The field of accounting is constantly changing. There are new accounting methods and specific areas that are being developed. These need the use of versatile accounting software that can manage all of the complexity effectively and in real-time.
Accounting software designed exclusively for hair salons is a relatively new sort of financial software developed in response to the unique requirements of this industry.
With the help of salon accounting software solutions, it is also possible to acquire supplies online, manage staff schedules, and do other great deals.
For both company administration and taxation purposes, the program keeps track of several elements of the business, including sales, purchase orders, inventory, customer information, and more.
Why Is It Important to Keep Track of Salon Accounting?
Accounting for hair salons provides salon owners with the information they need to make well-informed decisions and involves recording all of the revenues and costs of running the business.
On top of that, having reliable accounting software for a salon means that every single payment and collection is documented, which helps prevent the loss of money.
Plenty of applications and platforms for scheduling salon appointments have seen a surge in popularity over the past several years. It’s ridiculous that so many salon scheduling and management applications are available.
We have compiled the list of the best salon accounting software as follows. And this will help you get started in your quest. You may look at each item to see whether it meets your needs and choose among the available options.
1. FreshBooks ($13.5 – $45 Per Month)
FreshBooks is a cloud-based accounting program that makes it easy for people, businesses, and particularly salon owners to design, monitor, and administer their businesses without having to go through a lot of effort.
Also, it is an excellent tool for anticipating financial trends and monitoring client expenditures.
Moreover, it makes it simple for customers to keep track of their earnings and expenses, allowing them to generate annual tax forecasts or profit reports tailored to their company requirements.
- Maintain an accounting record of all expenditures.
- Issue invoices to clients
- Keep track of the time spent on a project
- Reconcile your bank accounts
- Make use of the double-entry method
- Make estimates for customers
- Prepare reports via FreshBooks financial reporting
- Invite up to 10 team members using the My Team feature.
- Available app for both desktop and mobile.
Pros of Freshbooks for Hair Salon:
FreshBooks offers numerous benefits tailored explicitly to hair salons, making it an ideal choice for their accounting and financial management needs:
- Easy to use: With its user-friendly interface, FreshBooks is perfect for hair salons with little accounting software experience. The ease of learning and navigation ensures a smooth onboarding process and saves time on software training.
- Time tracking: FreshBooks’ time tracking features prove invaluable for hair salons to monitor their stylists’ time with clients. Accurate time tracking enables salons to bill clients precisely and efficiently track their stylists’ productivity.
- Invoicing: FreshBooks’ invoicing features simplify creating and sending invoices to clients. This not only ensures a professional and organized approach to billing but also accelerates payment collection, thereby improving cash flow for the salon.
- Payment processing: Integration with various payment processors allows hair salons to accept payments online, making it more convenient for clients to pay. This feature also aids in avoiding late payments, ensuring smoother financial operations for the salon.
- Reports: FreshBooks’ reporting capabilities provide hair salons with valuable financial and performance insights. These reports enable salons to make well-informed decisions about their business, aiding in effective financial planning and growth strategies.
- Mobile app: FreshBooks’ mobile app empowers hair salons to access their accounts and manage their finances on the go. This mobile flexibility proves beneficial for salons that need to track their finances while attending to various tasks outside their premises.
Cons of Freshbooks for Hair Salon:
While FreshBooks offers certain advantages for hair salons, there are several notable drawbacks that salon owners should consider before deciding to use the software:
- Limited inventory management features: FreshBooks needs comprehensive inventory management capabilities, such as tracking inventory levels, setting reorder points, or generating detailed reports on inventory-related metrics. This limitation may pose challenges for hair salons with significant inventory needs.
- No CRM features: FreshBooks does not include any Customer Relationship Management (CRM) features, which means it cannot be used to track customer interactions, manage leads, or generate CRM-related reports. This absence may limit the salon’s ability to maintain strong customer relationships and effectively track customer-related data.
- No salon-specific features: FreshBooks does not offer features specific to hair salons, such as appointment scheduling, customer loyalty tracking, or reports tailored to the salon industry. This may lead to additional manual efforts or the need to use separate software to manage these salon-specific tasks.
