The Best Accounting Software for Makeup Artists

February 20, 2024
5
minutes to read
by
Jaala Alex
Table of Contents

As a makeup artist, you're constantly focused on perfecting your craft and satisfying your clients. However, one of the most critical aspects of any business, including the beauty industry, is managing your finances. Using accounting software tailored to your makeup business is crucial for simplifying your financial processes, saving time, and reducing errors. In this article, we'll explore the top accounting software options for makeup artists.

Why Accounting Software is Essential for Makeup Artists

Managing finances can be a complex and time-consuming task, particularly if you're relying on manual methods. Accounting software is designed to simplify these processes while streamlining your overall business operations. It can help you track your expenses, create invoices, monitor your cash flow, and prepare for tax season.

Streamlining Your Finances

One of the significant benefits of accounting software is that it simplifies your financial processes. It streamlines every aspect of your finances, including invoicing, bookkeeping, cash flow management, and financial reports. By utilising an accounting software solution tailored to the makeup industry, you'll have more time to focus on your core business operations and clients.

For example, when you use accounting software, you can easily create and send invoices to your clients. You can also track the status of your invoices, so you always know which ones have been paid and which ones are overdue. Additionally, you can set up automatic reminders to ensure that your clients pay on time, reducing the need for follow-up emails or phone calls.

Furthermore, accounting software can help you manage your expenses more efficiently. You can easily track your business expenses, including receipts and invoices, and categorise them accordingly. This makes it easier to identify which expenses are tax-deductible and which ones are not.

Saving Time and Reducing Errors

Manual bookkeeping and accounting can be time-consuming and prone to errors. However, using high-quality accounting software can help you save time and reduce mistakes. Accounting software automates complicated financial calculations, provides accurate reports, and can assist you in monitoring your expenses accurately.

Moreover, accounting software can help you avoid costly errors that can arise from manual data entry. For example, if you enter a wrong number when calculating your expenses, it can lead to incorrect financial reports and tax filings. However, with accounting software, you can minimise the risk of such errors by automating the process.

Simplifying Tax Preparation

Another vital aspect of accounting software is that it can aid in simplifying tax preparation. The software can categorise your expenses into different tax categories, help you keep track of expenses that can be written off, and provide you with summaries, making it easier to prepare your taxes at the end of the financial year.

Additionally, accounting software can help you stay compliant with tax regulations. For example, if you're required to charge VAT on your services, accounting software can automatically calculate and add the VAT to your invoices. This ensures that you're charging the correct amount and reduces the risk of penalties for non-compliance.

In conclusion, accounting software is an essential tool for makeup artists to manage their finances efficiently. It streamlines financial processes, saves time, reduces errors, and simplifies tax preparation. By using accounting software, you can focus on your core business operations and provide excellent services to your clients.

Top Features to Look for in Accounting Software

If you're looking for accounting software for your makeup business, it's essential to ensure it has the features you need. Below are the top features to consider when evaluating different accounting software options:

Invoicing and Billing Capabilities

Makeup artists need software that offers invoicing and billing capabilities. Pick accounting software that lets you create invoices easily, track payments, and send automatic reminders to clients.

For instance, with invoicing and billing capabilities, you can create invoices in a matter of minutes. You can easily customise the invoice with your business logo, client details, and payment terms. Additionally, tracking payments will help you keep track of outstanding invoices and ensure that you get paid on time. Automatic reminders will help you save time and keep your clients informed about their outstanding payments.

Expense Tracking and Management

Tracking expenses is critical for every makeup business. Accounting software should have a feature that enables you to categorise expenses, track vendor payments, and easily import banking transactions.

For example, you can categorise expenses into different categories such as makeup supplies, travel expenses, and advertising costs. This will help you keep track of your business expenses and make it easier to file taxes at the end of the year. Additionally, the ability to track vendor payments will help you keep track of your accounts payable and ensure that you pay your vendors on time. Importing banking transactions will help you reconcile your bank statements and ensure that your financial records are accurate.

Integration with Other Business Tools

Having an accounting software solution that integrates with your makeup business' other tools is a massive time saver. Look for software that plays well with your online scheduling tool and point-of-sale (POS) system.

For instance, integration with your online scheduling tool will help you keep track of your appointments, and integration with your POS system will help you manage your sales and inventory. This will help you save time and ensure that your financial records are up-to-date.

Mobile Accessibility

Makeup artists frequently work on-the-go, so it's vital to have accounting software that is mobile-friendly. Software with a mobile app allows you to check your business finances anywhere, anytime.

