As Ms Pan’s business grew, the limitations of the rudimentary accounting methods they previously employed became glaringly obvious and constricting. Back then, she and Mr Thew had been using Microsoft Excel to handle the escalating volume of financial data manually, sifting through spreadsheets to ensure formula accuracy. Troubleshooting errors became not only laborious but also susceptible to mistakes.
This manual-entry system lacked real-time precision, creating hurdles for decision-making, swift action, and accurate forecasting that are crucial for a rapidly scaling small enterprise.
In light of these challenges and the evident need for a dedicated finance expert, Ms Pan added Finance Manager Nimisha Vekaria to their team.
Ms Vekaria was quick to advocate a shift to Xero’s cloud-based accounting software. Drawing from her past experience with the software, she appreciated its intuitive design and the convenience of accessing it from various devices.
Xero not only automated laborious tasks like invoice tracking and payroll calculations, but also ensured that financial records remained consistently accurate and current.
One particularly transformative feature was Xero’s automatic reconciliation. This allowed YM to produce month-end reports in a mere two weeks, a significant reduction from the previous eight-weeks required. “There’s no longer a need to wait ‘till month-end to gauge our business performance,” Ms Vekaria says.
When the first Singaporean branch of STRONG Pilates opened in 2023, Xero’s versatility played an important role in helping the new brand succeed. The finance team effortlessly transitioned to the new platform by automatically porting YM’s accounting system and vendor contacts over. This eliminated the need for manual data input, and avoided what would have otherwise been a tedious setup process.
Today, Xero is instrumental in real-time monitoring of revenue performances and balance sheets for both YM and STRONG Pilates. The solution also grants Ms Pan and her team the flexibility to access financial data anytime, anywhere.
Eyes on the prize
Encouraged by the success of STRONG Singapore, Ms Pan is casting her gaze further afield in the region with the establishment of the lifestyle group Move [Repeat]. The overarching business looks to incorporate one or two more specialty classes. From there, it aims to branch out into Southeast Asia, setting its initial sights on Malaysia and Thailand.
Ms Vekaria anticipates a pivotal role for Xero in facilitating this regional expansion. “The platform will streamline foreign transactions and centralise finances,” she says. Furthermore, Xero’s cloud capabilities will effortlessly connect teams both locally and regionally, fostering enhanced collaboration.
This setup will allow the company to operate more independently and expediently. With Xero, team members have immediate access to crucial performance metrics, including profit and loss statements and department-specific budgets.
For Ms Pan, her venture into the fitness industry transcends mere service provision – it’s about leaving a lasting impact on lives. Reflecting on the shift in public mindset off the back of the pandemic, she says: “Over the past two years, there’s been a heightened awareness of self-care and well-being. Amid the demands of work, carving out moments for personal wellness has become a cherished luxury.”
“Engaging in exercise not only releases a surge of endorphins but also amplifies our productivity throughout the day. In essence, we’re offering an invaluable service to individuals.”
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