Why You Need an Accountant When Starting a Beauty Therapy Salon
Having a beauty therapy salon is very rewarding! It brings in new people with different stories to tell every day. It also affords the therapists a way to share their passion while helping others. However, there are many challenges attached, such as staffing issues and high regulation levels. This is why having an accountant with a clear understanding of the industry can be a gamechanger in terms of success.
Yes, clients have to be serviced in a safe, hygienic, clean environment. This is especially true nowadays, as transmissions of infectious diseases are particularly dodgy. Accountants are well aware of that as much as they know how to tell consumable items and stock apart. It's possible to find an accountant, if not a whole team of them, that can differentiate facial types as well as being able to differentiate decimal changes in your logbooks.
Accountants Are Key to Unlocking a Successful Beauty Therapy Business
Whether you're a beauty therapist or nail technician that's looking to start a business in beauty therapy or you're buying into an existing business, there are several things to take note of. Aside from possibly exploring finance options, you should also look into:
Completing tax and GST (goods and services tax) registrations
Establishing business structure
Exploring finance options
Picking an accounting software program
Thankfully, there are accountants and business advisors alike that won't just assist with those but will also provide advice on business plan preparation, a cash flow budget, and even a marketing plan. Human resource matters will also get a boost from the presence of accounting professionals, in particular, given all the payroll and superannuation guarantee obligations.
Accountants will always take every crucial detail into account, such as your industry's risk profile, asset protection, minimal income tax, and legal requirement compliance as needed for your chosen industry. No matter what is being built or created at the moment, whether it's a business or a house, the foundation is vital. It has to be solid and able to support everything that will be situated or built on it. Your accountant will be able to ensure:
Having appropriate, adequate insurance
Having the right accounting software at hand
Having the right tax structure in place
There are many business structures and even the choice made on that end can play a key role for the rest of the business. Are you a sole trader? Will you be entering into a partnership? Is the endeavour hinged on you putting up a company? Is there a trust of some sort involved? Don't forget that there's a lot of complexities involved with Australian tax laws, which means if you change your business structure down the line, you can end up with an expensive capital gains tax event.
Understandably, accounting can be one of the trickier parts of owning a beauty therapy business. This is true whether it's something that starts from the ground up or something that has been bought into. Accountants are key to helping set the foundation, including ensuring legal compliance, establishing the business structure, and completing tax and GST registrations.
Are you looking for the best accountants on the Gold Coast? Reach out to New Wave Accounting today! Our end-to-end accounting and bookkeeping services are meant to support business growth.