Retail Store & Brick and Mortar Shops
Small retail stores face several special accounting challenges but many revolve around having limited resources to devote to the accounting process. Regardless of the size of your business it’s your responsibility to supply the financial information regulators require. Managing accounting, even for a small retailer, requires someone with the right knowledge and skills to manage the process. Here are just a few of the things you need to consider with your accounting.
- Tracking and management of receipts, sales records, loan statements, bank information and past tax data.
- The ability to provide access and information to employees, associates, and managers with the store’s financial activities and how to maintain the records thereof.
- Accrual of accurate data for the value of inventory, which is considered an asset.
- The ability to identify and process write offs from damage or theft.
- Collection and mitigation of payroll information and processes.
With a business having so much more to consider than financial statements, fill out the contact form below and we’ll work with you to ensure your financial health is the least of your worries.
If you are interested for a free consultation, please call the office and we can schedule a free consultation with our Enrolled Agents.