication Coordinator at pha@ihrsa.org or at +1 617-951-0055.

The International Health, Racquet & Sportsclub Association (IHRSA) is a not-for-profit trade association representing health and fitness facilities, gyms, spas, sports clubs, and suppliers worldwide. The association’s membership includes over 8,800 clubs in 74 countries, along with over 600 industry suppliers.

Source:

http://cms.ihrsa.org/index.cfm?fuseaction=Page.viewPage&pageId=19225&nodeID=15