Best Accounting Software for Massage Therapists

Get a streamlined accounting system that handles your money with its many features, even when you’re busy with your massage therapy season. Use the following best practices to streamline bookkeeping for your massage business. Accounting is on every massage business owner’s to-do list.

Make a point of recording this information at or about the time of the transaction, and include all relevant information. Intent addresses how the purchase is intended to be used. If you buy a rug for your massage therapy practice, you can deduct the full cost. But, if you use the rug in your home, too, it’s considered a personal expense. If at a later date you decide to use the rug in your practice, you can deduct the fair market value, not the original cost. Beyond being able to easily assess how your business is doing and where you might need to make some changes, keeping good records is imperative if you are ever audited by the Internal Revenue Service (IRS).

Bookkeeping for Massage Therapists: 10 Best Practices

It is for this reason that I highly recommend Alicia Bishop and Therapeutic Bookkeeping. Alicia shows a level of care and compassion with each client which is hard to find in many professional services. Alicia stresses the importance of making sure each client understands their financial story in a way that is clear, comprehensive, and easy to understand. Alicia & Therapeutic Bookkeeping empower clients to feel in control of their finances.

I had a bookkeeper who set up the QuickBooks and ran it for a year. Linda Rost started Better Bookkeepers in 1999, and since then the team has worked for over two decades. In this time, we’ve developed bookkeeping solutions for countless unique, small businesses and honed razor-sharp attention to detail. We’re proud of our professional reputation and the quality of our work. When you’re looking for bookkeeping and QuickBooks training nearby, Better Bookkeepers is the best choice.

Services

With all the software available to you, there’s no reason bookkeeping should take a lot of a massage therapist’s time. You no longer have to create your own spreadsheets, and you definitely don’t need pen and paper to track finances anymore. Save yourself some time and use ClinicSense to automate scheduling, taking payments, tracking sales and generating reports. With clinic management software like this, all you have to do is click a button and it’s done. Bookkeeping for massage therapists involves tracking your daily sales and expenses. If you’re an independent massage therapist, it may not be cost-effective to hire a bookkeeper.

• General ledger—A record listing transactions (taken from the accounting journal) by account type.
• However, managing the finances of your massage therapy business can be time-consuming and overwhelming.
• 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.
• If you’re automating many of your accounting tasks, this will be easy.It’s best to record sales coming in as they happen, so nothing goes unaccounted for.
• My business grew to the point where I could no longer manage my bookkeeping.

Manage your revenue, expenses, cash flows and taxes easily. Learn the benefits of an accounting system, including preparation of accurate returns and managing information needed to successfully run your practice. Balance sheet—A financial picture of a business on a specific date with regard to assets, liabilities and equity.

Practice at a Glance

Big expenses like rent and equipment are obvious but don’t forget the small stuff. Whether you are a new massage therapist or have had a practice of your own for many years, the need for a complete, timely record keeping is mandatory. Learn the benefits of an accounting system, including preparation of accurate income tax returns and managing information to more successfully run your massage therapy business. In any business, it is important to have partners that you trust.

• With Therapeutic Bookkeeping, I understood how my clinic was doing and was able to make better business decisions.
• Spreadsheets filled with numbers and dates don’t exactly fit that description.
• Make this part of your clients’ check-out process to ensure it gets done.
• If you majored in massage therapy, not bookkeeping, you’re like most every other massage therapist.
• Our team is here to help you transition from another service or from a paper calendar.

Even if you only offer massage in different time increments, it’s good to know which ones are most favored by your clientele. If you majored in bookkeeping for massage therapists massage therapy, not bookkeeping, you’re like most every other massage therapist. Here are a few things you may not have learned in school.

Planners and organizers designed specifically for the massage therapist to be more efficient in the business of bodywork. We support thousands of small businesses with their financial needs to help set them up for success. Most small businesses don’t have access to their financials or receive them 30 days or more after the month ends. Chances are you got into the beauty industry because you love the opportunity to meet new people day after day — and help them feel more relaxed than they did when they first walked in your door.

This will help you plan for future purchases and expenses. It will also help you determine how much you can afford to pay yourself. The accounting software you choose should be able to create an accounting journal, general ledger, balance sheet and profit and loss statement. You can even find software that allows you to sync your bank account to assist in expense tracking.

As the tax season approaches, the massage therapy software for accounting will compute the sums, putting your mind at ease even more. Keep track of every penny you earn and every cent you spend on your business. Forgetting to record something 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.

A good software program looks after all of this for you. Take a photo of the space you intend to claim, as an audit could be made several years after you’ve filed the return and you may have moved in the meantime.

Professional-looking invoices for faster payments

Two examples of items listed are payments for massage sessions and office supply expenses. 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. 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. Once you record your purchases, do not throw that receipt away.