It’s not the money… IT’S THE MONEY!
by Marti Nelson
The biggest struggle for most small business owners is the money, which is to say, is there ever enough of it?
Growing the business through gross sales is important, but examining how the money is spent is just as important-if not crucial. Too many salon owners are either unaware of how their money is spent, or, equally unaware of how it needs to be spent.
In 2013, SSBC Director of Finance Dawna Pettipas, offers her extensive knowledge of salon financial systems. According to her, all too often accountants and bookkeepers do not understand all the unique technicalities of salon industry finances. For the past six months she and her staff have been working with a number of test salons in developing financial services. “We have sometimes found thousands of dollars for these companies in monies that are either not in budget or not accounted for appropriately,” Pettipas states. “The money we have saved these companies usually exceeds what they are paying for the service.”
Some areas that Pettipas has noticed lack of proper understanding are tips, commission income, gift card sales, service re-dos and employee services. After careful scrutiny in test salons, the Financial Services staff was even able to uncover monies inappropriately taken from the businesses.
Another benefit of the SSBC Financial Service is the gaining confidence of knowing all finances are in line with government expectations.
SSBC Financial Services provides support in the following areas:
- An accountant who will work with you and your SSBC Business Consultant to help improve your business
- Confidential, accurate, detailed financial statements that mirror the budget guidelines learned at The Summit
- Salon industry-specific chart of accounts
- Prompt results emailed directly to you
- Monthly analysis of financial statements, giving you the tools you need to improve the profitability of your business
- Monthly balance sheet reconciliations, including bank reconciliation
- Accrual accounting, matching revenue and expenses for more accurate and relevant results
- Consolidated reports for multi-location salons
- Preparation of year-end financial package for your tax preparer
For salons that need less support SSBC Financial Services can provide QuickBooks setup or quarterly financial services.
For additional information on SSBC Financial Services visit our financial services page.