Why you need a Specialist Accountsnt for your Hairdresser or Beauty Salon
Salons and beauty treatments are one of the most common types of small business in the UK. As with any sector there are advantages with an accountant who is familiar with the style of business you are running. Who best to get started? How to take income from the business? How to manage your investments in equipment? These are all key questions MCC Accountants have many years experience in dealing with.
Our team of specialist SME accountants have worked with dozens of hair salons, beauty therapists and the wellness sector for the last decade and have helped many new start-ups as well as more established business owners.
We can provide financial planning and bookkeeping services alongside payroll and other regular accounting activities.
What Services Can An Accountant Provide For My Salon?
Our team will provide practical advice and solutions to a range of day-to-day accounting and business activities you will need to undertake. We will advise you on your financial planning and provide tax advice as well as making sure you carry out all of your day-to-day regulatory requirements such as filing your VAT returns on time.
The main areas we can help you include:
Financial Planning for your Salon
Cash flow is vital for any small business and as recent events have shown, this can vary widely from month to month.
In more normal times we will help you spread the cost of large purchases such as your treatment equipment and make sure you are claiming any tax allowances you are entitled to for such investments.
We can provide cashflow forecasts and help you spot any potential problems that may cause your business a problem.
Loans and Raising Finance
All businesses need financing and from time to time you may also want to raise funds for expansion or other development plans you might have.
By employing an accountant you can ensure your business's credentials and performance are presented in the correct way and this will give any financial institution or bank you approach for a loan, confidence in your application.
By accounting correctly each month, having good management accounts and showing you have good information to back up your plans, you will find it easier to deal with larger financial firms that want to see you are in control and your business is well managed.
OurAccounts Team Can Help You with Changing Legislation
With new regulations seemingly being introduced every month, a specialist small business accountant will be able to keep you up-to-date with the latest legislation.
Our team of accountants will always be in a position to inform you about any updates that you the business owner must know about and how they are likely to impact your operation.
By keeping abreast of future changes to legislation we can advise you well in advance of their introduction how best to change your business to maximise any benefits they may have and minimise any negative areas.
With a new Budget every year, there are always some tweaks and changes that you should consider.
Some of these will be significant such as those brought about by the UK leaving the European Union and others will be smaller, such as small changes to the minimum wag to keep it inline with inflation.
Looking After Your Expenses
We work with hair salons and beauty businesses across the North West and as such deal with hundreds of different suppliers. These day-to-day expenses are necessary but if not properly managed can become a drain on your profits.
Our small business team can help you with areas such as:
- Utility bills – water, gas, electricity and so on
- Rent and other fees
- Property and business insurance
- Maintenance, repair and renovation costs
- Wages provided to your personnel and other contract staff
- Tax and VAT reporting
Some business owners might not be aware of which of these costs are deductible and others that are not.
Your Accounts are Always Up to Date
Accurate accounting records are of course essential to all types of business but for SMEs dealing with multiple priorities, tracking the many small and repeating bills can be time consuming.
We work with a wide range of software such as Xero, Sage and Quickbooks and can do the essential background paperwork while you are running your business.
SME Accountants Help Business Owners Save on Taxes
Many new business owners are unaware of the tax relief options available to them. It is a complex and ever changing set of rules and regulations and one that we spend a great deal of time understanding and advising on.
We can carry out a tax audit on your existing arrangements to ensure you are structured correctly and taking on the benefits of current UK tax legislation.
Or if you are a new start up, we can help you set-up your beauty business in the right way.
MCC Accounts – Expert Beauty and Hair Salon Accountants in Manchester and the North West
Our tailored beauty and hair salon accounting services for individuals, start-ups and established companies across Manchester, Salford and the North West are fuelled by our expert knowledge and years of experience. We help simplify the complicated and ever-changing dynamics of business ownership and accounting, including tax and legislation as well as your day-to-day accounting needs.
Whether you are an established business or someone who is planning to venture into the sector, you are well advised to hire a professional SME accountant so you can make the smart choices for your future.
MCC Accountants are just a call away.