We’ll keep you regularly updated with crucial bookkeeping information tailored for your tanning salon business. If you have urgent queries that just can't sit on the backburner? Expect our prompt response in one business day or less.
Our tailored platform enables you to automate data inputs from the most recognized providers, reducing the risk of errors. We collaborate with key stakeholders such as Gusto, Stripe, Shopify, and Square—ensuring your tanning salon's finances are consistently precise.
Bid farewell to mountains of receipts and the hassle of manual record-keeping—we automate entries straight from your linked accounts. Gain insights from one unified dashboard to effortlessly grasp the financial wellbeing of your tanning salon and make informed strategic decisions.
DR. BUKKY KOLAWOLE
As a tanning salon owner, you can claim various expenses as tax deductions. These might include the cost of products used in the salon like tanning lotions and protective eyewear, costs related to regular maintenance and replacement of tanning beds, electricity costs, rent or property mortgage expenses, and employee wages. Additionally, you can also deduct advertising costs, insurance, and business-related vehicles' expenses. However, tax laws may vary, and it's best to consult with a professional bookkeeper or tax consultant to ensure all your tax deductions are legitimate and maximized.
Managing the accounts for your tanning salon's memberships and packages can be quite complex, especially when done manually. However, you can handle this task more efficiently with the help of a professional bookkeeper. They can help track your revenue, manage and categorize your expenses, and ensure accurate reporting and compliance.
A bookkeeper can oversee all basic accounting functions like recording financial transactions, managing accounts payable and receivable, and reconciling bank statements. They can handle membership and package sales, track service utilization, and ensure that memberships are accurately accounted and renewed on time.
Accounting software like QuickBooks also aids in recording and tracking your sales and expenses, and provides useful reports to better understand the financial health of your business. You may consider hiring a bookkeeper familiar with your industry and proficient in using such software to ease your accounts management.
At Bench Accounting, we have experienced bookkeepers who can deal with your salon's unique requirements and help you stay on top of your finances while also saving you time and stress.
When managing the finances of a skincare and tanning salon, there are a few special considerations to keep in mind. First, consider the inventory valuation of your items. This includes the cost of purchasing your products, as well as the cost of holding and managing them.
Also, salon businesses may need to account for services alongside products, meaning you will need to manage Revenue Recognition. This may require booking services as they are performed as opposed to when they are paid for. Additionally, it may require different tax considerations.
Lastly, depending on the specific products or services you offer, there may also be industry-specific regulations and compliance considerations to factor in. Always make sure to stay updated with the latest tax and accounting regulations in your industry. Hiring a professional bookkeeper can help navigate these complexities and ensure your salon's finances are in order.
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.