PROFIT AND BEAUTY: A Show For Salon Professionals

Join The Club: https://financesforsalonprofessionals.com/ Hi everyone. I am really excited to announce that my membership site for independent contractors and salon owners is finally launching in two days. I’ve been working on the site for the past six months. As I was building the site, I was trying to add to the membership program the types of services that I thought would be most beneficial to the members. The services that I eventually settled on were those that my current clients and other beauty industry professionals seem to struggle with the most. In this video, I’m going to give you an inside peek of what is currently available within the program. So here we go. Let’s see what’s behind the curtain.

Click The Link To View The Video https://youtu.be/Fnx5ye5cS4U Join My Wait List https://accountants4hairstylists.com/something-new-is-coming-soon Hello again and welcome to part three of Business financial literacy for the independent stylists. In Part one I discussed the importance of picking a legal business structure for your business, in part two, I discussed why it's important for an independent stylist to set up an accounting system.  In part three, I discuss cash flow management for the independent stylist.  CASH is the lifeblood of every business.  Without cash, your business will eventually fold even if the business shows a profit each month.  One advantage that the beauty industry professional has over other businesses is that we are a cash business and as such, salon owners and independent stylists, generally speaking, do not have to worry about there income statement (profit & loss statement) showing a profit based on Accounts Receivable.  This means that most if not all the sales on your income statement is cash that you have already received.     So for independent stylists and other cash businesses, the purpose of managing your cash flow is to always know how much cash you have in reserve before you have to start worrying.   I hope you enjoy this 16-minute video that hits on some of the high notes of cash flow management.

Click Here To Join My Wait List Hello again and welcome to part two of Business financial literacy for the independent stylists. In Part one I discussed the importance of picking a legal business structure for your business, which included the different options available to independent stylists and the importance of understanding the structure you choose. Today I’ll be talking about setting up an accounting system for your business and why it’s important When I speak to some of my independent clients about the need for them to set up and maintain a bookkeeping/accounting system some of them simply say that they don’t see the need.  And that’s because they work directly out of their bank accounts, which can prove to be quite risky if you ever start to experience cash flow problems. The first thing is your business needs to generate financial records so that you can have access to the three most important reports a business needs to make decisions. 

Hello everyone and welcome to my six-part series all about business financial literacy for the independent stylists Although it’s important for all business owners to be financially literate, for this series, I’ve decided to focus on the independent stylist because I want to emphasize the importance of operating your business as a legitimate business regardless of your size. Whether you are as large as coca-cola or Nike or whether you are a one-man shop, in order to successfully sustain your business, you must do the same things that the larger businesses do to succeed all be it on a smaller scale. 

Over the last few months, several independent stylists and salon owners have asked me what the difference is between an independent stylist, a booth renter, and an independent contractor. I explain the differences in this mini cast! Click the link below to join my the wait-list https://accountants4hairstylists.com/something-new-is-coming-soon

Now that businesses are starting to receive their PPP loans, it's time to understand what is required in order for your loan to be forgiven. You want to try to avoid any unwelcome surprises when you apply for loan forgiveness.

COVID19 has brought to the fore-front the theme of the podcast that I have been hosting for years, and that is the importance of treating your business “like a business” and not like a hobby, regardless of whether you are a full-service salon or a booth renter behind the chair. I’ve always said, If the government treats you like a business, you are a business, and therefore, you should treat yourself like a business. One of the most important decisions you make when starting your business is the legal structure you choose. When I say legal structure, I am talking about choosing between a Sole Proprietorship, S-Corp, Partnership, C-Corp and also understanding what it means to be an LLC especially a single-member LLC

On Tuesday, April 14, the Small Business Administration (SBA) issued several important clarifications to its rules regarding the Paycheck Protection Program (PPP) in respect to the following: Calculation of maximum loan amount for self-employed individualsUse of PPP loan proceeds by self-employed individuals.Documentation for loan forgiveness by self-employed individuals. Website: https://accountants4hairstylists.com/ Instagram: @desarieanderson Facebook: https://www.facebook.com/profitandbeauty/

I've been receiving several questions from salon owners asking how they can go about writing off the rent they are not receiving from their booth renters due to COVID19. Rather than answer each person individually, I decided to record a short video explaining how it works. SHOW MORE

