Find business and financial resources to help you manage your massage practice effectively. Planners and organizers designed specifically for the massage therapist to be more efficient in the business of bodywork. If you want to email us, the email address is And that goes to both Allissa and me and we would be happy to answer any questions you have. We do read them all and love getting your feedback. So with that, thanks for joining us today. I’ve seen them a little bit here and there.

Invest In Accounting Software

Welcome to the Massage Business Blueprint podcast, where we help you attract more https://www.instagram.com/bookstime_inc clients, make more money, and improve your quality of life.

Bookkeeping Best Practices For Massage Therapists

Our services include Cash Receipts, Cash Disbursements, Accounts Receivable, Accounts Payable, Sales Tax Reports, Payroll including Quarterly Reports & W-2’s. We also provide General Ledger Work, Bank Reconciliations, Typing, Spreadsheets and Telephone Answering. Each month, your bookkeeper organizes your business transactions and bookkeeping for massage therapists prepares financial statements. If they need anything from you, they’ll get in touch. The best accounting software depends on your needs.

Track Everything Coming In & Going Out

• If you understand how your cash flows into and out of your business, you can properly pay your staff and other expenses and ensure you still bring home a profit.
• According to the IRS, your tax home is your primary place of business, regardless of where you live.
• For example, if you trade massage therapy sessions for painting your office, you must include the cost of the massage as income and take the painting expense as a deduction.
• For your practice’s everyday operations, that’s vital information.
• So at the beginning of every month, also, I run a P and L, which is a profit and loss statement, which is just a fancy income and expenses report.
• Know the facts and weigh the benefits and risks of seeking insurance reimbursement in your massage therapy practice.

The thing that I really like about using an actual software and specifically one that connects to your bank is that you’re not going to miss anything. You are never going to miss a deposit. You’re never going to not claim income that was deposited into your account because the software is connected and it’s going to catch every transaction, so and every expenditure as well. If you understand how your cash flows into and out of your business, you can properly pay your staff and other expenses and ensure you still bring home a profit.

Self-employed massage therapists can incorporate retirement planning options like SEP IRAs, Solo 401(k)s, and SIMPLE IRAs into their tax strategy as part of a comprehensive self-employed benefits package. These options not only enhance retirement savings but also offer tax advantages, aligning with effective financial planning. TK recommends scheduling a tax planning meeting for your business in June or July. This mid-year review provides a clear snapshot of your business’s growth and leaves ample time to devise and implement an effective tax strategy, ensuring financial health and compliance. Tax planning is essential for financial efficiency and long-term success in any business. It’s not just about adhering to regulations; it’s about understanding how different tax implications affect your business’s bottom line.

It’s the January, February 2023 article. And I just want to bring it up so I can give you the exact title properly. How Solo MTs Can Pay Themselves a Wiving wage. It’s one of our better columns, I think.

I’m glad you’re able to kind of step through all of the details and the steps of bookkeeping and hopefully make it less intimidating for those who maybe want to tackle it themselves. I’m super cheap and I really like knowing exactly where my money’s at. So and you can always do that when you have a bookkeeper, you can still look at all your money stuff, but I don’t like waiting for somebody to categorize things for me. I like a https://www.bookstime.com/ real instant reward of knowing where my money is, so I do it myself.