AIS Solutions – Essential bookkeeping tips for spa business owners
Why is good bookkeeping vital for spa and wellness businesses?
Apart from offering the right services for your clients, owning a salon or spa business comes with many responsibilities like overseeing the company’s growth and dealing with the financial part. We understand that as an entrepreneur, time is an extremely valuable resource, and it can get quite difficult to try and divide it around all activities. However, when it comes to the financial and compliance aspects of your business, you cannot afford to make any compromises.
The decisions you make in this field have a major impact on the health and future of your business. We have prepared a list of good practice indications and bookkeeping tips for spa and salon owners.
Looking to outsource the bookkeeping services for your spa business?
Connect with us and find out how we can help.
Bookkeeping tips for spa and salon business owners
1. Have everything set before opening
If possible, set up all the financials and administrative pieces before you start your business. One of the secrets of successful bookkeeping is the meticulous preparation before you even open the doors. If your business has been operating for a while without a system in place, getting your books in good shape might prove to be expensive and time-consuming. However, when you choose to collaborate with us, you’ll get all the assistance you need to successfully convert your business to Quickbooks Online.
2. Track all your expenses
Although keeping track of all our invoices, slips, and receipts can seem like a hassle, it’s a task that it’s well worth the effort. Even when you use cash to pay for a business expense, recording the smallest of purchases is necessary. Claiming all of your ITCs (Input Tax Credits) can save you hundreds if not thousands of dollars in GST/HST every year. Also, ensure you have separate debit or credit cards for both personal and business accounts. This process makes the differentiation between finances a lot easier. A professional bookkeeper will always advise you to maintain credit and debit cards you use for business transactions separate from your personal account.
3. Always stay up-to-date
This bit of advice is applicable to all businesses regardless of the industry they activate in. Always keep the books up to date and stay disciplined with the bookkeeping and financial management of your business. The best way to do this is to create a weekly routine of documenting all income and expenses on a specific day of the week and turn this into a habit that you stick with for the years to come. The more time you let pass without tracking your expenses, the more difficult it will be to put things in order when you start.
4. Outsource when necessary
Cloud-based software and online communication have made outsourcing an effective option for small businesses all across the globe. These days, you are no longer limited by your location when choosing a bookkeeping company to collaborate with. Therefore, if you are not interested in handling all the setup and managing the software yourself, you can always outsource your bookkeeping to a specialized company. A bookkeeping firm like AIS Solutions can help support your business by handling all the financial responsibilities and bookkeeping tasks. In return, you’ll be able to dedicate more time to providing the best possible service for your clients or developing your business in other areas. Cloud computing has made outsourcing bookkeeping services a lot easier. You don’t need to wait for mistakes to happen or to get overwhelmed by the accounting necessities of your business. Outsource at the right time and start saving time and money.
What are the benefits of outsourcing bookkeeping services for your spa?
As cloud technology evolves and business owners are no longer limited by location, outsourcing bookkeeping services gains more and more popularity. So what are the main advantages when you choose to outsource the bookkeeping needs of your company to AIS Solutions?
Financial Insights
Make better business decisions based on the “mission-critical” financial information we provide.
Fewer Taxes
You may be able to pay less in taxes because our expert team is here to make sure you claim all the expenses your business is entitled to.
Lower accounting fees
We provide all our client’s with a clean set of books, up-to-date and error-free, so their accountant will spend less time making the year-end financial statements.
Profit Increase
Most companies see a profits increase by over 12% following outsourcing their bookkeeping to a professional.
Focus On Growth
Most business owners didn’t go into business to do bookkeeping. Use your time to focus on your strengths and grow your business.
If you’re thinking of outsourcing the bookkeeping services for your spa business, AIS Solutions is here to help. Our dedicated team can cover your company’s entire bookkeeping. We have plenty of experience working with small and medium-sized companies across Canada and can operate efficiently from a distance.
Need more than bookkeeping tips for spa and salon businesses?
Connect with us and find out how we can help.
Here’s what others say about their experience with AIS Solutions:
“I have now had the pleasure to work with Juliet on 5 mutual corporate tax clients. I can honestly say Juliet and her team are not only cheerful, but they are good! The amount of time that has gone into these mutual clients has been about 20% lower than a comparable-sized client without a trained bookkeeper. The records are clean and reconciled. Any unusual items are easily explained, and the team is quick to provide any information we request. If you want accurate date books and records and to possibly save money on your year-end accounting and tax fees, I would highly recommend AIS Solutions!”
Tim Miron, CA Partner Beckett Lowden Read LLP
“Just wanted to thank you for last week’s QuickBooks training. I look forward to using it…hopefully proficiently…and you provided a great framework with which I can get started. I also really appreciate the handout you supplied at the end of the session. I will make good use of that, I’m sure!”
Buffy Knowlton - Workshop Facilitator & Author
“I have had the good fortune to work with Juliet and her team, at AIS, on 2 business circumstances over the last few years. Her commitment, dedication and professionalism are unquestionable. In every circumstance, she and her team have treated our business like their own. A results-oriented, knowledgeable, focused team of professionals with the highest degree of integrity. It has been a pleasure to work with them.”
Gary Brent - Deblen Holdings Limited
“Juliet is very professional in her business and is highly thought of by her staff, she leads by a good example. Through our years together at BNI I have also got to know Juliet on a personal level and know she has high standards and morals. This makes it easy to refer her. I would not hesitate on recommending Juliet to anyone I know.”
Sharon Jackman - President at Service First Forwarding
“Juliet is very professional in her business and is highly thought of by her staff, she leads by a good example. Through our years together at BNI I have also got to know Juliet on a personal level and know she has high standards and morals. This makes it easy to refer her. I would not hesitate on recommending Juliet to anyone I know.”
Sharon Jackman - President at Service First Forwarding
Looking to outsource the bookkeeping services for your spa business?
Connect with us and find out how we can help.
Frequently Asked Questions
When should I consider outsourcing the accounting for my company?
If your business is currently too small to hire an in-house accountant or you just don’t have the time or knowledge to do it yourself you should consider outsourcing the bookkeeping task. Although accounting software like QuickBooks, makes the bookkeeping process more facile for small business owners, the software can prove to be more complicated than expected. You can then choose to outsource the bookkeeping and focus on other areas of your business or take a QuickBooks training course to learn how to properly handle the job yourself.
Will a professional bookkeeper increase my profit margin?
Poor financial management is the main cause of business failure. Many small and mid-sized businesses fail to manage and measure their finances appropriately, causing them to fall out of business eventually. A bookkeeper will help you instil good financial practices in place and avoid common mistakes and consequences such as:
- Insufficient tax planning
- Lost revenue
- Missed financial opportunities
A dedicated bookkeeper can handle all your profit and loss statements, account reconciliations and regular balance sheets in a timely manner, therefore, helping you get your finances under control with a minimum input of effort on your part.