- Limited user capacity: FreshBooks restricts the number of users to one per account, which may need to be increased for hair salons with multiple employees who need access to the accounting software. This limitation can hinder collaboration and efficiency for larger salon teams.
- Expensive: For hair salons with numerous transactions or multiple users, the cost of FreshBooks may become a significant expense. The pricing structure could strain the salon’s budget, especially if the salon requires more advanced features or additional user accounts.
Additional cons of FreshBooks for hair salons include:
- Limited reporting features: The reporting capabilities of FreshBooks may not be as robust as those offered by some other accounting software, potentially hindering the salon’s ability to gain comprehensive insights into its financial data.
- Customer support: Some users have experienced slow response times from FreshBooks’ customer support, which could be frustrating for salon owners seeking prompt assistance.
- Handling complex financial transactions: FreshBooks may not be the most intuitive choice for handling intricate financial transactions, particularly for salons with more complex financial needs.
2. Xero ($13.5 – $35 Per Month)
Xero is cloud-based accounting software that you will have no trouble developing invoices with a polished and professional look. In addition, you can resolve any issues with cash flow thanks to the app’s ability to monitor bills accurately.
This cloud-based salon software enables you to build a document, including your invoices.
And you will learn how to manage better your salon’s spending, earnings, losses, bank balances, invoices, and other important financial information using Xero accounting software.
- Issuance of invoices and quotations to your customers.
- Multi-currency support is available
- Responsible for payroll
- Run a variety of reports
- Add-ons allow you to personalize your experience.
- Properly safeguard your file online.
- App for both mobile and desktop is available.
- Automatic currency conversion which allows it to be globally accepted
- Import bank statements are easy; no manual working
- Reach more accuracy and faster results.
- Easy to use and configure with plenty of tutorials.
- The number of transactions you can do each month must be less than 2,000. If you have numerous monthly transactions or need a large inventory system, this might not be the best option.
- Each invoice has one payment option.
- Bookkeeping novices may find the first setup challenging.
- Limited to desktop apps.
3. Sage Accounting ($10 – $20 Per Month)
Sage Accounting is an all-in-one salon and spa bookkeeping cloud solution. In addition to managing your accounts, calculating your revenue, and automating your payroll, you may use this tool.
On top of that, it also provides excellent reporting options that will keep you informed of any relevant information.
Easy-to-use templates are a great feature of Sage Accounting since they make it easier to get things done in less time. For example, just a snap to file your taxes using this software! All of this is included at a reasonable monthly fee.
- Integrate your bank accounts for ease of tracking your money.
- Produce, transmit, and keep a record of invoices.
- Reconcile your bank accounts automatically.
- Produce and extract financial reports.
- Insert clients and suppliers.
- The Sage Marketplace has over 20 third-party applications that you may integrate with.
- Accept payments made through credit cards and debit cards online.
- Can download both desktop and mobile versions of applications.
- Low-cost monthly payments.
- The use of double entries in accounting.
- Detailed inventory and financial reporting.
- Sage Accounting allows for unlimited users (second-tier plan).
- Only Sage Accounting plans provide a subscription for receipt capturing.
- Both plans do not contain time monitoring.
- The information about products on the Sage website is not clear
- The user interface is out of date.
4. NetSuite ($999 – $3,000 Per Month)
NetSuite is an all-in-one solution for salon business’ accounting requirements.
NetSuite provides a cloud-based solution that makes it easier for running your company. It does this by using the various function that makes the salon’s bookkeeper easily make accounting journals, invoices for their client, and purchase orders, to maintain records of your financial situation.
- Cash flow analysis before and after taxes.
- Take control of the actual salon-related expenses.
- Functions of “Add-ons” and “Integrations” help you handle your finances more effectively and grow your company dramatically.
- Connect with more than 250 of the best accounting, ERP, CRM, and ERM systems.
- Mobile and desktop applications are ready to be downloaded.
- Real-time Data and enhanced Financial Reporting Accuracy
- Secure and readily available cloud service; ideal for large corporations
- Optimize the financial closure while ensuring adherence to accounting standards.
