If you run a music studio, handling the bookkeeping and preparing reports for taxes can be a frustrating and time-consuming task. MusicTeacherNotes simplifies bookkeeping as part of its financial system. Saving time and money are two of the most significant benefits you will see from using our bookkeeping and payment system that's because our bookkeeping system is included with the Premium Membership, meaning you won't need complex and overly expensive accounting software like Quickbooks to manage your music studio's books.
Music teachers can easily create charges for music lessons and other purchases their music students incur. For example, teachers can charge for music books, recitals, or anything else they sell or any services they offer.
Teachers can set lesson charges to occur automatically following the completion of a scheduled lesson. For example, a teacher might have a student who takes lessons once per week. The charge could be set to happen after each lesson. It could also be set as a fixed amount each month. There are many other ways to assess charges, giving teachers complete control and flexibility with their bookkeeping and billing system.
When students pay, MusicTeacherNotes tracks and records the transaction. Teachers can easily see if students are up-to-date on their payments or behind on them. Teachers can also see how much money a student owes, and they can invoice students who owe money.
Payments and charges aren't the only types of transactions teachers can generate use on MusicTeacherNotes. MusicTeacherNotes also lets teachers offer discounts, give credits, and refunds.
Running a music school can lead to a myriad of expenses. You might incur costs for the following reasons; studio rent payments, utility bills, cellphone usage, internet expenses, vehicle expenses, tax preparation, etc. Whatever the expenses are, MusicTeacherNotes can help track them for you. Accurate accounting of these business-related expenses is extremely beneficial in reducing your tax liability or increasing your tax refund.
With your expenses entered, you can generate financial reports for yourself or for tax purposes. These reports, along with your expense reports, could be used to prepare your tax return or be given to your tax preparer. For example, you could generate a profit-and-loss statement in just a few minutes, print it out, or email it as an attachment to your accountant.
MusicTeacherNotes helps music teachers manage their students and helps students learn music faster. By empowering parents and students to get much more out of private music lessons, learning music becomes a better experience for everyone.