Is your business planning to hire teenagers for summer jobs? If so, be sure everyone on staff is familiar with the child-labor provisions of the Fair Labor Standards Act.
Retail Business Accounting
Your retail business is a complex entity offering a myriad of products and services. Beyond keeping track of inventory, payroll, loss management, and profits, there’s always the current tax season to consider too.
Retail business accounting can be incredibly complicated for businesses like grocery stores. But you don’t have to keep up with everything alone. A CPA can provide you with invaluable services and make recommendations today that become standard practices tomorrow.
Estimating the value of inventory can range in difficulty depending on the products themselves. Especially with grocery stores, the sheer variety of goods–coming from hundreds of providers– and the quickness of inventory turnover can further complicate the process.
By evaluating your comprehensive purchasing records and current inventory, your CPA can calculate a precision cost-to-retail ratio. An accurate cost-to-retail ratio can inform future inventory orders, overall profit, and the total value of current business assets at any given time.
A CPA can also accurately factor in losses from damaged goods, employee theft, and shoplifting to arrive at the most exact value of your inventory.
In retail, but particularly grocery stores, inventory is king. As goes inventory, so goes profit.
After developing a new inventory strategy, your CPA can examine profit enhancement solutions in nearly every aspect of your retail business.
From financial forecasts to profitability analysis, supply chains to labor, a skilled CPA will turn over every rock to find hidden opportunities for greater profits. In search of topline retail growth, a CPA can even guide the risk management process. Technology and inventory risk assessments may reveal areas where preventable losses have been eating away at net profit.
A CPA can also help you maximize profit through numerous services ranging from finding better employee benefits and retirement benefits to internal management reviews and other business-specific solutions.
For many retail operators, reducing your business’ tax burden can often feel like priority #1. A CPA can provide expert guidance during tax season and beyond.
CPAs provide a full range of tax services through a personalized and proactive approach best for your business. Your CPA can consider optimal compensation strategies, research every applicable state and federal tax credit, and perform a transaction analysis to translate retail complexities for the current tax code.
CPAs keep their thumbs on the pulse of evolving tax codes. They remain at the forefront of taxation services year-round, making them the perfect allies for retail businesses before, during, and after tax season.
New Retail Heights
CPAs provide retail businesses with a multi-faceted, specific, and detailed strategy for overall growth while illuminating aspects of your operations you might have missed otherwise. But a CPA from Aldridge Borden can do even more than that.
Aldridge Borden can take your retail business to new heights and empower you for the future. Together with OneSource all-in-one accounting software, a CPA from Aldridge Borden will scrutinize the inventory, profit, and tax planning structures of your retail business and provide a plan to optimize operations across the board!
To explore how a CPA can help your retail business, Contact the expert CPAs at Aldridge Borden and Co. today.
Retail businesses are complex entities with hundreds of moving parts. If you’re going it alone without the expert guidance of a CPA, you may be missing multiple growth opportunities. From tax season to quarterly earnings and everything in between, a CPA is a must for retail businesses. To learn more about what a CPA can do for your retail business, call (334) 834-6640 today!