Accounting

The Power of Regular Contact with Your Accountant: A Must for Salon and Clinic Owners 

In this blog, Melanie Beech discusses a topic that could make a significant difference in the success of your business: regular contact with your accountant. 

You might be wondering, “Why is it so important to keep in touch with my accountant throughout the year?” Let’s dive into the reasons why maintaining consistent communication can be a game-changer for your business. 

**Reason #1: Cost Savings** 

Many salon and clinic owners make the mistake of only reaching out to their accountant once a year, assuming it’s enough or maybe that is all your current accountant offers. However, with ever-changing tax laws, industry practices, and business dynamics, this approach falls short. If something goes wrong in your business, you need immediate support, not a year later. Delayed responses or infrequent contact can cost your business money and potentially lead to critical financial issues. Regular communication ensures that you have the support you need when you need it most. 

**Reason #2: Strategic Tax Planning** 

Effective tax planning is an ongoing process that can save you money. By engaging in regular communication with your accountant, you can plan how to minimise your tax liability throughout the year. This proactive approach allows us to help you to make savings straight away and to make strategic financial decisions that optimize your tax position. Waiting until the end of the financial year limits your options and may result in missed opportunities to save on taxes. 

Additionally, consistent communication allows your accountant to review your business’s performance and help you determine how much money to set aside for corporation tax regularly. This way, you can avoid unpleasant surprises with a hefty tax bill at year-end. 

**Reason #3: Enhancing Profitability** 

Regularly reviewing your business’s performance with your accountant provides invaluable insights into your profit margins and spending patterns. Armed with this information, you can make decisions to improve your business’s profitability. Identifying areas where you can cut costs or invest more effectively can make a substantial difference in your bottom line. 

**Reason #4: Improving Cash Flow** 

Cash flow management is vital for any business’s success. With regular contact, your accountant can work closely with you to optimize your cash flow. By identifying cash flow bottlenecks and implementing strategies to improve your cash position, you’ll have sufficient funds to pay everyone that needs paying on time. 

**Reason #5: Feeling Supported and Stress-Free** 

Running a salon or clinic can be stressful, but knowing you have the unwavering support of a reliable accountant can make a world of difference. Regular contact with your accountant allows you to approach them at any time with queries or concerns, knowing they genuinely care about your business’s success. This sense of support and partnership helps alleviate the stress and isolation that often come with business ownership. 

**Conclusion** 

Regular contact with your accountant is more than just a formality; it’s a crucial ingredient in your business’s success recipe. The benefits are numerous: cost savings, strategic tax planning, enhanced profitability, improved cash flow, and reduced stress. 

If you find that your current accountant is not providing the level of support and communication you need, it is time to make a change. Melanie Beech and the team at The Salon Expert Accountants understand the unique challenges faced by salon and clinic owners. They are committed to helping you achieve financial success and provide the support you need throughout the year. 

Reach out to The Salon Expert Accountants today via Instagram, Facebook, or book a call and discover how they can help you take your business to new heights. With The Salon Expert Accountants by your side, you’ll have the support and expertise you need to thrive in the competitive world of salon and clinic ownership. Say goodbye to financial stress and embrace a brighter, more profitable future for your business. 

The Importance of Monthly Bookkeeping for Salon and Clinic Owners

In this blog, Melanie Beech from The Salon Expert Accountant here discusses a topic that’s crucial for the success of your business: monthly bookkeeping.

You might be wondering, “Why is monthly bookkeeping so important, and what benefits does it offer?” Well, buckle up as we explore the answers to these questions and some easy tips on how to keep your bookkeeping up to date.

**Reason #1: Keeping Track of Income and Expenses**

As a business owner, it’s easy to overlook small expenses and purchases when they’re not recorded promptly. Doing your bookkeeping on a monthly basis ensures that you stay on top of these transactions, minimising the chances of losing invoices or forgetting vital details. Being able to track down lost invoices becomes significantly easier when they are recent, which is essential for claiming VAT back.

Additionally, when you accidentally pay for business expenses using your personal account, regular bookkeeping increases the likelihood of noticing and correcting the mistake promptly. This results in more accurate and reliable financial records.

**Reason #2: Accurate Accounts and VAT Returns**

Accuracy is paramount when it comes to your accounts and VAT returns. By keeping your bookkeeping up to date monthly, you can confidently report your business’s financial position. This accuracy prevents overpayment of taxes and VAT, saving you money and hassle.

Late submissions of VAT returns or year-end accounts can result in fines. With monthly bookkeeping, you can rest assured that you’ll meet deadlines and avoid unnecessary penalties.

**Reason #3: Improved Cash Flow Management**

Proper cash flow management is a game-changer for businesses. With monthly bookkeeping, you can analyse your income and expenses, allowing you to predict the amount you need to have in the bank for upcoming payments, including VAT and corporation tax.

Having a clear picture of your monthly expenses enables you to make better financial decisions, ensuring you have enough cash on hand to cover all essential outgoings. This is invaluable for maintaining a financially stable business.

**Reason #4: Monitoring Business Growth**

Monthly bookkeeping provides a snapshot of your business’s financial health. You can track your business’s growth, identify areas of success, and pinpoint potential improvements. Armed with this knowledge, you can make informed decisions regarding business expansion, marketing, and investments.

Regular reports allow you to see if your business is profitable, running at a loss, or just breaking even. This information is critical for setting realistic goals and developing strategies to achieve them.

**Reason #5: Reduced Stress and Overwhelm**

We all know that running a salon or clinic can be hectic. Regular bookkeeping can save you from hours of last-minute accounting panic and stress. By keeping up to date with your financial records, you’ll have peace of mind, knowing that everything is organized and accounted for.

If managing your bookkeeping feels overwhelming, fear not. Hiring a reliable bookkeeper can make a significant difference. They’ll ensure that your financial records are maintained accurately and up to date, allowing you to focus on what you do best – running your business.  All of our bookkeeping clients have the peace of mind that their bookkeeping is being completed by a qualified professional.  This saves time, stress and money.

**Conclusion**

Monthly bookkeeping is a must for salon and clinic owners. By staying on top of your financial records, you gain valuable insights into your business’s financial health, improve cash flow management, and make well-informed decisions for growth and expansion.

If bookkeeping is not your forte, don’t hesitate to contact us. Melanie Beech and the team at The Salon Expert Accountants are here to help you navigate the financial side of your business with ease. Reach out to them via Instagram, Facebook, or their website to learn more about how they can support your financial success.

With regular bookkeeping, you can achieve financial stability, growth, and most importantly, peace of mind, enabling you to enjoy your business and find more time for yourself and your loved ones.