Salon and Spa Business
Bookkeeping & Accounting for Salon or Spa
Our company offers a one-stop solution for outsourced bookkeeping services to India, delivering superior results while minimizing costs. We provide quality services across diverse industries, helping clients streamline processes, maintain compliance, and reduce costs. By managing critical finance, accounting, and procurement processes, we drive continuous improvement. Our expertise in digital businesses and small businesses across the country enables us to understand and address the financial challenges they face. Partnering with us ensures efficient, accurate accounting services that help your business thrive in today’s competitive environment.
Reasons to do bookkeeping for Spa or Salon Business
Pre incorporation Expenses
Before starting a salon or spa business, record pre-incorporation expenses like CPA fees, rent deposits, branding to minimize taxes.
Track Inventory
Bookkeeping for spas or salons helps track inventory purchases, usage, and stock of high-cost products, ensuring efficient inventory management.
Track All Expenses
Tracking salary, rent, advertising, and other expenses is crucial for salon or spa bookkeeping to minimize corporate tax payments efficiently.
Protective equipment Expenses
Post-COVID, accounting for protective equipment like masks and PPE kits helps salons track additional expenses and manage overall business costs effectively.
Track Income
Tracking income for Spa and Salon businesses through cloud accounting software helps monitor sales, expenses, taxes, and payroll to assess monthly profit.
Choose Bookkeeping method For Salon or Spa Business
Method of doing bookkeeping for Salon or Spa business give road map on how to do bookkeeping and its results. You can chose Cash Method or Accrual Method Whichever method of accounting you choose, you must use it consistently year to year.
Cash Method
Cash accounting is a straightforward method where incomes and expenses are recorded only when the transactions are completed, meaning when money is physically received or paid out. This approach makes it easier to manage finances, especially for small businesses, as there’s no need to track future receivables or payables. It offers a clear and immediate picture of cash flow, helping business owners see exactly how much money they have on hand. Many hairstylists and salon owners prefer this method due to its simplicity, as it provides a more direct understanding of their financial situation without dealing with the complexities of accruals.
Accrual Method
In accrual accounting, you record expenses and income at the time a transaction occurs, regardless of whether cash has been received or paid out. This means that when you provide a service or incur a cost, it is recorded immediately, even if payment is delayed. While this method is more complex than cash accounting, it offers a clearer and more accurate representation of a business’s financial health. By matching revenues to the expenses incurred in generating them, accrual accounting provides a better picture of profitability and cash flow over time, making it especially useful for long-term financial planning and reporting.
Checklist To Follow
| Checklist to Follow | Time | |
|---|---|---|
| Month End bank Reconciliation | Monthly | |
| Month End Loan account Reconciliation | Monthly | |
| Compare Actuals with budget of same month | Monthly | |
| Review Billable and Non Billable expense | Monthly | |
| Month End Journal Entires | Monthly | |
| Update Vendor Reconciliation | Monthly | |
| Update Petty Cash Balance | Monthly | |
| Raise Alert for Accounts Receivable exceeeding 45 days | Monthly | |
| Payroll Management | Monthly | |
| Monthly Tax payments | Monthly | |
| Monthly Compliances of TDS , GST , IT | Monthly | |
| Month End Reporting | Monthly |
Automation Accounting for Salon or Spa with Cloud Bookkeeping Software
A business owner spends his/her time with planning , executions , marketing of business. Doing inhouse in-house bookkeeping take time and required specific resource. Outsourced accounting for Spa or Salon business help you to focus on core business and let professionals to take care of numbers. You can opt for cloud bookkeeping software such as Xero , Quick books , Xero , Wave etc. Cloud bookkeeping software’s have multiple feature and affordable they then help in day to day bookkeeping , preparation of financial statements , trail balance etc. You can closely monitor on cashflow , sales etc.
Reasons to Hire Finslog For Accounting
Below reports can be generated with use of cloud bookkeeping software
✔ Operate from anywhere
✔ Keep track of day-to-day bookkeeping
✔ Track inventory
✔ Know cost of sales
✔ Prepare trial balance
✔ Financial statement
✔ Cash flow management
✔ Accounts payable report
✔ Accounts receivable report
Accounting Goals to Salon or Spa Business
✔ Cash Flow Management
✔ Proper Documentation of Expense
✔ Correct Reporting of Sales Tax Return
✔ Key Performance Indicator
✔Realtime financials
✔ Avail Cash Credit on Timely Payment
Why Choose Us?
Finslog is actively providing outsourced bookkeeping, Accounting , payroll and compliance services to small and medium business and CPA Firms. We will help you to identify the financial rations , indicators and performance readily, helping you to make the right decisions at the right time.
Upto 50% Reduced Cost
Upto 50% reduced cost compared to in-house services. Our service cost is lower due to cheap labour even thou no compromise in quality of services.
Time Zone Advantage
Favorable time zone advantage between India and US ensures high productivity and faster turnaround. We reply to mail within 24 hours.
Data Security
We use secured document management system with high end level of security. Business can rely on our services about documents safety along with Information.
Export Team
We bookkeeping team is combination of Chartered Accountant (CAP) & commerce graduates. We have expertise in bookkeeping & accounting.
Process-driven work
We developed process flow for start to end bookkeeping. We have checklist , formats and proven Project Management system helps to communicate.
Growth Services
Delegation of work helps business to give attention on primary business activities for growth. By outsourcing bank office you focus on Growth.
Quick Connect With Us
Part Time / Full Time
Resources For
✔ CPA Firms
✔ Enrolled Agents
✔ Bookkeeping Firms
✔ Tax Practitioners
✔ Business Owners
Why Finslog is the First Choice
for Accounting & Tax Preparation
Finslog offers expert, cost-effective, and reliable accounting services with a focus on transparency, efficiency, and timely results
✔ Experienced Professionals: Skilled team with years of experience ensures reliable and accurate results.
✔ Efficient Project Management: Self-hosted system enables smooth communication and seamless project handling.
✔ Cost Savings: Save 40-50% compared to local accountants without compromising quality.
✔ Transparent Processes: Clear workflows keep clients fully informed and confident in the outcomes.
✔ Quick Turnaround: Same-day or 24-hour maximum response time for inquiries.
✔ Regular Updates: Frequent email updates provide essential business information and progress reports.
✔ On-the-Go Meetings: Schedule expert meetings anytime for efficient communication.
✔ Meeting Deadlines: We complete work ahead of deadlines to ensure a smooth process.
✔ Comprehensive Checklists: Detailed, well-organized checklists eliminate confusion and ensure thorough coverage.
✔ High Quality Standards: Standardized procedures ensure error-free work and top-quality service.