We'll keep you consistently informed with the latest bookkeeping updates. Got urgent queries that can't be put off? We'll ensure you get a response within one business day or even sooner. With Bench Accounting, managing your hair salon's finances has never been easier.
Our platform revolutionizes data management for hair salons by automating data inputs from most major providers, empowering you to avoid common discrepancies. We collaborate with vendors such as Gusto, Stripe, Shopify, and Square, ensuring your financial books are consistently precise and up-to-date. Trust Bench Accounting to transform how your salon handles accounting.
Say farewell to heaps of receipts and tiresome manual logging—we automate entries straight from your connected accounts. Grasp insights from a unified dashboard so you can effortlessly comprehend the fiscal wellbeing of your hair salon and make informed business decisions.
DR. BUKKY KOLAWOLE
As a hair salon owner, there are several specific tax deductions you can claim. Here are some examples:
- Equipment and Supplies: Hair salon owners can deduct the cost of any equipment and supplies needed to keep the salon running. This includes shampoo, hair dye, scissors, hair dryers, curling irons, and any other items required for styling or care.
- Rent or Mortgage: If you rent or own the space where you operate your salon, these payments are tax deductible.
- Utilities: You can also deduct the cost of utilities for your salon, such as electricity, water, and phone services.
- Marketing and Advertising: The cost of promoting your hair salon, including online advertising, print ads, social media marketing, and more, is tax deductible.
- Education and Training: If you take any classes or attend seminars to improve your skills or knowledge in the hair salon industry, you can deduct these costs.
- Insurance: If you have business insurance for your salon, the premiums you pay are deductible.
Keep in mind that the above are general examples and the specific deductions you can claim may vary based on your circumstances. For an accurate understanding, it's best to consult with a bookkeeper or accountant who understands the hair salon industry.
A bookkeeper can immensely ease the burden of managing the payroll and financials for your hair salon. They can handle various tasks such as tracking and recording all financial transactions, managing accounts payable and receivable, and handling payroll. All this allows you to focus on other important aspects of your business.
Having a bookkeeper ensures that your financial records are accurate, up-to-date, and ready for tax season. This can help to avoid any potential financial pitfalls or audits. Also, with a detailed financial record, you can easily track the profitability of your hair salon and make informed decisions. In the long run, a bookkeeper helps you save time, money, and stress related to financial management.
Absolutely! A bookkeeper can help you keep track of your inventory and sales. They can help you monitor which products are selling fastest, how much inventory is left, when it's time to re-stock, and how much sales you are making. This can give you a clearer perspective on how different hair and beauty products are performing in your business, helping you make more informed decisions.
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.