We'll communicate regularly with bookkeeping updates tailored specifically for your cigar shop. Have urgent queries that need immediate attention? We guarantee responses within one business day or less.
Our platform is designed to streamline your bookkeeping process, specifically designed for cigar shops. We offer integrations with major providers to automatically import your data, ensuring precision and reducing errors. We partner with leading retail and payment merchants like Shopify, Stripe, and Square, allowing your cigar shop's finances to always be up-to-date and accurate.
Bid farewell to heaps of invoices and time-draining manual record keeping—we automate data directly from your linked accounts. Get insights from one unified dashboard to effortlessly comprehend the health of your cigar shop and make strategic decisions.
DR. BUKKY KOLAWOLE
Specific tax regulations for cigar shops largely revolve around tobacco taxes, which vary greatly by location. Federal, state, and sometimes even local laws can all impact these taxes. In addition, general sales, income, and payroll taxes are also applicable, as with any business. Regulations in regard to tobacco taxation involve aspects such as rates, tax description, computation, payment times and ongoing changes to the law.
Professional bookkeeping can help cigar shop owners effectively manage these complex tax regulations. Proactive tracking of sales combined with a good understanding of tax laws ensures that the necessary money is set aside for tax payments. Moreover, bookkeepers stay up-to-date with any changes in the laws, and thus can ensure that the business remains in compliance. Bookkeepers also prepare detailed reports which are helpful during audit procedures. In essence, a professional bookkeeper can significantly ease the burden of tax-related obligations and let you focus on your core business.
Bench Accounting provides dedicated bookkeeping services tailored for different industries, including cigar shops. By handling tasks such as recording sales and purchases, tracking inventory, and reconciling bank statements, our team can ensure that your inventory records are always accurate and up-to-date. This enables you to have a clear understanding of your stock levels, which can be vital in making informed purchasing decisions and managing cash flow effectively. So, you can focus on running your cigar shop, while we look after the bookkeeping.
A cigar shop should account for depreciation of assets such as humidors and other retail equipment by implementing a systematic approach to depreciation. This typically includes identifying the asset's initial cost, estimating its salvage value (the likely value at the end of its usability), and determining its useful life (how many years it will be productive for the business).
A common method used is the straight-line depreciation method, where the same amount is expensed each year over the asset's useful life. The formula for straight-line depreciation is: (Cost of Asset - Salvage Value) ÷ Useful Life.
It's important to consult with a professional accountant or bookkeeper to ensure the correct handling of depreciation for tax purposes and in compliance with accounting standards. Bench Accounting provides expert bookkeepers who have the expertise in handling depreciation and other accounting requirements appropriate for your business industry.
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.