- Rich-in-features software.
- A large Number of User-Based Communities.
- Users may get frustrated or overwhelmed due to a long learning curve in getting familiar with the software.
- Smaller businesses may be unable to afford the program, making it unsuitable.
- Difficult to set up the system with certain responsibilities.
- Enormous features, yet challenging to use.
- Desktop apps cannot be found.
5. QuickBooks ($8.5 – $18 Per Month)
QuickBooks is a cloud-based digital accounting system that incorporates all important accounting functions in a single platform to assist smaller firms in streamlining accounting and financial management activities.
QuickBooks Online has auto-syncing features, ensuring that your data is always up to and current regardless of your device. Tracking your salon’s cash flow is simple by using QuickBooks.
- Sales and customers tracking are Simplified
- Add P.O. number to customer correspondence
- Customized payment receipts
- Quick and easy inventory management
- Easy managing reports and finances
- Easy to define user roles and permissions
- Both mobile and desktop versions of the application are supported.
- Affordable price
- Good accounting reports
- Easy to access from any device
- Easy to find and fix errors or mistakes
- Convenient to look up customer information
- Integrates with other systems and is flexible with 3rd party applications.
- Lack of industry and business-specific features (such as lot tracking, eCommerce, and barcode scanning)
- Lack of direct professional support
- Limitations on the number of users.
6. FreeAgent ($10 – $20 Per Month)
Since FreeAgent is cloud-based, it can be viewed from any browser. Therefore, it is appropriate for small businesses and works with Android and iOS smartphones.
You can quickly save data related to your beauty salon company, such as receipts, and be confident that it is secure.
The salon ledger includes a timer for measuring and reporting how many hours each person has worked and the ability to handle timesheets.
- Distribute estimates and proposals.
- Allow users to submit recurring invoices.
- Personalize invoices and templates.
- Produces profit and loss statements
- Streamlines bank feeds
- Provide time management
- Integrates with PayPal, Stripe, and GoCardless
- Available for desktop and mobile applications.
- Invoice templates creation
- Facilitated seamless payments
- Friendly for small business operation
- Easy to navigate even for beginners
- Can generate bills and manage them effectively.
- Lack of multi-currency support
- Missing some essential basic functions.
7. Timely ($8 – $20 Per Month)
Timely is an all-in-one solution with capabilities for scheduling client administration, strong financial records, and reporting tools.
The secret to its popularity is the simple interface, which allows consumers in the salon with little-to-non accounting experience to master the features and rapidly create records.
- Cloud-based solution
- Employee database
- Budget management
- Timesheet management
- Process or workflow automation
- Appointment scheduling
- Download application version both desktop and mobile.
- Intuitive and simple to use.
- Thorough customer service
- A wide range of integrated software solutions allow users to unify their processes
- The system will contact its consumers via text and email for marketing purposes.
- Include a fully supplied toolset for customer loyalty awards.
- Expensive software
- Menu layouts were unintuitive, and certain operations should have been housed in distinct menus.
8. Salon Accounting ($6.99 Per Month)
Salon accounting is much easier, faster, and less costly than other online options. With $6 per month, you will likely have the simplest and quickest approach to running your salon business and making bookkeeping simple.
You may track your revenue and spend effortlessly, determine your taxes, and complete your annual tax return, preventing costly tax audits.
- Bank integration
- Accessible to both web and mobile apps
- Tracking of income and expenses
- Cloud-based solution
- The app is available for both desktop and mobile.
- Less expensive
- Quick, easy, and simple to use.
- Poor customer support service
- Software error.
9. Wave Accounting (Free)
Wave Accounting is an excellent free software option for small-business proprietors. This cloud-based financial and accounting software is simple to use and engaging, even for people with little prior accounting knowledge, while being completely effective.
You can handle bookkeeping, financial reporting, and billing through inbuilt integrations all in one spot.
Although Wave’s invoicing features make it an enticing alternative for service-based firms, this accounting software cannot convert to a higher-tier plan, making it unsuitable for bigger enterprises.
- Create and send unlimited invoices, monitor payment statuses and receive notifications.
