Accounting for Massage Therapy11/06/2021

Accounting for Massage Therapy

Your sales report shows a picture of what your clients are buying. 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’d rather keep your massage therapy business’s bookkeeping in-house, seeking ways to automate the process can make your life a lot easier. Paper requires keeping multiple copies of documents/receipts/invoices and a filing cabinet in which to store them. Digital keeps it all on-hand from virtually every device you own, and you can find things without having to search a bunch of paper files.

SEE HOW THRIDAY HELPS SMALL BUSINESSES

I have demonstrated how I do stuff in Wave with a screen share. We also, there’s another facet we’re not going to get into, but I also use a budgeting software that’s actually separate, and I nerd out on that every day. I make sure my money is going where it bookkeeping for massage therapists should and is being saved for what it should be saved for. I talked about how I love paying myself, and that motivates me to sit down and do my bookkeeping. If all of this feels like crazy and too big for you, maybe start with that column and that episode.

Massage Therapy Taxes & Bookkeeping Made Easy

Set aside time to regularly review your finances; so you can adjust your strategy accordingly. The importance of keeping thorough records cannot be overstated, but it’s often the last thing on our minds. Playing catch-up once a week/month/quarter is stress-inducing, so we’ve come up with a few small ways to ensure good habits are created. MassageMinder Appointment Books are designed specifically for the Massage Therapy Industry and the Business of Bodywork. Developed by a therapist who started out in 1987, not very organized in business, but learned over the years of what it takes to be more efficient in business.

What Expenses Can I Deduct As A Massage Therapist?

I don’t even need to reward myself with a cookie anymore because I pay myself. That’s my every two weeks, monthly stuff. You’re going to create the routine that works best for you.

I sit down at my desk, usually have my coffee, and the first five minutes of, five to 10 minutes of being at work is handling this. I do this two, mostly two days a week now because I tend to do it first thing when I walk into my massage office. I do all my massage office stuff two days a week.

Not knowing when to work with a professional

• Once you record your purchases, do not throw that receipt away.
• With these business structures, earnings from your business are reported on your personal taxes.
• We also, there’s another facet we’re not going to get into, but I also use a budgeting software that’s actually separate, and I nerd out on that every day.
• So it’s a process that’s really smooth.
• Massage therapists have unique business needs that regular accounting software wouldn’t cater to.

And it would organize it into reports for me so I wouldn’t have to go through all of my written reports and total up all of the laundry fees and total up all of the whatevers. And Allissa does our bookkeeping and is pretty darn good at it. And I think it’s great to be able to kind of demystify what bookkeeping is. So Allissa, Bookkeeping 101 for massage therapists. Accounting is on every massage business owner’s to-do list.

Tax Tips for Massage Therapists

• And so that is my history with bookkeeping, with apps and tools to assist in bookkeeping.
• It doesn’t need to exactly match mine.
• And you want to add your deposits and your withdrawals.
• Strategically navigating these differences is key to managing your tax responsibilities efficiently.
• This makes it easy to track your financial performance over time and make informed decisions about your business.

And I’m not a huge fan of that kind of stuff. It veers into dangerous diet culture and disordered eating. But nonetheless, I listened to this episode because Melissa Urban has a new book out on boundaries. A lot of people will watch and observe and potentially be thoughtful because they see someone they respect posting something.