Bookkeeping and Accounting for Barbershops
Searching for a bookkeeper and accountant specifically for your barbershop? At Bench Accounting, we manage your books, leaving you with more time to perfect your craft. Experience our services risk-free.
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How Bench works with barbershops
Experience hassle-free bookkeeping, income tax prep, and filing done by professionaIs—supported by a robust platform. Bench works seamlessly with barbershops.
We get you set up
Our team devotes time to thoroughly understand the specifics of your barbershop, address your inquiries, assist you in connecting your accounts, and demonstrate how Bench seamlessly integrates with your operations.
We do your bookkeeping
Every month, your specialized bookkeeper arranges your barbershop's transactions and prepares financial reports. If they require any additional information from you, they'll reach out promptly.
We deliver tax-ready financials
Our team of experts is well-versed in barbering industry tax norms and will tailor their strategy to your barbershop's specific requirements.
Here’s why barbershops like you trust Bench with their bookkeeping and accounting
Get fast, unlimited support from our expert advisors
We'll keep in touch consistently with financial updates tailored for your barbershop. Have urgent inquiries about your barbershop finances? Rest assured, we'll respond to your queries in a business day or less.
Guaranteed accuracy in every detail
With Bench Accounting, your barbershop business can automate data inputs hailing from the major service providers, thereby minimizing the risk of errors. We're in collaboration with well-known merchants such as Gusto, Stripe, Shopify, and Square—guaranteeing that your financial records are always precise and up-to-date.
See where you’re spending. Make smart decisions
Bid farewell to heaps of receipts and laborious manual record-keeping—we streamline inputs directly from your connected accounts. Gain insights from a unified dashboard, enabling you to effortlessly grasp the financial state of your barbershop and make strategic decisions.
Bench integrates with your favorite small business tools
We sync seamlessly with your financial accounts and tools to keep your books up-to-date and save you the time and effort of manually uploading documents.
Trusted by 25,000+ American small business owners
CHRIS RONZIO
DR. BUKKY KOLAWOLE
HEATHER SHOLL
We know bookkeeping for barbershops
Bench offers tailored bookkeeping solutions for barbershops, taking care of the unique financial concerns typical for this industry. With frequent cash-in-hand transactions, equipment depreciation, and tip income to manage, bookkeeping for barbershops can become complex. Bench simplifies this complexity using an intuitive software suite handled by human experts. This, coupled with our understanding of industry-specific tax codes, tax benefits, and state-specific laws, ensures that your financial records are accurate, up-to-date, and compliant with all regulations. We keep track of your earnings, expenses, tips and VAT where applicable, ensuring correct GST/HST calculations, so you can focus on offering your excellent service.
Additionally, labor laws, such as classifications for independent contractors versus employees, often present confusion for barbershop owners. Bench can assist you in ensuring your employee records are in order from a financial perspective. Our bookkeepers have a deep understanding of tax obligations and categories applicable to barbershops, helping you properly allocate funds for tax time and potentially save money through overlooked deductions. With Bench, you get a personalized, industry-specific, and professional service, paving the way for better-informed business decisions and a stronger financial future for your barbershop.
Simple, straightforward pricing for everything your business needs.
Join over 25,000 US-based business owners who have streamlined their finances and have grown their businesses with Bench.
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Bookkeeping
billed annually
Bookkeeping & Tax
billed annually
Bookkeeping
billed monthly
Bookkeeping & Tax
billed monthly
Frequently Asked Questions
As a barbershop owner, you have the ability to claim a variety of expenses for tax deductions. Some of these expenses include:
- Supplies like razors, scissors, combs, chairs, towel warmers, and hair products
- Rent or mortgage interest if you own the premises
- Utilities such as electricity, water, and phone services
- Marketing and advertising costs
- Services like cleaning, maintenance, and salon software
- Insurance and licenses
- Employee wages and benefits
- Continuing education and training
- Depreciation on equipment
It's important to note that this is not an exhaustive list, so it may be beneficial to seek advice from an expert in accounting to guide you about what can and cannot be claimed. Always remember to keep excellent records of all of your expenses for easier tax time documentation.
Managing cash flow in a barbershop with a high volume of low-cost transactions can be an ongoing challenge but can be made easier with some tried-and-true strategies. First, make use of a digital financial management system or virtual bookkeeping service that can handle the volume of transactions and give you real-time financial visibility. This helps in tracking every transaction accurately and enables you to see where the money is going and coming from instantly. Secondly, consider implementing cashless payments for convenience and increased financial accuracy. Lastly, engage a proficient bookkeeper who understands the unique dynamics of your business and can provide appropriate financial advice and solutions.
The best way to handle payroll for your barbershop staff, especially when it involves tips, is to use a reliable payroll system. This payroll system should be able to factor in hourly wages, commissions, and tips that your staff receives. It is also critical to ensure that the system can accurately report these amounts to the Internal Revenue Service (IRS).
Tip income is taxable, therefore, your employees must report tip income on their tax returns. It's your responsibility as the employer to make sure that taxes are properly withheld from your employees' paychecks. You can either account for the tips in your payroll system or have your employees report their tips to you, for which you will then calculate the necessary withholdings.
Moreover, since payroll involves many complicated processes, you can consider outsourcing to a payroll service or hiring a bookkeeper. They can help with tax withholding calculations, paycheck processing, tax form preparation and other payroll-related tasks.
If you're unsure about how to handle payroll for your barbershop staff, it's best to seek professional advice. A bookkeeper or accountant can guide you through the process, ensuring that you're in compliance with all the necessary regulations and requirements.
Nope! All bookkeeping is completed in-house.
Your bookkeeper will be your main point of contact, but at times you might hear from another member of your team. This is usually when your bookkeeper goes on vacation, is sick, or otherwise unavailable.
We handle the bookkeeping for you but sometimes we’ll need your input, especially at year-end. On average, expect to spend 15 minutes each month answering questions for your bookkeeper, or uploading supporting docs.
Bookkeeping Services for Barbershops
Discover how we can help you have better finances with a personalized demo from a Bench expert, ready to answer all your questions. Sign up as a customer today and get a free month of bookkeeping, valued at $299.
No credit card required. By clicking ‘Get Started’, I agree to Bench’s Terms & Privacy Policy.