Spa Dollars and Sense: Untangling Bookkeeping Challenges

Hey, Spa Owners! Do you dread tax time and struggle with bookkeeping challenges?

Have you been told to simply hire a financial team and expect everything to fall into place, only to end up feeling overwhelmed and frustrated? If you can relate to the pain of trying to keep your books in order without seeing the results you need, you're not alone. Let's untangle the complexities of bookkeeping and discover the key to efficient financial management and growth for your spa business.

Lilly Cook - Spa Owner & Certified CPA

Introducing Lilly Cook, the heart and soul behind Oasis Skincare nestled in the serene landscapes of southern Illinois. With a genuine commitment to financial health and longevity in the spa industry, Lilly's expertise illuminates pathways through the maze of bookkeeping challenges our industry faces. Her insights not only demystify the financial landscape but also pave the way for sustainable growth and prosperity for spa owners.

And at the end of the day, Lilly’s story is more than just a narrative for the power of keeping your spa finances in good order; it's also a testament to the power of passion, perseverance, and purpose in transforming dreams into reality.

"Even if you are outsourcing things, you get to delegate, you do not get to abdicate. So you still have to be an active member in your bookkeeping process, because it's garbage in, garbage out." - Lilly Cook

In this episode, you will be able to:

• Listen to savvy financial management advice from a spa owner, Lilly Cook, who is also a CPA specializing in bookkeeping, to ignite profitability and long-term sustainability.
• Discover the crucial role of bookkeepers in driving small business success, especially for spas.
  Unlock the treasure trove of advantages that having a bookkeeper onboard your financial crew brings, propelling strategic growth and ensuring compliance.
• Embrace your unique role in the bookkeeping journey to gain hands-on insight into your spa's financial vitality while fostering control and clarity.
• Discover why specialized bookkeepers versed in the nuances of spa operations, effortlessly streamline financial processes and amplifying your bottom line.

Timestamps:

00:00:54 - How I know Lilly Cook, spa owner AND bookkeeper, and how she came to master both roles.
00:04:09 - How Lilly got out of the her treatment room to take on more of a CEO role in her spa business
00:06:16 - How Lilly was able to receive financial assistance so quickly during COVID shutdowns
00:08:33 - The disconnect between spa & bookkeeping software and how it can trigger a cascading downwards spiral of overspending and becoming cash-strapped
00:13:23 - The importance of choosing a bookkeeper that is niched in salon or spa business.
00:19:40 - The difference between a bookkeeper and CPA; which one you want managing your daily bookkeeping to save you money.
00:23:40 - How to work with a spa bookkeeper virtually.
00:26:31- Lilly’s voice of reason for staying in control of your spa finances: delegating vs abdicating.

Unlock the Power of Spa-Specific Bookkeepers

Having a specialized bookkeeper is essential for managing both daily transactions and maintaining accurate financial records in the spa industry. Lilly encourages spa owners to build a strong working relationship with their bookkeeper, combining open communication and necessary access to tools and documents. A good bookkeeper can help identify financial leaks, reduce unnecessary expenses and ensure effective inventory management. In fact, it’s my opinion that a good bookkeeper should be on every spa owner's business support team to save you time, money and your sanity!

Spa Bookkeeping Clean Up for 2024 Taxes

Visit skincarebookkeeper.com to learn more about Lilly Cook's bookkeeping services tailored specifically for the spa industry. Whether you need cleanups for the end of 2023 or ongoing bookkeeping support, you can find more information and contact details on her website.

Lilly Cook Bio
Meet Lilly Cook: esthetician, spa owner, and financial maven. Leaving her accounting career in 2014, she founded Oasis Skin & Wellness Center INC in southern IL, dedicated to women's relaxation and empowerment. Lilly's mission? To inspire self-care and self-love. Her spa now reigns as Rural Southern IL's premier wellness destination.

Expanding her reach, Lilly created Oasis Spa Suites for solo providers and Skin Care Business Consulting & Bookkeeping for financial guidance. As a CE Sponsor, she teaches business record-keeping and aids spa owners in financial management. Lilly's passion for financial freedom drives her commitment to education and practitioner support.