Beauty & the Bottom line – a new video series to get your business financially fit
What’s the secret to a successful salon? Unfortunately it's not just being the boss of brows. The queen of colour. Or the most awesome nail technician ever. We’ve got to be good with money too. And that doesn’t always come naturally. So here’s a little help. In Timely’s new three part series we dive into the world of finance to give you tips and helpful advice to get confident with money matters and make your salon a long term success. We'll also show you how with Timely’s tools, it doesn’t have to be hard work.
Talking the talk
What’s the difference between profit and revenue? What are the liabilities in your business? What does it mean to “cash up”? Watch video one to get easy, jargon-free definitions to those finance words you always wondered about (but were too afraid to ask!)
Read the video transcript here.
Managing payments
In the service industry, keeping track of your cash is essential to ensure you have the money to pay your bills, your staff and most importantly yourself! Check out how Timely can keep track of your money for you in video two, where we cover checking clients out and cash management.
Want to test your knowledge? Make sure you can do the following:
- Raise a sale from the calendar
- Raise a sale for a walk in customer
- Add services, products and vouchers to a sale
- Apply a discount to an item
- Add a note to the sale
- Change the invoice date
- Add a custom payment type
- Process a split sale (partial payment cash and card)
- Edit and invoice
- Turn cashup on
- Set cashup permissions for your staff
- Open your cash register
- Perform a cashup
Read the video transcript here.
Reporting
Now that you know the lingo and are tracking your cash correctly, you can get to the real financial goodness – reports. We understand reports can feel a bit overwhelming when you start using them, especially for those of us who didn’t love maths at school. So we’re going to show you around our easy to read dashboard, and our top three financial reports to give you a good idea of where your money is so you can make better, more confident decisions about your business.
Want to test your knowledge? Make sure you can do the following:
- Check your total sales using the Day/Week/Month view
- Check the average value of your sales
- Check your productivity for the day
- Add and check a staff target (Innovate customers only)
- In the Executive summary, check rebooking rates per staff and per location
- In the Sales report, check your most popular service
- In the Sales report, check how many discounts you gave this month
- In the transaction summary, check how many credit card payments you took this week
Read the video transcript here.
