Hairstylists, estheticians, waxing professionals, barbers, nail technicians, salon suite professionals, and salon owners aren’t just providing services – they’re running businesses.
For independent beauty professionals in California, keeping accurate financial records is an important part of building a successful business.
Here are several areas every California salon professional should consider when organizing their bookkeeping.
Separate Your Business and Personal Finances
Keeping business and personal transactions separate can make bookkeeping significantly easier.
A dedicated business checking account and business credit card make it easier to identify business activity, reconcile accounts, and maintain organized financial records.
Track Your Different Sources of Revenue
Salon professionals may generate revenue from multiple sources, including services, retail product sales, tips, deposits, cancellation fees, and other business activities.
Separating different types of income in QuickBooks can provide a clearer picture of where your business revenue is coming from.
Properly Categorize Salon Expenses
Beauty professionals can have many different types of business expenses.
Depending on your business, these could include salon suite or booth rent, professional products, supplies, booking software, merchant processing fees, insurance, education, marketing, licenses, and equipment.
A properly organized Chart of Accounts makes it easier to understand where your money is going.
Reconcile Your Accounts Monthly
Connecting your bank account to QuickBooks Online is not the same thing as reconciling it.
Monthly bank and credit card reconciliations help verify that your accounting records match your actual statements.
This process can help identify missing, duplicated, or incorrectly recorded transactions.
Understand Your Business Numbers
Accurate bookkeeping gives salon professionals more than organized records.
It can help answer important questions: How much revenue did my business generate? What are my largest expenses? How much am I spending on professional products? Is my business becoming more profitable?
Having current financial information can help you make better-informed decisions about pricing, expenses, equipment, and future growth.
Bookkeeping Services for Salon Professionals Across California
Summers Bookkeeping & Advisory specializes in helping salon and beauty professionals maintain organized, accurate books.
As a QuickBooks Certified ProAdvisor, I provide monthly bookkeeping, QuickBooks Online cleanup, catch-up bookkeeping, account reconciliations, Chart of Accounts organization, and financial reporting.
Because bookkeeping can be handled remotely through QuickBooks Online and secure digital tools, Summers Bookkeeping & Advisory can work with salon professionals throughout California.
Looking for a bookkeeper who understands salon businesses? Contact Summers Bookkeeping & Advisory today to schedule a consultation.