Many shared workspace and Coworking operators manage all of their finances on their own with only support from an accounting software and the annual consultation of a tax accountant. For some, it’s an inevitable aspect of running a business and can be mastered with monthly repetition. But for most, it’s a painful and tedious process that involves bubble-gumming together difficult-to-acquire reports from multiple applications, manually importing numbers into the invoicing system, and later fixing the inevitable mistakes.
Future-forward operators opt for workspace management platforms that offer one-click high-level and granular reporting capabilities and seamless integration with financial and accounting software. Many operators prefer this simplicity – and it’s certainly appreciated by their tax accountants and members alike.
However you handle your finances, know this: it will have a direct impact on member experience, member retention and your overall success as a business. Whether you have a dedicated financial controller or undertake the finances on your own – and regardless of your method – there are critical, big-picture fundamentals to observe for efficient money management in your shared workspace.
