Uniform System of Financial Reporting for Spas

As an industry focused on the health and wellness of clients and guests, it wasn’t until 2004, that a tool became available to measure the financial health of spas and the sustainability of our industry.    It was in 2004, that the ISPA Foundation released the Uniform System of Financial Reporting for Spas, a critical cornerstone for the spa industry. 

The ISPA Foundation had four goals when they published the uniform system: 

• To provide a common language to articulate financial results
• To provide the opportunity to measure the financial health of the spa industry
• To enable research of comparable financial data that would allow the publication of financial statistics and trends for the industry
• To provide a template for spa developers or owner/operators to model when presenting a business plan to lenders or investors

The Uniform System of Financial Reporting for Spas represents the first successful, organized effort to establish a definitive uniform accounting system for the spa industry.  This book provides a recommended standardized financial reporting system that will allow spa professionals to measure, compare and report on the financial health of their business.

This standardization will allow for informed comparisons between spas and accurate analysis of the spa industry by financial institutions.  The Uniform System of Financial Reporting for Spas provides the structure for the preparation and presentation of financial data in a consistent format, as well as a chart of accounts prepared in common industry language.  Though uniform, the flexibility of the system allows both large and small spa operations, as well as all spa types to use the same reporting system.

The ISPA Foundation created this book through a collaborative effort with: ISPA; author Raymond S. Schmidgall Ph.D., CPA, Professor, Michigan State University; the Educational Institute of the American Hotel & Lodging Association; and Hospitality Financial & Technology Professionals.

ISPA member spas receive one complimentary copy per spa with their membership.  Members may purchase copies for $59 and the cost is $89 for nonmembers.