What is the CARES (Coronavirus Aid Relief and Economic Security) Act? The CARES Act is the largest economic stimulus package in the history of the United States. It includes approximately two trillion dollars to help people and businesses impacted by COVID-19. Many beauty professionals are asking “What does this mean for me?” How does the CARES Act impact the beauty industry? The act includes several provisions that impact citizens of the united states, businesses, and business owners including beauty industry professionals.  Beauty industry professionals consist of salon owners, booth renters, commission stylists (W2 employees), and independent contractors most of which are self-employed and/or independent contractors. On this podcast, I am only going to focus on four of the provisions that my clients ask about the most The rebate or stimulus checksThe Pandemic Unemployment InsuranceThe payroll or paycheck protection planAnd the Economic Injury Disaster Loans

As a former hairstylist and salon owner, I had to think of creative ways to increase my bottom line. Now, as a consultant to hair professionals, I sometimes have to suggest different ideas on how to increase sales so they can become more profitable. In this podcast, I talk about how I used retail to increase my salon profits.

With all the misconceptions out there regarding 1099 it is time to set the record straight. This podcast was derived from a Facebook live I did in The Sovereign Stylist FB group. I answered questions that beauty industry professionals had regarding receiving and giving 1099's to a business. Enjoy! Here’s the link to The Sovereign Stylist Facebook Group: https://www.facebook.com/groups/booth... Here is the link to my website https://accountants4hairstylists.com/

This weeks podcast talks about some of the important 2020 tax due dates. Feel free to reach out to me via email if you have any basic questions. desarie@andersonaccounting3.com https://accountants4hairstylists.com/

QuickBooks Online Accounting Software For Beauty Professionals This Podcast is based on a YouTube video I created where I spoke about the general  options beauty industry professionals have when picking QuickBooks online for their bookkeeping needs. The information provided in the video is general enough to help get you started with your decision making. Click this link to purchase any version of QuickBooks Online and QuickBooks Self-employed for 50% of for 6 months. https://quickbooks.grsm.io/DesarieAnderson Here is the link to my website if you would like to see the types of services, I offer https://www.accountants4hairstylists.com/ Here is a link to my online courses which includes a video on how to upload your salons chart of accounts into QuickBooks online https://profitandbeauty.school.invanto.com/

This live webinar discussed how to calculate your own quarterly estimated tax payments. Estimated taxes are due each quarter and all self-employed individuals are required to make quarterly payments unless you fall outside of the requirement. I discussed who is required to make quarterly payments and those that are not required to make payments Click the link to access the spreadsheet I created that you can use to calculate your estimated taxes while at the same time recording your income and expenses. CLICK HERE TO ACCESS CLASS AND SPREADSHEET

Today's podcast was a live recording. Tax day is here and I'm not ready to file my taxes nor do I know how much money to send the IRS with my extension. Let's talk about it. AND Last-Minute Tax Deduction Check List For Hair Stylists & Salon Owners

Today I’ll be taking about three painful IRS penalties and how to avoid them. They are: a. The underpayment penalty b. The failure to pay penalties c. The failure to file penalty If you are interested in attending my webinar on Monday, April 8th click the link to register. How To Calculate Your Quarterly Estimated Taxes On Your Own.

How is self-employment tax calculated? - Most W2 employees don’t realize that their employer matches the 7.65% withheld from their paychecks. As I mentioned earlier, we are all required to pay 15.3% of our gross income into Medicare and social security. W2 employees only pay half of the 15.3% while their employer pays the other half, for a grand total of 15.3%. For those of us that are self-employed, we do not have an employer to pay half of our Medicare and social security payments, therefore, we are required to pay the entire 15.3% ourselves. Find out how self-employment tax is calculated and everything else you need to know.

Here are 4 common questions I get asked at tax time: I am a business owner, how should I pay myself? As a business owner, do I need to file both a business and a personal tax return? I purchase products and supplies from vendors; do I need to provide them with a 1099 at the end of the year? Who else should I be giving a 1099 to at year end? What if I am not able to get all of my documents together before April 15th, can I file an extension and how does the extension process work?

In this contest, I will be giving away my Do-it-Yourself bookkeeping package. I will set up your entire bookkeeping system using QuickBooks Self-employed. Once your system is set up, I will provide you with a two-day training to show you how to use QuickBooks Self-employed to do your own bookkeeping. Three months after your training, I will do a free check-in. During the check in, I will perform a deep dive into your books to make sure you are on the right track and that all your transactions have been properly recorded. I will also answer any questions you may have. You will also receive free access to my on demand ecourse's "Tax Savings For The Beauty Industry" coming soon http://bit.ly/ClickHereForInformation and "QuickBooks Self-employed For The Booth Renter & Salon Suite Renter." http://bit.ly/QBSERenters BEAUTY CONTEST