- Customer communications management.
- Accept online credit card and bank payments
- Option for invoices and accounting to sync automatically
- Provide for both mobile and desktop app downloads.
- Free and user-friendly
- Unlimited income and expense tracking
- Unlimited invoicing with customizable templates and payment terms
- Dedicated invoicing mobile app
- Unlimited users with varying user permissions.
- No additional plans to increase functionality, including time tracking and inventory management.
- No calling support; live chat support is only available for paid services.
10. Zoho Books ($0 – $70 Per Month)
Zoho Books automated bank feeds provides automated payment notifications and make it simple to issue and monitor recurring invoices.
The cloud-based technology is exceptional in that it interfaces with Stripe and simplifies payment reconciliation. In addition, you may try out all of the services for free for a limited time to discover if the program meets your requirements.
Great salon software helps you satisfy your customers’ needs. Zoho Bookings is built to assist you with this—it stores customer details, staff and service information, and appointment histories while managing your schedules so you can prioritize the customer in front of you.www.zoho.com
- Invoices and templates
- Purchase order and sales order
- Accounting and tax
- Inventory management
- Online payments
- Automatic bank feeds
- Contact management
- Project time tracking
- Collaborative client portal
- Exhaustive reports
- Desktop and Mobile Apps.
- Online booking for email alerts.
- Cost-effective free plan
- Packed with decent features while being reasonably priced
- Access to phone assistance and live chat in all paid subscriptions
- Powerful mobile application that can handle any accounting work.
- Integrate with the online booking schedule that allows your customers to book the schedule easily and email to remind your customers if in case they forget to show up.
- Cannot track fixed assets
- Limitation on the number of invoices
- Paid advanced features, like project accounting and inventory management
- Requires subscription to the Professional plan to manage and track unpaid bills
11. AccountsIQ (From £199p/m For Essential & From £450p/m For Growth )
AccountsIQ is top-rated cloud-based accounting software that is utilized by thousands of businesses globally, including PwC, BDO, and Grant Thornton.
Developed for the cloud, AccountsIQ is suitable for dynamic organizations expanding locally or worldwide through divisions, acquisition, or a salon franchising model, facilitating daily operations.
- Powerful 3-level GL structure
- Fixed asset register and accounts payable automation
- Intercompany transaction recharges and multi-currency accounting
- Feature-rich journal manager accounts payable & accounts Receivable
- Full accounts receivable and accounts payable, consolidated sales & purchases
- Full consolidation for groups and entities and multi-dimensional analysis
- Management report packs and dashboards
- Digital workflow approval with desktop and mobile App.
- User-friendly with the use of multiple-layer BI reporting.
- It fills the gap between the smaller cloud and the large and very expensive software and offers so much functionality, especially for consolidation purposes.
- The month-end process is seamless, and the use of bank feeds, and the AP inbox can improve efficiency within the finance team.
- The help and support will take any suggestions you may have for improvements and work with you on anything you need.
- Excellent dashboard, giving a great overview of your business.
- No refund function, which makes processing a refund a longer
- No CIS function for subcontractors
- The built-in reports are fewer than other software.
- The reporting within the VAT module is inadequate; the job requires manual analysis for reconciliation purposes.
- The desktop application is still not available.
12. Dext Prepare ($219.99 – $799.99 Per Month)
Dext Prepare is an accounting cloud solution that includes accounting and analytic functionality, receipt scanning, and expenditure reporting.
You might want to check how Dext Prepare helps Salon Manager Ashley Panter expand his second branch through the way the system lets him pay attention more to what is a matter for his business.
On top of that, it is compatible with well-known accounting software such as QuickBooks, Sage Accounting, and Xero. But, more importantly, it suits bookkeepers and accountants.
- Recognize redundant contact information in a snap
- Detect bills and transactions that have been incorrectly tagged based on the previous contact information
- Maintain the Lock dates well in advance of any significant periods
- Find all the modifications that have been performed in a specified time (of a specific date) in a snap
- Analyze client data in the sandbox using flexible graphs and tables.
