Although it's officially ♪♫♬ summer, summer, summer time, ♪♫♬ it is still not too late to spring clean your yoga business's records. Here are four quick tips to keep your business in tip top shape so that you can spend more time enjoying the long summer days.
1. Ditch Those Paper Receipts
The Internal Revenue Service accepts electronic copies of receipts. Use an app like QuickBooks, snap photos, use your scanner, or, where possible, elect for email receipts . This will help you get rid of those annoying odd-sized pieces of paper that take up so much needed space and appear in the strangest places.
2. Use the Cloud
There are lots of cloud-based tools like Dropbox and Google Drive that will allow you to share and save documents. By storing files in the cloud, you can help clean up your workspace, eliminate clutter, easily locate files, and, of course, save valuable time spent emailing documents back and forth when collaborating with your crew.
3. Remember Tax Season is Coming
Don’t wait until it’s time to file your returns to start thinking about taxes and how the changes may impact your yoga business. If you haven't already done so, book an appointment with a CPA, tax advisor, or lawyer during the summer so you won't be stressed out at tax time.
4. Check out your Business Structure
If your yoga business is still operating as a sole proprietor, now’s the time to think about protecting your personal assets and gaining other benefits through a formal business structure like an LLC or corporation.
Need some help with your summer refresh? Schedule a free consultation to see how we can help!