In the ever-changing world of hair and beauty, there are always decisions to be made. New treatments, new products and new technology enter the market on a seemingly never-ending carousel - and it’s your job to decide which of them (if any) can make a positive impact on your bottom line.
However, there’s one simple move you can make to benefit your business without having to re-stock your shelves or re-style your salon. Switch to a modern cloud accountant.
Now of course, we would say that - we are a modern cloud accountant. But here’s a few reasons why it makes perfect business sense…
More cash in the bank
Cash flow is a killer for small businesses, and getting to grips with it can often be the difference between making it big and not making it all.
By hosting your accounts in the cloud using a platform like Xero, you’ll always have a clear picture of your business finances, and therefore a much better idea of the money coming in and out of your salon.
Better business development
Working with a cloud accountant isn’t a million miles away from hiring a Financial Director - just without the extortionate salary! As we’re able to see your accounts in real time, and break figures down by all manner of criteria, we can help you make the right business decisions in the right areas.
If you’re only seeing your current accountant once a year to sort out your tax returns, you might not be getting the full ‘bang for your buck’.
Get home earlier
That one’s caught your eye hasn’t it? Who wouldn’t love to save a little office time and have an extra hour with the family?
Cloud accounting saves you time in a number of ways, automating your expenses and invoicing procedures and saving you umpteen trips to the post office each year to send manual accounts to your financial advisor.
And even when you do have to spend a little time on your accounts, you can do it from the comfort of your own sofa - accessing Xero through your laptop or smartphone whenever and wherever you want.
Be a better boss
Switching your accounts to the cloud and linking them to your POS system gives you incredible insights on the performance of your salon. Crucially, the data on offer also helps you identify how your staff are performing individually.
Who’s pulling in profit? Who’s not? Who needs rewarding and who might benefit from a little encouragement or incentive?
Managing at this level allows you to be a better boss - with the long term implication being your ability to attract great talent to your salon.
Keep more profit
Putting all the bells and whistles to one side for a moment, the bread and butter of any accountant is to fulfil your tax obligations and identify potential savings. In that sense, we’re no different to traditional, old-school accountants.
Except, because we work pro-actively with you throughout the year rather than just at the end of it, we can find tax savings along the way and prepare you for what the bill is likely to be.
In short, by using a cloud accountant, you eliminate that horrible ‘how much?!’ moment when your tax demands come in - and if you’ve ever had one, you’ll know that’s reason alone to make the switch!
Find out more about the benefits of a switch to a cloud accountant for your hair and beauty salon, by giving our team a call or contacting us online.
Read our earlier blogs :