Cosmetology Schools
It All Starts With Good Books
Proper financial management is the foundation of a thriving cosmetology school. At Anderson Accounting and Tax, LLC, we help schools of all types—accredited, non-accredited, and those seeking accreditation—establish financial clarity and stability. From day-to-day bookkeeping to preparing for audits and accreditation, our services are designed to meet the unique needs of cosmetology schools. Let us handle the numbers, so you can focus on shaping the next generation of beauty professionals.
Our Services
Our specialized services cater to every stage of your cosmetology school’s journey. Whether you’re managing the complexities of accreditation, building a strong financial foundation, or simply looking for reliable bookkeeping solutions, we’re here to help. Explore our tailored solutions for accounting, compliance, and financial planning that empower your school to succeed. Click below to learn how we can support your school’s unique goals.
Service List For All Schools
Accounting & Bookkeeping
Monthly Bookkeeping (Accrual or Cash Basis)
Chart of Accounts Setup and Maintenance
Bank and Credit Card Reconciliations
Revenue and Expense Tracking
Categorization of Transactions
Financial Reporting (Income Statement, Balance Sheet, and Cash Flow)
Audit Preparation and Support
Preparing Financial Statements in Accordance with GAAP
Supporting Documentation for Transactions (Receipts, Invoices, etc.)
Guidance on Internal Control Processes for Audit Readiness
Mock Audits to Identify Potential Weaknesses
Liaison Services Between Schools and Auditors
Financial Compliance and Accreditation Support
Revenue Recognition and Deferred Revenue Tracking
NACCAS Composite Score Calculation and Monitoring
Policy and Procedure Creation for Financial Compliance
Budget-to-Actual Reporting and Analysis
Federal Student Aid (FSA) Compliance Support (if applicable)
Internal Controls and Process Improvement
Development of Internal Control Policies
Implementation of Approval Workflows for Expenses and Transactions
Training Staff on Financial Best Practices
Fraud Prevention Measures and Risk Assessment
Tax Preparation and Planning
Preparation of Federal, State, and Local Tax Returns
Estimated Tax Calculations and Payments
Tax Planning to Minimize Liabilities and Maximize Deductions
IRS Representation and Support in Case of Audits
Business Advisory Services
Financial Health Assessments and Recommendations
Cash Flow Forecasting and Budgeting
Profitability Analysis and Strategies for Improvement
Assistance with Expanding or Scaling Operations
Technology Implementation and Support
QuickBooks Online Setup
Integration of Student Management Systems to track revenue recognition
Automation of Repetitive Bookkeeping Tasks
Implementation of Financial Tracking Tools for Schools
Support for Schools Seeking
Accreditation
Transition from Cash to Accrual Accounting
Guidance on Meeting Accreditation Financial Standards
Customized Roadmaps to Accreditation Readiness
Ongoing Monitoring of Financial Progress Toward Accreditation Goals
Virtual CFO
Services
Strategic financial planning to align your school’s goals with its financial performance.
Budget development and forecasting to manage resources effectively.
Monitoring key financial metrics, including cash flow and profitability.
Advisory on scaling operations, expanding programs, or managing large expenses.
Regular financial reviews and insights to support informed decision-making at the executive level.
Frequently Asked Questions
Q:
What tax planning services do you offer for cosmetology schools?
We provide tailored tax planning services for cosmetology schools, including preparation of federal, state, and local tax returns, estimated tax calculations, and strategies to minimize liabilities. Our goal is to ensure your school remains compliant with tax regulations while optimizing financial efficiency.
Q:
How can virtual CFO services benefit cosmetology schools?
Virtual CFO services provide cosmetology schools with strategic financial insights, helping them make informed decisions about growth, budgeting, and resource allocation. A virtual CFO can assist with cash flow management, forecasting, and monitoring key financial metrics, ensuring your school stays financially healthy and prepared for opportunities or challenges. This service is particularly valuable for schools seeking scalability or preparing for accreditation.
Q:
What tax deductions are available for cosmetology schools?
Cosmetology schools may qualify for various tax deductions, including expenses for employee wages, rent or lease payments, utilities, equipment purchases, and professional services like accounting and legal fees. Additionally, schools offering training programs might be eligible for education-related tax credits. Our tax experts can help identify and maximize deductions while ensuring compliance with tax laws.
Q:
What is the difference between a bookkeeper and an accountant for cosmetology schools?
A bookkeeper focuses on recording daily financial transactions, such as tuition payments, expenses, and bank reconciliations, ensuring your records are accurate and up-to-date. An accountant, on the other hand, analyzes financial data to provide insights, prepare GAAP-compliant financial statements, assist with audits, and handle tax planning. Both roles are essential, but accountants typically focus on compliance, strategy, and big-picture financial health, which is crucial for schools seeking accreditation or managing growth.
CHOOSE THE PERFECT PLAN FOR YOUR BUSINESS
Select the plan that best fits your needs and seamlessly adapts to support your future growth.
Essential Services
$999/mo
Accrual or Cash Based Accounting
Monthly Financial Statements
Revenue & Expense Tracking
GAAP Compliance
Budgeting and Forecasting Assistance
Monthly Account Reconciliation
PRICES ARE "STARTING FROM......"
Enhanced Services
$1500/mo
Includes all Essential Services Features
Revenue Management
Accounts Receivable Management
Reconciling Tuition To CRM
Quarterly Estimated Tax Preparation
Review IRS Correspondence
PRICES ARE "STARTING FROM......"
Premium Services
$2500/mo
Includes all Enhanced Services Features
Yearly Tax Preparation
Tax Planning
Cash Flow Management
Compliance Support
Quarterly Review Meetings
PRICES ARE "STARTING FROM......"
ADD ON SERVICES
One-Time Catch-up Bookkeeping
Cleanup and reconciliation of prior-year financial records or delinquent accounts.
IRS Correspondence Support
Handling letters, audits, and disputes with the IRS or state agencies.
1099 Preparation and Filing
Preparing and filing 1099 forms for vendors.
Tax Preparation
Prepare yearly taxes
Pre-Audit Assessment
A detailed review of financials to identify potential issues before an official audit.
Accreditation or State Financial Statement Preparation
Specialized reporting for accreditation bodies like NACCAS or state agencies.
Audit Support
Work directly with auditors to provide financial documentation and responses
Pricing Strategy Analysis
Review and optimize pricing for services or tuition to increase profitability.
Expansion Feasibility Analysis
Assess financial readiness for opening new locations or adding programs.
Internal Control Documentation Creation Around Financial Accounting
Prepare documentation for internal control compliance
Policy and Procedure Creation Around Financial Accounting
Prepare policy and procedure documentation around financial accounting
Tell Us About Your Cosmetology School
Follow Us
Follow Us
This website is dedicated to helping cosmetology schools thrive through proper financial management. Whether your school is accredited, non-accredited, or preparing for accreditation, maintaining accurate and compliant financial records is the key to sustainability and growth. The resources and information provided here are designed to simplify accounting, strengthen internal controls, and guide schools toward meeting their financial and accreditation goals. For personalized support, schedule a consultation today.
Services
More
© Copyright 2024. Anderson Accounting & Tax, LLC. All rights reserved.