There is no threshold limit of bookkeeping for spas and parlor services. All businesses, regardless of size or industry, are required to keep accurate books and records.
This is important for tracking income and expenses, managing cash flow, and complying with tax laws.
For more information visit this site: https://www.mca.gov.in/
The specific requirements for bookkeeping vary from state to state. However, most states require businesses to keep records of the following:
- Income and expenses
- Assets and liabilities
- Owner’s equity
- Sales tax collected
- Payroll records
- Bank statements
- Inventory records
Spas and parlor services may also need to keep additional records, such as:
- Customer contact information
- Appointment schedules
- Inventory of products and supplies
- Training records for employees
- It is important to consult with a tax advisor or accountant to determine the specific bookkeeping requirements for your spa or parlor service.