END OF FINANCIAL YEAR INFORMATION FOR SALONS, SPAS AND CLINICS

Are you tired of the endless paperwork, calculations, and stress associated with the end of the financial year? With Kitomba Salon and Spa Software, you have everything you need to help you through this busy time. Here’s everything you need to know to make your end-of-financial year a breeze.

Track your income and expenses with these reports

Efficiently monitor your salon, spa or clinic’s income and expenses with Kitomba’s powerful reporting.

Sales

Run your Business Summary Report in Kitomba or Kitomba 1 for the financial year period in your country to get the total value of sales for the year.

If you use the cash-based accounting method instead of accrual accounting, you’ll need to use the Payments Received report in Kitomba 1, or refer to the payments received line in the Cash Drawer Takings report in Kitomba.

Purchases

If you’ve been using stock management in Kitomba, your Supplier Invoices Report in Kitomba 1 or the Stock Movement Summary in Kitomba will tell you how much you have spent with product suppliers for the year.

Stay in control of your assets with these reports

Efficiently monitor your salon, spa or clinic’s income and expenses with Kitomba’s powerful reporting.

Stock

The Stock Value Report in Kitomba and Kitomba 1 will tell you the value of the stock you have on hand.

Note for New Zealand customers: It is important to note the IRD does require a physical stock take to be completed on 31 March if the approximate stock value is over $10,000. If under $10,000, the Kitomba report is sufficient.

Money owed by clients

Running your Client Account Summary report in Kitomba will give you the balance of any outstanding client invoices in the “Accounts in Debit” section. Run this report for the last date of the financial year.

Cash

Cash on hand is another important asset that needs to be recorded on the last day of the financial year. This includes petty cash, and till floats, all of which need to be supplied to your accountant.

Expert tip: Did you know you can manage your petty cash in Kitomba? This allows you to track who is taking money out of the till, and for what reason, and it ensures that your end of day banking balances correctly. If you want to learn how to use it at your salon, spa or clinic, check out our support guide.

Understand your business’s liabilities with these reports

The liabilities you can find in Kitomba include money you owe to clients as well as the balance of outstanding vouchers and concessions.

Money owed to clients

The Accounts in Credit section in your Client Account Summary report will tell you how much money you owe your clients. Run this report for the last day of the financial year.

Vouchers

Run your Vouchers Outstanding report at the end of the last day of the financial year to quickly see the total value of vouchers that haven’t been redeemed.

Concessions

Your Concessions with Remaining Visits report will give you the value of outstanding concessions. Run this report at the end of the last day of the financial year.

Start the next financial year right with these tips

Start the next financial year off on the right foot with a sound business plan and ideas on how you can grow or improve your salon, spa or clinic. Check out these blogs for ideas.

SMART goal setting tips for salons, spas and clinics

3 simple ways to make your salon more successful

This year, make a plan to work smarter, not harder.