With mobile accessibility, you can check your business finances on your phone or tablet while you're on-the-go. This will help you stay on top of your business finances and make informed financial decisions. Additionally, you can easily create invoices, track expenses, and manage your accounts payable and receivable from your mobile device.

Comparing the Best Accounting Software Options for Makeup Artists

Running a successful makeup business requires more than just a passion for cosmetics. It also requires a keen eye for finances, and as your business grows, it can become increasingly challenging to keep track of your accounts. That's where accounting software comes in. With the right software, you can manage your finances more efficiently, freeing up time to focus on what you love – makeup artistry.

Now that you have an idea of what to look for in accounting software for your makeup business let's evaluate the top three options specifically for makeup artists:

1. Thriday

Thriday is an industry leader in accounting software as it provides excellent scalability, automation capabilities, and easy customisation. The software is ideal for makeup artists as it's easy to use and very affordable. Thriday is free to join, and all advanced features are available for $29.95 a month.

One of the standout features of Thriday is its comprehensive reporting capabilities. The software can generate reports on everything from profit and loss to cash flow, giving you a clear picture of your business's financial health. Thriday also offers excellent customer support, with a team of experts available to answer any questions you may have.

Thriday Cash Flow Summary

2. FreshBooks

If you're looking for an easy-to-use accounting software solution with many features, FreshBooks is an excellent choice. The software is designed explicitly for small businesses, so it is perfect if you're a solo makeup artist or have only a handful of employees.

One of the standout features of FreshBooks is its user-friendly interface. The software is incredibly intuitive, making it easy to navigate and use, even if you're not an accounting expert. FreshBooks also offers a range of features, including time tracking, project management, and invoicing, making it a comprehensive solution for small makeup businesses.

3. Xero

Xero is a cloud-based accounting software solution that's popular among small and mid-sized businesses alike. It's user-friendly, has many integrations, and is easily scalable for businesses experiencing growth.

One of the standout features of Xero is its cloud-based nature. This means you can access your accounts from anywhere, at any time, as long as you have an internet connection. Xero also offers a range of integrations with other software, such as CRM tools, making it a versatile solution for makeup businesses. Finally, Xero's scalability means it can grow with your business, making it an excellent long-term investment.

Tips for Choosing the Right Accounting Software for Your Makeup Business

Choosing the best accounting software for your makeup business can be a daunting task. Here are some tips to help you evaluate which software is right for your business:

Assess Your Business Needs and Budget

Before you start searching for software, create a list of your current needs and future goals. This can help you decide which features are vital to your business and which software solution fits your budget. For example, if you're a solo makeup artist, you might only need invoicing and expense tracking whereas as a larger business, you might need inventory management and payroll capabilities.

It's important to consider your budget when choosing accounting software. While some software may have all the features you want, it may be too expensive for your business. On the other hand, if you choose software that is too cheap, it may not have all the features you need.

Consider Ease of Use and Customer Support

Learning new software is a time-consuming process, so pick software that's user-friendly. Choose software that has excellent customer support and gets things resolved quickly and efficiently.

When it comes to customer support, some software providers offer phone support, email support, or even live chat support. It's important to choose a software provider that offers the type of support that you prefer.

Look for Industry-Specific Features

Choosing software that's tailored to the beauty industry can simplify your accounting processes even further. Some software options have cosmetic inventory management and integration with skincare and makeup wholesale partners.

Industry-specific features can help you save time and money. For example, if you're a makeup artist, you may need software that allows you to track your inventory of makeup products. This can help you avoid running out of your most popular products and ensure that you always have what you need on hand.

Overall, choosing the right accounting software for your makeup business can be a challenging task. However, by assessing your business needs and budget, considering ease of use and customer support, and looking for industry-specific features, you can make a more informed decision and choose the software that's right for your business.

Final Thoughts

Accounting software is critical for efficiently managing your makeup business's finances. By utilising the right software solution, you'll be able to streamline your processes, reduce errors, and prepare for tax season with ease. Choosing one that fits your needs and budget can be tricky, but there's no doubt that investing in high-quality accounting software is an investment in the success of your makeup business.

DISCLAIMER: Team Thrive Pty Ltd ABN 15 637 676 496 (Thriday) is an authorised representative (No.1297601) of Regional Australia Bank ABN 21 087 650 360  AFSL 241167 (Regional Australia Bank).  Regional Australia Bank is the issuer of the transaction account and debit card available through Thriday. Any information provided by Thriday is general in nature and does not take into account your personal situation. You should consider whether Thriday is appropriate for you.

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