Our service helps you mitigate risks, maximize cash, and obtain financing to align business strategies with your growth plans. Since profit margins are already thin, there’s a need for small and mid-size retail business owners to successfully keep their books balanced & up-to-date while navigating through varying priorities such as changing customer needs, regulatory and tax compliance, local & online competitors, rising labor costs, and more. Here’s how we assist retail companies with our dedicated retail accounting services:
- Implement a point-of-sale (POS) system to automate processes in tracking sales and inventory levels.
- Use cloud-based accounting software to speed up bank reconciliations, expense tracking, invoicing, and more through real-time visibility into the financial health of your retail business.
- Categorize transactions into different categories, such as expenses, revenue, assets (inventory amounts, etc), and liabilities, to make tracking and analyzing finances easier.
- Regularly review and reconcile financial statements such as income, balance sheets, and cash flow statements to avoid excessive spending or cash flow discrepancies.
- Choose between the FIFO (First In, First Out) and LIFO (Last In, First Out) costing methods for inventory valuation to ensure accurate financial statements.
- Accurately record inventory transactions to maintain an accurate and up-to-date inventory balance in your financial records.