5 Bookkeeping Tips for Your Salon or Spa

That’s why we’ve rounded up the best salon software to carry you into 2023. Our tools and guidebooks were created by industry professionals for industry professionals, and will help your team better their best and achieve career goals. Online learning is a critical component https://www.bookstime.com/ of your salon’s continuing education strategy. Our courses are designed to help your team master Summit systems and strategies. We coach, mentor, and provide innovative services and resources to help you discover your full potential and live your best life.

And you will learn how to manage better your salon’s spending, earnings, losses, bank balances, invoices, and other important financial information using Xero accounting software. Xero is cloud-based accounting software that you will have no trouble developing invoices with a polished and professional look. In addition, you can resolve https://www.bookstime.com/articles/bookkeeping-for-hair-stylist any issues with cash flow thanks to the app’s ability to monitor bills accurately. On top of that, having reliable accounting software for a salon means that every single payment and collection is documented, which helps prevent the loss of money. QuickBooks online also makes everything so easy for “non-accountant” entrepreneurs.

Can you freelance while you’re employed full-time?

If you are self-employed, you should report all tips personally received on your tax return. Enjoy peace of mind & more time with clients knowing your financials are in order. It’s wise to research and consult with a licensed tax professional or certified public accountant (CPA) to maximize your returns. For example, you may need to consult a lawyer who helps you with a client threatening to sue you for damaging their hair. Or you may hire someone to manage your bookkeeping and record your costs and earnings properly.

In addition to managing your accounts, calculating your revenue, and automating your payroll, you may use this tool. Plenty of applications and platforms for scheduling salon appointments have seen a surge in popularity over the past several years. It’s ridiculous that so many salon scheduling and management applications are available.

Examine Their Customer Support

Features include financial reports, mobile apps, more than 1,000 integrations, live bank account connections, invoicing, and access for multiple team members. Xero customers also get free access to Hubdoc, which allows users to extract data from documents. As a salon owner you’re passionate about helping people look their best. While you’re doing the work you love, we’ll be working to provide you with accurate financial information and objective assessment. Accounting software for independent contractors is worth the cost. An independent contractor is responsible for their own accounting and bookkeeping, as well as tax preparation and deadlines.

• The free version is pretty impressive, even compared to some paid accounting apps.
• It makes quarterly declarations and end-of-year taxes even more difficult than they already are.
• Software firms often require users to pay a monthly or one-time subscription.
• If fraudulent activity is reported, it will be harder to steal your identity if you have two separate accounts.
• Features include invoicing, expenses, time tracking, projects, estimates, payments, reporting, and a mobile app.
• We offer our own built-in payment processor (with a Stripe integration, too!) for contactless payment, automated marketing tools, plus mobile and iPad apps.

Get started today before this once in a lifetime opportunity expires. Yes, this course covers everything you need to know no matter which beauty business model you operate under. Lessons are clearly labeled if they only apply to one of the business models. Armed with my desire to open a salon someday, I hit the pavement to learn everything I could about finances. But just like I was making people beautiful… I really enjoyed making the business side beautiful. And it doesn’t feel like all that long ago that I wanted to open up my own salon, but quickly back tracked when I realized how much it takes to run a successful beauty biz.

Best for Combined Bookkeeping and Tax Prep

By this point, you’re flying but with success comes extra tasks and responsibilities. Can you do it all yourself or do you need to hire people and businesses to do it for you? Maybe you can ask a PA (personal assistant) or VA (virtual assistant) to complete some admin and bookkeeping tasks for you. You could also hire a marketer to get your name out there while you’re keeping your current customers happy. For freelancer payments, it’s important to be as flexible as possible for your customers.

Look for references, check qualifications, and make sure whoever you hire connects with your brand and your values. The “trades” are commonly occupied by freelancers and contractors, who don’t want to rely on one company to pay their salaries. You can join a trusted trade group to help build trust in your name and services. One of the best ways to do this is to create a website and to make sure you’re on the social media platforms that your ideal customers are on. You might prefer to list yourself on “professional cleaner” directories or something similar for your profession. The important thing is that your potential customers know you exist.

How This Scheduling App’s Waitlist Will Change Your Salon

Knowing what money comes in and where it goes ensures a healthy business from roots to tips. Salon Accounting is the simplest alternative to complex accounting software like QuickBooks and less expensive than StyleSeat, GlossGenius, and DaySmart Salon. Get your business accounting and bookkeeping organized so you’re ready for tax season (or an audit).

• While it’s not perfect, it is one of the best accounting programs on the market today and sets a high bar for what business money management apps can do.
• It’s a specialized computer program that’s designed as a flexible, easy-to-use accounting solution.
• But every contractor is different, so one of the other accounting apps on our list may fit your needs better.
• We can assist in getting you set up with the right version of QuickBooks for booth renters, salon owners, or independent beauty contractors.
• In this case, you don’t need training so much as you need post-adoption support.
• All you need to do is answer a few basic questions and get a free quote online.
• Salon accounting is much easier, faster, and less costly than other online options.