Accounting For a Salon Business

Managing a salon business is a lot of work. And staying on top of the accounts is also hard wor, but, essential. even if you have experience in bookkeeping there are a number of reasons you should consider hiring in professionals, as Janette found out when she started her salon, Designer Permanent Makeup in central London.

An accountant can help salon owners with their bookkeeping. Monitoring and keeping all invoices and receipts can be daunting when you are also involved with the day to day running of a busy salon business. This is where many salon owners wasting their time. An accountant will have an hourly rate a lot lower than what you could be earning in your salon. You can’t be a £500 an hour salon owner if you spend your time doing £25 an hour tasks.

While an accounting firm will cost more than using a freelance bookkeeper an accountant can also help you with a number of other tasks that are beyond the skill set of a bookkeeper, such as submitting tax returns, profit forecasting, and providing financial planning input.

“Paying an accountant for organising your salon books is worth it. My accountant is my best ally! I found mine by the referral of a friend who runs a hairdressers. That way, I knew that their service had already been tried and tested by someone whose opinion I trusted.  If you don’t live in Herts or Bucks where my accountant is based, and you need a local accountant, my advice is to shop around. A variety of candidates to choose from is your best bet and will allow you to a firm that is a good match. Take your time making a decision on which accountant to use, and make sure you select someone who understands the salon business sector, your goals and is someone who you can depend on long-term.”