Bookkeeping Services for Retail Stores
Organize your finances with ease - Our retail bookkeeping services for retail stores make balancing the books simple!
IBN offers comprehensive accounting & retail bookkeeping services with cost-efficient engagement models and technology support.
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We’ve seen retail businesses facing the following challenges when performing bookkeeping in-house:
Maintaining Thousands of Transactions
Retail businesses typically process a high volume of transactions daily, which can quickly add up to thousands of transactions over a month or year. Each transaction must be accurately recorded in the business's accounting system, which can be a time-consuming and tedious process. Additionally, mistakes in recording transactions can lead to errors in financial statements and tax filings.
Sales Tax Liability
Sales tax regulations are often complex and vary by state and local jurisdiction. This makes it difficult for retailers to accurately calculate the amount of sales tax owed on each transaction. Also, keeping track of the various exemptions and discounts that may apply to certain transactions and changing federal and state tax rates are a challenge too.
Transaction Fees
Transaction fees may be deducted from the total amount of the transaction, which can make it difficult to reconcile payments and determine the actual revenue received from each transaction. This can be a particular challenge for retailers that offer refunds or returns, as the amount refunded may not match the original transaction amount due to the deduction of transaction fees.
Inventory Management
Different retailers use different costing techniques, such as retail, FIFO, or LIFO, which can affect the value of inventory on hand and the COGS for each item sold. Therefore, accurately calculating and recording this cost and keeping track of each item in stock, including the number of items on hand, on order, and sold, can be a challenge.
Reporting
Uncertainties like seasonal fluctuations in sales volume make forecasting revenue and expenses difficult for retail businesses. We've seen that retailers find it challenging to create periodic financial analysis reports. At the same time, payment processing can also be complicated due to the acceptance of multiple payment methods, each with its own fees and settlement times.
IBN can help you streamline your retail stores’ finances with expert retail bookkeeping. Our team of experienced bookkeepers has extensive knowledge of bookkeeping practices for retail stores and ensures accuracy in all aspects of your store’s records. Hence, you can be sure that your store’s books are kept up-to-date and well-organized.
We use state-of-the-art accounting tools to manage your books. We also provide real-time data and detailed reports so you can see your financial situation at any time. This helps retail stores track their finances and make intelligent business decisions.
We also specialize in multiple storefront management so that you can rest assured that data for all your retail stores are managed appropriately. With us, you have a trusted partner who is committed to meeting all of your bookkeeping needs, be it frequent pricing changes or retail discounts. Our bookkeeping services include data entry and analysis, accounts payable and receivable management, payroll processing, financial reporting, invoicing, and reconciliation. We also offer cash flow management, budgeting, and forecasting support.
Experienced Bookkeepers
We have a solid track record of adequately handling retail bookkeeping for firms across the United States, with over 22+ years of expertise.
Value-Driven Approach
Our goal is not just to lower your costs but also to give value that exceeds the cost.
Ready to Scale
Our efficient management systems enable you to quickly increase or decrease the number of bookkeeping services required.
Minimal Input Required
Our certified bookkeepers manage all parts of the bookkeeping process, enabling you to sit back and relax.
Your Data is Safe
You can trust IBN's capacity to secure your data since we use cutting-edge security technologies to protect our clients' information.
Utilize Best Tools
Our experienced bookkeepers can work with whatever accounting program you like, or we may recommend one that would be appropriate for you.
I want to say that it is my pleasure to work with the guys at IBN since they first accepted us as a client in July of 2021. I provided them with the bookkeeping challenge of working on three companies simultaneously in order to complete new filing requirements by the OTC markets with a 3-month deadline. The first bookkeeping task was for recording multiple years of entries for AUREX Trading and Recovery Inc, which is a precious metal recovery operation from electronic scrap but also included many other sources for gold and silver refining with unique ledger challenges. The second is a small games operation company called Snapt Games. These financials then rolled up to form part of the records for the main company, APT Systems Inc. APT is a fintech company that includes a now smaller division for gold management, platform development, a Spera stablecoin and all of the usual items required for reporting companies. The IBN team members have always been very professional and incredibly patient under stressful times and worked well with me, our CFO and our internal review team. I am very happy to recommend their bookkeeping services which are performed online using QuickBooks and I am grateful to have found them. Thank you for your great service!