According to TK Barlow, if your business is profiting more than $60k annually, it’s time to talk to a professional about the benefits of becoming an S-Corp. Track everything coming in and going out. Keep track of every penny you earn and every cent you spend on your business. Forgetting to record something bookkeeping for massage therapists once in a while can significantly skew your numbers over time.When someone makes a payment for a massage, buys a product or gives you a tip, record that income. All money spent to run your business should be recorded too. Big expenses like rent and equipment are obvious but don’t forget the small stuff.

What skills should a bookkeeper have?

That includes the ability to implement an online booking payment policy, send out unlimited text and email reminders. And this is golden, enabling weightless management features to fill those last minute gaps that were not preventable. This episode is sponsored by the Original Jojoba Company. I believe massage therapists should only be using the highest quality products because our clients deserve it and we deserve it. I have been using Jojoba for years because it doesn’t go rancid.

• Sole-proprietors and LLCs must file their taxes by April 15.
• We’re proud of our professional reputation and the quality of our work.
• For example, you may be able to deduct the $2,000 you spent this year on items like creams, oils, lotions, towels, warming equipment, hot stones, or a new table.
• And that’s what I’ve been reading this week.
• Use the following best practices to streamline bookkeeping for your massage business.
• This will ensure you stay organized and understand how your business is doing financially.

Top 10 Best Bookkeeping Services Near New York, New York

• This can help you tailor your services to meet the unique needs of each client and build long-lasting, profitable relationships.
• As a massage therapist, you want to focus on your clients, not on learning complicated software.
• This not only ensures the security of your data but also guarantees compliance with the ever-evolving industry regulations.
• For example, you might trade massage services for business consulting or marketing help.
• As a massage therapist, you likely need something pretty basic.
• And I do deposits to my savings account, which I haven’t decided if I’m going to do every other week or weekly because we’re only, or every other week or monthly.

Here at Better Bookkeepers, we’ve installed QuickBooks with countless clients. Not only can you ensure a seamless installation process by hiring us, but we’ll set it up to serve your business optimally and ensure you have a good understanding of how it works. To ensure you can use QuickBooks to its fullest potential, we’ll also train you on the intricacies of the software. Well, hey, as a reminder, our website is massagebusinessblueprint.com. All the stuff we talk about you can find there first, including our Blueprint Mastermind community. And as always, if you enjoy this podcast, we appreciate you giving us a review and send it to other massage therapists in your network as well that might enjoy it.

Enhanced Financial Planning

You’ll save many hours (and probably some money) by keeping accurate records throughout the year. The benefits of this practice are worth the time you spend. Our automated and secure web service will download your statements every month and send them to your dedicated lead bookkeeper. The bookkeeper imports the bank statements into your QuickBooks Online account or QuickBooks desktop account, which categorizes the monthly transactions and prepares the necessary financial statements.

Chances are you’re a cash-basis taxpayer, meaning you pay tax on the income at the time of receipt and deduct expenses when you write your check or from the date on your credit card statement. For tax purposes, however, you need to remember that income isn’t taxed according to the date the service was provided but by the year in which payment is received. Furthermore, marketing can play a significant role in expanding your client base. Consider investing in online advertising and building a strong social media presence to attract new clients while retaining your existing ones.

• If you’re an independent massage therapist, it may not be cost-effective to hire a bookkeeper.
• Xero also integrates with over 800 third-party apps, making it easy to integrate with other tools you are using.
• Developed by a therapist who started out in 1987, not very organized in business, but learned over the years of what it takes to be more efficient in business.
• I sent them an email and I booked five appointments in the first hour or two hours after I sent the email.
• Services offered include free initial consultations, tax preparation, bookkeeping, and business start-up assistance.
• Any strategizing that happens before December 31 is considered tax planning.
• Secondly, you need to track income and expenses carefully, as many of your clients may fall into the self-employed category.

Tax-Ready Financials

One of those problems is a prevalence of no-shows and late cancellations. Yes, expenses related to continuing education and professional memberships for massage therapists are deductible. These investments in your professional development and networking are recognized as necessary for maintaining or improving your skills, thus eligible for tax deductions.

• I say in any kind of bookkeeping software, simple is best.
• Better Bookkeepers is the ultimate solution to your massage therapist’s bookkeeping needs.
• Martin J Levenson LLP’s services are available seven days a week.
• And I think it’s great to be able to kind of demystify what bookkeeping is.
• I like a real instant reward of knowing where my money is, so I do it myself.
• And then my desktop is clean, which is something I really like.
• We’d love to hear from you about your bookkeeping woes and wins on the MassageBook Facebook page.

I fully advocate for people paying a bookkeeper if they’re really struggling with this kind of stuff. So it’s a good way of compensating for human error. I say in any kind of bookkeeping software, simple is best. If you decide this may be right for you, look for a tax professional who has experience in working with small businesses. This can become a little complicated when you don’t receive payment at the time of service, which might happen if you bill insurance, for example. Again, keeping good records will help you avoid accidentally omitting paying tax on income or overpaying by paying the same tax in two tax years.