An essential part of running any business is keeping good financial records. However, most music teachers end up running their own businesses by default rather than choice, because that is the nature of our industry. In the past I know that I would far rather teach, plan lessons, respond to emails or dust my piano than sit down and deal with the record keeping side of my studio. If this sounds like you, I would highly recommend having a look at Music Teacher’s Helper’s record keeping functions. Music Teacher’s Helper allows you to keep your entire business data (ie. scheduling, lesson notes and financial records) in one place. Most teachers would already be using the invoicing feature of Music Teacher’s Helper, but some may not be entering their studio expenses or tracking their miles travelled. Entering your expenses is quick and easy, and once you have recorded your expenses you can access a range of financial reports.
The report that I use the most is the ‘Income and Spending’ report. I use this to keep track of my annual income, my studio expenses, and to compare my current income with the same time period in previous years. This ensures that I am always focused on increasing my income and re-evaluating my expenses.
The other report that is very useful if you travel to different schools, venues or to students’ houses is the ‘Mileage Report’. Here you can quickly and easily keep track of your miles travelled.
The web-based nature of Music Teacher’s Helper means that I can enter expense transactions and view financial data from anywhere. I find it much quicker to enter a studio-related expense at the start or end of a teaching day when I’m entering lesson notes, rather than my old ‘system’ of letting a huge pile of receipts build up on my desk, to be entered the week before my next appointment with my accountant!
If you have any experience using Music Teacher’s Helper for the record keeping side of your business I’d love to hear about it in the comments section below.