At Bench Accounting, we will consistently provide pet grooming services with timely bookkeeping updates. Have urgent inquiries that demand immediate attention? Rest assured, we commit to responding within one business day or less.
Our platform streamlines data accumulation from major service providers to bypass prevalent errors in bookkeeping. We cooperate with well-known merchants such as Gusto, Stripe, Shopify, and Square—ensuring your pet grooming business's finances are consistently precise.
Wave farewell to stacks of invoices and laborious manual record-keeping—our software automates inputs directly from your connected accounts. Gain insights from a unified dashboard designed for pet grooming services so you can effortlessly comprehend the financial wellbeing of your business and make informed strategic decisions.
DR. BUKKY KOLAWOLE
While this is not a comprehensive list, there are several potential tax deductions that pet grooming businesses can typically claim. Some of these include:
- Office supplies and equipment
- Pet grooming supplies and tools
- Training and certification costs
- Advertising and marketing expenses
- Vehicle expenses if you provide mobile grooming services
- Cost of utilities, if you maintain a separate pet grooming facility
Please consult with a professional tax advisor or bookkeeper to ensure your business is claiming all the deductions applicable and to abide with current tax regulations.
Managing accounting for both product sales and grooming services requires a solid understanding of revenue streams, cost of goods sold (COGS), overhead costs, and profit margins. Here are a few steps to help:
- Distinguish Between Revenue Streams: You need to separate your product sales from your grooming services. Each needs a different calculation for revenue, and both should be reflected in your profit and loss statement.
- Understand and Calculate COGS: For product sales, COGS includes the cost of producing the items you sell. Whereas for grooming services, this can be more complex to calculate and may include direct labor costs, supplies used, etc.
- Manage Overhead Costs: Your overhead costs—rent, utilities, insurances—need to be distributed between your product sales and grooming services based on an appropriate method like square footage or direct labor hours.
- Calculate Profit Margins: By understanding your revenue and costs both for product sales and services, you'll be able to calculate and monitor your profit margins for both your income streams. This is important to ensure the financial health and sustainability of your business.
The best way to manage these complexities is often through the use of professional bookkeeping services. Bookkeepers can help you organize your sales, calculate your costs, and manage all aspects of your business accounting to make sure you're always on top of your financial game.
The best way to track and categorize expenses in the pet grooming industry is by using a comprehensive accounting software that is designed to meet the specific needs of this industry. Such a software would allow you to categorize all your expenses such as supplies, equipment, payroll, utilities, and more. You can track all these costs on a daily, weekly, monthly, and annual basis, allowing you to have a clear understanding of your expenses. This can also help you identify areas where you could potentially save money and even recognize trends over time.
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.