- Provides ease of receipt collection and transmission for clients
- Instead of tracking the origin of sent bills, the destination is monitored
- Wholesale price, software synchronization
- This app is user-friendly because it is compatible with all smartphone and desktop devices.
- Users are restricted from showing expenses when publishing transactions.
- Low quality of customer service
13. Ramco ERP (Quotation Based)
Ramco ERP is a basic budget program that provides cognitive ERP software for SMEs. This cloud-based accounting software for small businesses is hosted in the cloud and gives users a full-circle perspective on the company they are analyzing.
Additionally, Ramco offers a chat boot for customers to organize their daily schedules while using the self-service options. Finally, you may get a detailed price quotation by contacting us through our website.
- Access to payroll and Human Resources control
- Take charge of inventory
- In charge of transportation
- Keep track of the management of the warehouse
- Promote top-notch administration
- Better access to inventory management
- Accessed on any mobile and desktop device.
- Manage all procedures
- Incorporating several additional features and tools to improve the client experience
- Monitoring and testing to make sure everything is running smoothly
- Very little money was also needed for the start-up business
- Integrating the cloud is advantageous since it provides infinite storage capacity.
- The program has a complicated connection, so considerable training is required.
- If modifications to the master were necessary, the turnaround time was exceedingly lengthy.
14. DocuPhase ($500 Per Month)
DocuPhase is a cloud-based software that offers tools for managing documents, automating workflows, and capturing OCR text.
Moreover, it ensures users can store client invoices and related documentation in a centralized database through automated invoice capture.
- Safely store and protect your data in the cloud with powerful indexing and retrieval tools
- Improve the efficiency of company AP operations.
- Improve cash reconciliation, flow, and reporting with an easy-to-use payment system and many communication choices.
- Automate file-sharing processes
- Improve the business cash flow management and decrease transaction errors
- Available on the desktop platform.
- Accounting operations should be simplified and automated to save time and money
- Integrate procedures, content, and data
- Redesign the company from the ground up with digital technologies
- Minimize repetitive tasks
- Streamline coherent workflows.
- Customer services have difficulty giving answers to fairly minor bugs for any updates
- Large files may be loading
- No mobile application.
15. AvidXchange (Quotation Based)
AvidXchange is a payment cloud solution and complete invoicing, building for every corporate from all tiers. Some features include a digital invoice, payment systems, and purchase orders. Thus, it assists you in streamlining your accounting procedures and lets you focus more on your core salon business.
More than that, it also improves the efficiency of company accounts payment procedures by using extremely sophisticated approval workflows.
- Highly responsive software for payment
- Enhance the present approval processes while streamlining the overall invoicing process
- Payment distribution alternatives that are adapted to each and unique company’s requirements
- Finance-specific AP automated software
- Automatic tracking of how much utilities are used and how payments are made
- Accessible with mobile and desktop.
- Integration with Quickbooks
- Exceptional customer support along with great user experiences
- Audits are made considerably simpler and more efficient as a result
- Offers a way to submit, approve, and pay invoices that are multi-layered
- No issues regarding customer services
- Cannot issue numerous invoices
- Loopholes for reporting to be rebuilt
Businesses must choose suitable accounting software that is easy to utilize and consistently performs all requirements.
As for every business owner looking for an up-to-date way to run their business, here are several ideas to help you make the right choice.
Every enterprise has its unique requirements. At the same time, every software firm offers a distinct set of advantages, features, and services; thus, it is essential to choose a system that is a good match in this regard.
To achieve that, business owners must be explicit about all the priorities that each software platform offers.
Once analyzing numerous software-selling companies in the marketplace, keep in mind that suppliers’ price structures vary from one to another.
Therefore, before you commit to anything, it is important to check that the services being compared are comparable.
Software firms often require users to pay a monthly or one-time subscription. However, as you will discover once you begin researching, there are usually various options to pick from when it comes to monthly plans.
Customer support is the most important thing about subscribing to any software solution for the company. As a business owner, you must ensure that customer service will always be available in any circumstances.
You should also remember that cybercriminals are always attempting to breach networks to steal vital customer information; therefore, the business must choose software that offers the best level of protection possible.