Owning a Salon Business Basics

Quick References for Owning Your Own Business

Salon Accounting helps small salon business owners keep track of their financial records and accounts. Although Salon Accounting does not track and report all financial information, it perfectly tracks the profit and loss totals throughout the week to provide the most insight to the financial health of your company.

Salon Business Basics

Taxes

Taxes are inevitiable. Let us help you understand which taxes are applicable to your type of business.

Profit and Loss

The profit and loss statmenet is the heart of Salon Accounting - track your net income (profit) by deducting your expenses from your revenue.

Balance Sheet

The balance sheet can help you understand the state of your business' financials for a specific point in time. It is comprised of Assets, Liabilities, and Equity.

Terminology

We're here to help you understand basic accounting terms. Click here to see the dictionary.


Avoid a Tax Audit

Track Merchandise Sales

The IRS will expect that you markup your sold merchandise at 100% (double your cost). Track your expenses and sales.