In this episode of For The Record we dive into the dollars and cents of running a successful med spa, particularly managing finances effectively. We’re joined by Nick Liguori, CPA, and Dan Simard, Director of Business Development from Liguori Accounting, a New Hampshire-based, full-service accounting firm that exclusively serves the Aesthetic industry. We explore many of the common pitfalls Practice owners must watch out for when starting their business- things like, Can I keep my own books and save money? Why am I working so hard but making no money? Do I wait until I can pay cash to buy a device?
These questions and many, many more are top of mind for med spa owners, even when they’ve matured out of their early startup phase. That’s where Liguori comes in! They discuss what it means to have a fractional CFO to not only help assess the data and be on call to make the important decisions, but also to NOT be on the payroll when their services aren’t required. In addition, they speak to the differences in that role versus a CPA and a bookkeeper- a distinction that is critical when it comes to managing the day to day versus the long-term financial health and overall tax burden of the business.
When do you outsource? When do you insource? What happens if you’ve been burned by a prior firm, and now you are scrambling to pick up the pieces? As a firm who specializes specifically in our industry, Nick & Dan have such a good handle on the challenges clients face throughout their entrepreneurial journey, and they offer some great tips and areas of opportunity for any owner making the decision to change up their financial management team.
From bookkeeping and tax strategies to navigating revenue recognition and fractional CFO services, Nick and Dan share practical advice to help you grow your med spa business smartly and sustainably:
Key Takeaways:
1. Why Outsourcing Accounting Matters – Learn the benefits of having an outsourced accounting team with industry-specific knowledge and how it helps med spa owners focus on what they do best.
2. Revenue Recognition & Cash Flow Planning – Understand the importance of accurately tracking sales, package liabilities, and the impact on your financials.
3. Navigating Common Med Spa Accounting Challenges – From keeping track of inventory to dealing with complex tax strategies, Nick and Dan break down how to simplify your med spa’s financial management.
4. The Importance of Financial Forecasting – Discover why it’s crucial to work with professionals who can provide insights on growth opportunities and potential financial risks.
5. Tips for Preparing for Tax Season – Proactive planning can help avoid surprises when tax time rolls around, and Liguori Accounting gives advice on how to stay ahead.
6. Avoid the DIY Trap – Why it’s better to delegate accounting tasks to professionals and focus on running your practice efficiently.
7. Beware of Always Showing a Loss- When you need to take out a loan or show value in your business, be cautious of taking advantage of all the write-offs and showing little to no profit…..it may come back to bite you!
Nick and Dan share common financial mistakes we all make when it comes to burning through cash, tightening the belt with expenses, and finding the right opportunities for growth. This episode is time well spent learning actionable tips on how to better manage cash flow, optimize tax planning with a fractional team, and understand your financials to ensure long-term profitability. Whether you’re just starting out or looking to scale, this episode will help you analyze how confident you feel in your existing accounting team, and what next steps may be if you are looking for a change!
Reach out to Liguori Accounting; https://liguoricpa.com/
Connect with Dan for a Discovery Call: d.simard@liguoricpa.com
Checkout Liguori on LinkedIn: https://www.linkedin.com/company/liguoriaccou
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