SEPTEMBER 14, 2022
Salon businesses operate in a highly competitive space. Thus, it is important that every aspect of the business, including administrative is run both efficiently and smartly. As a salon owner or manager, you are well aware that running a salon requires to handle a lot of financial information in the form of transaction records, invoices, payment records, salary pay outs, tips and commissions, profits and expenses, and it is by recording and analyzing this information that you can steer your business in the right direction.
While there exists multiple ways to store the financial data, one must always choose a method that is reliable and accurate. The traditional methods of using pen and paper or excel spreadsheets have their own set of limitations rendering them somewhat incapable to meet the demands of the business. Thankfully, by leveraging technology, colloquially known as a salon accounting software one can have smarter accounting solutions for their salons. If you’re still new to the world of smart operations courtesy technology, we’ve got you covered. In this post, we cover the advantages of using a salon accounting software and how it can help you not only keep a track of your finances but also increase your revenue. So, read along
The first and foremost advantage of using a salon accounting software is that it streamlines and automates almost all of your repetitive tasks. Tasks such as raising invoices, collecting payments, posting book keeping records, managing inventory, preparing end of the day summary etc. can all be easily automated and completed in by the accounting software in a few minutes, thus saving you and your team precious time to focus on other aspects of the business.
Fast & Easy Payment Processing
The days of dealing in cash only are long over. Guests today, demand and expect processes that are quick, easy and without any fuss. You may have given the customer with the best salon experience but if the payment process is slow or frustrating then it is highly likely that it is the bad memory which the client shall take away while leaving your store. A salon accounting software helps you completely eliminate the possibility of providing guests with poor payment experience. By democratizing the payment process and working in tandem with the POS hardware, the accounting software empowers your business to accept payments in multiple forms such as credit cards, debit cards, instant bank transfers, NFC and wallets such as Google Pay, Apple Pay etc.
Probably the best advantage of using a salon accounting software is that you no longer have to manually tally your inventory. No longer do you need to spend hours in counting your stocks, understanding consumption patterns, and guessing what to order and when. When it comes to inventory management a salon accounting software does all of the above tasks and much more in a streamlined and efficient manner. As soon as a service is completed or a retail sale invoice generated, the system automatically makes the relevant adjustment entries in the inventory. Furthermore, by tracking the consumption pattern & sales trends, the salon accounting software guides you on when to re-order the inventory. Moreover, with completely automated inventory control, you can be rest assured that no longer do you have to face issues such as theft of inventory.
In today’s times, when the competition is fierce, the last thing you want that your business data, pricing strategy, and procurement strategy leaks out to your competitor. Therefore, the security of your business’s financial data becomes increasingly important. If you are storing your data using traditional methods, you are at a higher risk of loss of data due to either theft or due to system hardware failure. A salon accounting software, on the other hand, ensures complete data reliability and security. Most salon accounting software work on cloud based platforms, and as a result you no longer have to keep a local server or two to save your data. One of the key features of a salon accounting software is that they allow you set up role based data access such that there is no unauthorized data access.
Reporting & Analytics
As mentioned earlier, a salon accounting software does much more than raise invoice, collect payments, and prepare books of accounts. It works as your eyes and ears and, at all times, keeps you abreast with the course of your business. Some of the renowned salon accounting software such as the one from Zenoti, is equipped to give you the complete gamut of financial reports and ratios to understand how your business is faring. From daily sales summary and cash flow statements to profit and loss statement and balance sheet, the software is equipped to prepare all. With upto 100 preset reporting formats, Zenoti salon accounting software gives you complete freedom of choosing the reporting style which works for you.
Aside from the above a salon accounting software can help you do much more such as bank reconciliation, tax compliance, payroll computation etc. both swiftly and with complete accuracy. As a result you end up saving both time and resources thus adding to your bottom line.
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