Health enthusiasts often hit the gym or go to personal trainers and instructors to stay in shape. It is interesting to see that many people have started their individual setup for personal training and exercising. Along with running the setup, there comes additional burden of maintaining the accounts of the setup. Professionals in the fitness and health industry, including sports center manager, physical therapist, personal trainer etc need to pay taxes from their gross earnings.
Mentioned below are some great tips for keeping a track of the accounting records and simplifying them at the same time:
- Opening a business account – This is mandatory to keep your personal account and business account separate. Start the account with a local bank for ease and convenience.
- Storing receipts of expenses – The best thing to store the receipts is to keep a small box and put all the receipts in it. Along with this, maintain a diary mentioning all the expenses which are being incurred. In case you miss out on diary entry some day, do not keep the work pending for long. Update the diary as soon as possible.
- Keep clear accounts – Accounting is a dynamic concept and there can be additions and cancellations any time. Ensure that all these entries are done properly; otherwise you might not be able to finalize accounts at the end of the month or year.
- Monthly basis of accounts – It is true that final accounting takes place at the end of financial year. But keeping the entire accounting for that time will make the work cumbersome. Therefore it is recommended to do monthly accounting and keep them aside. At the end of the year, you will have accounts for the whole year, month by month.
Though many people hire accountants for their accounting and tax related matters, you can handle it personally if it is a small setup and if you are aware of the accounting stuffs.