Personal Services

PERSONAL SERVICES

ACCOUNTING FOR BEAUTY AND PERSONAL SERVICES PEOPLE

Please note: The ATO will be conducting more frequent audits in Personal Services industries in the next three years to deal with cash and hidden economies. Please contact Think Accountants for further information.

As a business operator in the personal services industry, such as hairdressing and beauty, you are faced with very specific issues and needs. Businesses can operate long and irregular trading hours, with managers and business operators in this industry usually working very long hours. Staff can be either employed or incorporated in the business as a contractor or someone who rents a particular room, space or station in the business – such as a nail technician in a beauty salon. One of the greatest challenges for this industry is high staff turnover and the fact that often, a particular staff member or contractor can take clients with them when they move to a different place of work. This industry is also highly competitive – often with similar businesses within close proximity to yours.

It is important to be aware of all the specific issues relating to your business in this industry. A personal services business should mark and promote their business as one that is different and stands out from the rest. Building a great reputation through social networking, offering competitive prices and treatments, and using high quality but competitively priced products, are very important.

At Think Accountants, we are very aware of the complex issues faced by business owners and operators in the beauty and personal services industry. We can assist with start up information, can advise on most appropriate point of sale and book keeping software, and social networking strategies. Very importantly, we can not only cover all your accounting needs, but we can provide ongoing support to your business. With the long hours that business owners and operators work in this industry, the accounts can be taken off your hands by our highly capable accounting firm.

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