How Much Cash Should Your Medspa Keep On Hand?
Given there are so many successful business-people with differing opinions on how much cash to have available, the only answer that I feel is correct is, as much cash on hand as it takes to get you through whatever squeeze you don’t see coming down the pipe…
A Savior for Our Reputation
For us, the journey from the local grind to the global gait was not just a pivot; it was a paradigm shift. It’s a testament to the power of foresight, adaptability, and our relentless quest for excellence. For the medical spa owner, for the 'mover-and-shaker' of any domain—when it comes to your books, our reputation means everything... and that's why we outsource.
Proper Organization > Tax Maneuvers
No general contractor worth their salt would ever tell you to build the house first, then lay the foundation afterward, yet, that’s exactly what lots of folks are doing with their medical spa practices…
Bookkeeping is easy…
Forgive me for being such a blundering fool, but I have a few questions to ask some smart people…
Breakout, or Breakdown?
“What it sounds like to me” I said, “is you're at a turning point in your journey. You're wanting to get to the next level. Being as familiar as I am with my industry, the frustrations you've described to me, burning through multiple bookkeepers, etc., entering a new playing field requires a more sophisticated and organized service delivery, but you’re still thinking that old solutions are going to solve new problems…”
The 2 Different Types of Bookkeeper
First, we have the basic bookkeeper. This type is more like an administrative assistant. They collect receipts, enter data, and require micro-management. They’re oftentimes a side hustle mom, a friend or family member, and they aren’t typically aware of best practices (for themselves, or) for your med spa…
The High Cost of Inefficiency In Your Accounting Process
Wasted time, missed deadlines, misplaced documents, slow turnaround, physical paper, too much in taxes, unexpected fees, and not enough profit all lead back to an inefficient accounting process for your medical spa practice. This short read will answer the question of why efficiency is key to achieving maximum happiness in operating your practice…
Med Spa Lesson’s From Plumbing
Last week, a tenant sent me a text message with photos of the faucet in their bathroom. They had been cleaning around the sink area and the aerator filter broke off (that’s the little filter at the mouth of a faucet that filters out pebbles, small rocks, etc. that come through your water pipes that could potentially clog/damage your drains) and when they tried to use the faucet, it was just spraying water all around the bathroom.
Quickly Untying The Reasonable Compensation Knot
I laugh whenever I hear the word “reasonable” from the IRS. Let me help you on this one…
Bookkeeping: The BEST Tax Strategy!
“The bookkeeper is the most important person on my team.” -Robert Kiyosaki