Accounting and budgeting: two words that may not strike a whole lot of excitement into your heart, but you must get them right to start your beauty business on the right foot this year. Below is a roundup of inexpensive accounting courses and tips. Enjoy & we can’t wait to see how your beauty business blossoms!
Free / 38 mins
This is a great course for training staff on the basics: how to read an income statement and a balance sheet. Although it is aimed for small business owners, getting your whole team accounting-literate is super helpful.
Free / 56 mins
This course offers tips for choosing a credit card processor for your business. It covers what kind of processing fees are reasonable and how to protect yourself from the liability that comes with accepting credit cards. Choosing the right credit card for your business is a must!
Free / 3-5 hours
Ready for the next step? This course covers more advanced accounting tools that include sales returns, purchase returns, bank transaction, cash management, and capital loan. We recommend this for studio owners and artists who are expanding their business!
As a bonus, here are 3 budgeting tips that have worked for us:
- Set up multiple bank accounts. Keep your money organized by separating them into different buckets, such as business checking, retirement, personal checking and savings, college, and taxes. Proportion your income into each account.
- Build a buffer. Slow season, pandemic, personal emergencies come up for every one of us. Put a percentage of your income each month into a personal or business savings account so that your business can weather the slower months.
- Know your spending habits. For your beauty business, there should be few surprises as to where every dollar is going. Between overhead such as rent, payroll, and supplies, the expenses should look like regular, repeating patterns.
What accounting strategies are you implementing this year? Let us know in the comments!