Getting Started - Finances

Don't get your hands dirty and let Insightful Sums do the number crunching for you

Have you met our Numbers Ninja Chatbot yet? Our AI Chatbot has been taught with the same information as our Help Guides, which means you don't need to leave Insightful Sums to get all the answers you need!

Included in these plans:  Solo-Staff Plan   Multi-Staff Plan 

WHAT WE COVER

• WHAT IS FINANCES
• GETTING STARTED
• WAGES, SUPERANNUATION & PRODUCTS
• OVERHEADS

WHAT IS FINANCES

The Finances page of Insightful Sums plays one of the biggest parts of the entire software. The Finances page is where you record your salons expenses. These expenses are then broken down and used in the calculations, determining whether your services make a profit or a loss. 

We recommend that you use your expenses details from your accounting software, to make sure that you are gathering all of the expense in your business, which will make your Insightful Sums account as accurate as possible.

GETTING STARTED

To get to your FINANCES page, click on Setup > Finances

The first area to get started with, is the IMPORTANT RATES section. In this section, you need to complete your GST RATES and SUPERANNUATION RATES 

With your GST rate, if you are registered for GST, then put in your rate into this section. If not, please enter 0.00%

Superannuation Rates, it is IMPORTANT to enter this. Even if you are a single person salon, the Superannuation Rate is used in many areas of Insightful Sums and is vital for correctly calculating the profitable of your services and other features within Insightful Sums

WAGES, SUPERANNUATION & PRODUCTS

The second area to complete, is the WAGES, SUPERANNUATION & PRODUCTS section. In this section, you simply add in your: 

• Wages Costs, 
• Superannuation Costs 
• Product Purchases Costs

These figures are to cover a full 12 month period or estimated costs for a 12 month period.

Once you have entered these numbers, you will see them displayed in the right hand window, with your other salon expenses. 

OVERHEADS

Now, you can start adding the rest of your salon expenses into the ADD OVERHEADS section of Insightful Sums

To complete and add your Expenses, complete:

• Overhead Name
• Amount
• Frequency

Once you have added the details into the correct fields, click on ADD TO OVERHEADS button to add these to your Overheads List

Ideally, you would be obtaining this list from your accounting software, however if you are simply adding the expense as you go, you can change the frequency of your expenses and Insightful Sums will calculate your yearly expense for you. 

As you continue adding your expenses to your Overheads List, you will see them populate into the Overheads List.

Once you have added your expenses, you are able to modify these fields, directly from this page. You are able to change:

• Amount
• Frequency

When you make changes here, you will see that your Yearly Amount will automatically change as well.