Bookkeeping and Accounting for Dance Studios

Running a dance studio involves various complex financial transactions. Several specific accounting considerations need your attention:

• Revenue Recognition: Classes might be paid for upfront but delivered over a period of time. It's essential to recognize this revenue correctly over the service period, not just when the payment comes through.
• Instructor Expenses: You'll likely have several instructors, possibly with different pay rates and hours. These need to be tracked and reported accurately.
• Depreciation: Dance studios contain significant capital assets, such as dance floors, mirrors, and sound systems. Their value decreases over time, which should be accounted for.
• Inventory: If you sell dancewear or other items at your studio, you'd need to implement an inventory tracking system; it should account for purchases and sales of inventory.
• Liability Insurance: As a dance studio, carrying liability insurance for potential injuries is a must. You need to track these premium payments and any other expenses related to insurance.

It can be overwhelming to manage these considerations on your own. Hiring a professional bookkeeper ensures your finances are managed correctly and you remain compliant with all relevant regulations.

At Bench Accounting, we provide specialized bookkeeping services tailored for a wide variety of industries including dance studios. With our services catering to your industry, we offer the capability of managing revenues from both memberships and one-time class fees.

Our team of adept bookkeepers understand the uniqueness of a dance studio's financial needs. They can aptly categorize your revenue streams, ensuring that both recurring membership fees and one-off class payments are accounted for and reconciled accurately. This allows for a clear, definite understanding of your studio’s financial performance.

Having Bench Accounting handle your books also means that we take care of the data entry, expense tracking, financial reporting, year-end tax prep, and provide you with a dedicated bookkeeper you can trust. Our services simplify the financials so you can focus on what you truly love - teaching dance.

Yes, a Bench bookkeeper is more than capable of managing the unique financial needs and seasonal fluctuations of a dance studio's income. Our team of expert bookkeepers understand the financial cycles of various industries, including the arts. They can work with you to plan for lower income periods, manage expenses, and ensure your financial records are always organized and up-to-date. With Bench, you can focus on your passion for dance, knowing your bookkeeping is in safe hands.

Nope! All bookkeeping is completed in-house.

Your bookkeeper will be your main point of contact, but at times you might hear from another member of your team. This is usually when your bookkeeper goes on vacation, is sick, or otherwise unavailable.

We handle the bookkeeping for you but sometimes we’ll need your input, especially at year-end. On average, expect to spend 15 minutes each month answering questions for your bookkeeper, or uploading supporting docs.