Tax Tips for Spa Owners

It's tax time. I know this time of year can sometimes feel overwhelming for a spa owner so this week I brought Emily Moore from on the show.

Emily is a certified Profit First accountant who has worked with businesses across the US in the setup, implementation, and strategy, to make profit a permanent staple.

In our interview we discussed:

  1. Tips for organizing your money – Set your profitability first and make it a permanent fixture in your business. This means having your business accounts separate from your personal account AND a savings accounts for taxes.

  2. Technology for spa owners to do their own bookkeeping – This is something I encourage you to know HOW to do, even if you outsource.

  3. The difference between Profit & Loss, Balance Statement & Cash Flow Forecasting – As a business owner it is so important to know what you are looking at and how to use that information.

You may be wondering, what is Profit First?

Profit First is a system that was created to guide business owners in purchasing decisions, without changing their natural human behavior of "bank balance accounting". When implemented properly, the Profit First system ensures that you are paid appropriately and consistently, the business will pay the business AND your personal taxes, guaranteed a profit, and a profit bonus will be paid to you every quarter.

Now, who wouldn’t want that?

If you aren't already using accounting software and need some help pulling together your 2018 finances for tax preparation Emily also shared a "3 Days to Tax Ready" Challenge.

Feeling overwhelmed with your spa business as a whole, not just about taxes? Let’s chat about what it will take to help you thrive.