Bookkeeping and Accounting for Antique Stores
Searching for a bookkeeper and accountant for your antique store? We handle your books, so you have more time to discover hidden gems for your business. Sign up today and get a free month of bookkeeping.
How Bench works with antique stores
Get your bookkeeping, income tax prep, and filing done by experts—backed by one powerful platform. Bench works with your antique store to uncover hidden value, not just in your collection but in your financials too.
We get you set up
Our team devotes careful attention to grasp the specificities of your antique store, answer your queries, assist you in linking your business accounts, and demonstrate how Bench can streamline your bookkeeping tasks.
We do your bookkeeping
Every month, your dedicated bookkeeper classifies your antique store transactions and formulates financial reports. If they require additional information from you, they'll reach out.
We deliver tax-ready financials
Our team of experts is well-versed in the specific tax regulations relevant to antique stores and will tailor their strategy to your store’s unique requirements.
Here’s why antique stores like you trust Bench with their bookkeeping and accounting
Get fast, unlimited support from our expert advisors
At Bench Accounting, we understand the unique bookkeeping needs of Antique Stores. We'll maintain regular contact to provide you with up-to-date bookkeeping reports. Got urgent queries that just can't hold? Rest assured, our prompt response time ensures we'll get back to you within a business day or less.
Guaranteed accuracy in every detail
Bench Accounting is the platform that permits you to automate data inputs from a majority of significant providers to dodge typical errors. We collaborate with merchants including Gusto, Stripe, Shopify, and Square, ensuring your antique store's financial records are always precise and dependable.
See where you’re spending. Make smart decisions
Wave goodbye to heaps of outdated financial records and time-intensive manual tallies—our automation syncs directly with your linked accounts. With Bench Accounting, antique store owners can gain access to comprehensive insights from one unified dashboard. This allows you to effortlessly understand the financial health of your store and make strategic decisions with ease.
Bench integrates with your favorite small business tools
We sync seamlessly with your financial accounts and tools to keep your books up-to-date and save you the time and effort of manually uploading documents.
Trusted by 25,000+ American small business owners
CHRIS RONZIO
DR. BUKKY KOLAWOLE
HEATHER SHOLL
We know bookkeeping for antique stores
Bench recognizes the unique challenges that come with running an antique store. Not only do owners have to deal with the regular challenges of running a business - inventory, payroll, and daily sales - but they also have to navigate complex tax laws pertaining to selling items of different ages and values. Recognizing this, Bench provides you with tailored bookkeeping services to specifically handle these industry-specific complexities. Our real, human bookkeepers have a deep understanding of the antiquities market and the associated state and federal tax regulations, ensuring that taxable gains are accurately calculated and all due taxes are paid on time.
On top of that, antique stores often deal with consignment, estate sales, and auctions, which can complicate income tracking and profit calculations. Bench's intuitive software coupled with our expert bookkeeping team can accurately track and manage these diverse sources of income. We manage the books so you can focus more intensely on your passion: collecting and selling valuable and antique items. The bottom line: Bench turns a time-consuming and often confusing task into a seamless part of running your business, while ensuring all processes are adhering entirely to tax laws and regulations for your industry.
Simple, straightforward pricing for everything your business needs.
Join over 35,000 US-based business owners who have streamlined their finances and have grown their businesses with Bench.
Choose Plan
Bookkeeping
billed annually. 100% tax deductible.
Bookkeeping & Tax
billed annually. 100% tax deductible.
Bookkeeping
billed monthly. 100% tax deductible.
Bookkeeping & Tax
billed monthly. 100% tax deductible.
Frequently Asked Questions
Antique store owners need to pay special attention to several key accounting considerations. The first and foremost is inventory valuation. The nature of antiques requires a different methodology as compared to regular retail product, potentially requiring you to assess each item's cost individually.
Next, the cost of acquiring, restoring (if any), and maintaining these pieces until they are sold needs to be duly recorded. In many cases, the cost of restoration could be significant and they could greatly impact how you value your inventory.
Also, because these items are unique and there is no standard pricing, the pricing strategy itself is an accounting consideration. You may need to adjust the price frequently which can impact your profit margins.
Further, regulatory considerations such as estate taxes or import/export duties may also apply. In these scenarios, it is always a good idea to enlist the help of professional bookkeepers who specialize in this industry.
Lastly, possible insurance matters on your merchandise should also be considered as part of your accounting needs.
Inventory management for antique items in bookkeeping involves tracking each antique item individually from its purchase through to its eventual sale. These items are typically recorded as fixed assets on the balance sheet, given the unique, often appreciating value of each item. As these items can fluctuate in value, appraisals are usually carried out regularly to determine their fair market value.
In terms of inventory valuation, antique items are often valued using the specific identification method where each item is individually accounted for and valued. This method allows the bookkeeper to track the actual cost of each specific item, reflecting a more accurate cost of goods sold and ending inventory. This meticulous approach to valuation is particularly important in the antiques industry given the potential value swings and uniqueness of the items concerned.
Yes, there can be unique tax deductions and regulations for antique stores. These can involve aspects like capital gains tax, inventory valuation, sales tax, estate inheritance, and more. However, the specifics can vary based on federal, state, regional, and local tax laws. Therefore, it's crucial for antique store owners to work with a knowledgeable bookkeeper or accountant who can help navigate these intricate details and ensure compliance with all relevant tax laws.
Nope! All bookkeeping is completed in-house.
Your bookkeeper will be your main point of contact, but at times you might hear from another member of your team. This is usually when your bookkeeper goes on vacation, is sick, or otherwise unavailable.
We handle the bookkeeping for you but sometimes we’ll need your input, especially at year-end. On average, expect to spend 15 minutes each month answering questions for your bookkeeper, or uploading supporting docs.
Bookkeeping Services for Antique stores
Discover how we can help you have better finances with a personalized demo from a Bench expert, ready to answer all your questions. Sign up as a customer today and get a free month of bookkeeping, valued at $299.
No credit card required. By clicking ‘Get Started’, I agree to Bench’s Terms & Privacy Policy.