Bookkeeping and Accounting for Clock And Watch Repair Shops

Searching for a bookkeeper and accountant for your clock and watch repair shop? We handle your numbers, so you can concentrate on hands and gears. Try us for free.

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How Bench works with clock and watch repair shops

Experience seamless bookkeeping, income tax prep, and filing tailored to your specific industry--all handled by professionals and supported by our robust platform. Bench is dedicated to working hand in hand with clock and watch repair shops.

We get you set up

Our team takes the extra effort to fully comprehend your clock and watch repair shop, respond to your inquiries, assist you in connecting your accounts, and guide you through how Bench functions.

We do your bookkeeping

Each month, your personal bookkeeper arranges your clock and watch repair shop transactions and composes precise financial statements. If there's anything else they need from you, they'll promptly get in touch.

We deliver tax-ready financials

Our team of experts is well-versed in accounting procedures for clock and watch repair shops. We tailor our approach to meet the specific needs of your business.

Here’s why clock and watch repair shops like you trust Bench with their bookkeeping and accounting

Get fast, unlimited support from our expert advisors

We'll regularly provide you with detailed bookkeeping updates tailored to your clock and watch repair shop. If any urgent financial questions arise, rest assured that we'll respond within a business day or even less.

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screenshot of Bench support app

Guaranteed accuracy in every detail

Our platform grants you the ability to streamline data inputs from the majority of significant providers to sidestep frequent errors. We collaborate with merchants such as Gusto, Stripe, Shopify, and Square—ensuring your financial records for your clock and watch repair shop are always precise.

See where you’re spending. Make smart decisions

Say farewell to stacks of invoices and tedious hands-on tracking—we automate entries directly from your connected accounts. Access all crucial information from one central platform, specifically designed for your clock and watch repair shop. This allows you to quickly grasp the financial health of your business and make data-driven decisions.

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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

“Bench helped me replace QuickBooks, and save about 6 hours per month of horrible accounting work, which is priceless.”

CHRIS RONZIO

CEO, TRAINUAL
“This is the first year where it’s tax season and I don’t feel anxious one bit.”

DR. BUKKY KOLAWOLE

FOUNDER/EXECUTIVE DIRECTOR, RELATIONSHIP HQ
“Bench has lifted a giant weight off my shoulders and freed up my time so I can focus on earning money and working with clients, meetings and calls.”

HEATHER SHOLL

FOUNDER, THE VILLAGES GYM
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We know bookkeeping for clock and watch repair shops

Managing a Clock and Watch Repair shop demands expertise and precision, traits that should also extend to your financial management. Bench Accounting realizes the unique bookkeeping needs of your industry, from tracking parts and materials inventory, labor costs to managing repairs and sales income. We understand that the taxation and laws for your business might seem as challenging and intricate as a complex timepiece, but our team of expert bookeepers is here to simplify it for you.

At Bench, we blend intuitive software with personalized human services to provide you with top-tier bookkeeping and tax solutions for your Clock and Watch Repair shop. We can help you navigate through industry-specific taxes, manage complex transactions, and stay compliant with laws relevant to your profession. For instance, we ensure accurate record-keeping for sales taxes collected from part sales, income deductions for tools or equipment, or any potential tax credits for a small business like yours. With Bench, you can focus on restoring timepieces, confident that your books are tick-tock accurate and in excellent shape.

Simple, straightforward pricing for everything your business needs.

Get bookkeeping, tax prep, advisory, and filing with Bench's powerful, easy-to-use platform.

Choose Plan

Essential

Best for those looking for peace of mind and accurate financials done by professional bookkeepers.
$249/mo

billed annually

Dedicated bookkeeping experts
Accurate monthly books and year-end tax-ready financial packages
P&L, balance sheet and 1099 reporting
Unlimited communication with your bookkeeping team

Premium

Best for those looking for an all-in-one bookkeeping, tax advisory and income tax filing service.
$399/mo

billed annually

Everything in Essential plan
Dedicated team of licensed tax professionals to file your income tax return on time
Annual income tax filing for businesses (partnerships, S corps, C corps)
Annual income tax filing for individuals (sole proprietors, contractors)

Essential

Best for those looking for peace of mind and accurate financials done by professional bookkeepers.
$299/mo

billed monthly

Dedicated bookkeeping experts
Accurate monthly books and year-end tax-ready financial packages
P&L, balance sheet and 1099 reporting
Unlimited communication with your bookkeeping team

Premium

Best for those looking for an all-in-one bookkeeping, tax advisory and income tax filing service.
$499/mo

billed monthly

Everything in Essential plan
Dedicated team of licensed tax professionals to file your income tax return on time
Annual income tax filing for businesses (partnerships, S corps, C corps)
Annual income tax filing for individuals (sole proprietors, contractors)

Frequently Asked Questions

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How does the accounting system for a clock and watch repair shop differ from other businesses?

The accounting system for a clock and watch repair shop can significantly differ from other types of businesses. One of the main differences is the way inventory is managed. Watch and clock parts can be numerous and quite specific, and these need to be carefully tracked and accounted for. The system must also manage and account for direct labor costs - the hours spent repairing each clock or watch, which is typically a significant portion of cost and revenue in such businesses.

Additionally, these businesses may often deal with items on consignment, adding another layer of complexity to their accounting system. This could require unique ways of handling accounts receivable and payable. Also, the unique nature of many clocks and watches serviced might require an accounting system capable of handling a wide array of specific transaction types.

While there are general principles and methods that apply to every business, clock and watch repair shops certainly have their unique accounting needs and challenges. Therefore, they need a professional bookkeeper or accounting service, like Bench Accounting, that understands these needs and can customize their services accordingly.

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What specific expense categories should I be tracking for my clock and watch repair shop for bookkeeping purposes?

For a clock and watch repair shop, specific expense categories that need to be tracked for bookkeeping purposes typically include:

  • Purchase of parts and materials
  • Tools and equipment
  • Lease or rent for your shop
  • Utilities (Electricity, Internet, etc.)
  • Insurance costs
  • Salary or wages for employees or contractors
  • Marketing and advertising expenses
  • Travel Expenses if applicable
  • Professional fees (Legal, Accounting, etc.)

Each business is unique, however, so it's important that you set up a system that works for your specific needs and consult with a professional if necessary.

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Are there any accounting standards or tax considerations unique to the horology industry that I should be aware of?

While there may be general accounting standards and tax considerations that apply to a wide range of industries, including horology, they are not typically specific to the horology industry. These could include considerations regarding valuation of inventory, recording of sales, tax deductions related to business expenses, etc.

However, depending on your specific business model in the horology industry, there might be particular tax credits, deductions or rules that apply. For example, if you manufacture watches or clocks, you may need to be aware of specific regulations related to manufacturing businesses.

Additionally, if you are importing or exporting watches or clocks, there could be customs and duties considerations. Similarly, requirements and rates for sales tax can vary, especially if you sell products online to customers in different states or countries.

We recommend consulting with a professional accountant or tax advisor who is familiar with your business and the horology industry. They can provide tailored advice and ensure you are in compliance with all relevant standards and tax laws. Bench Accounting offers bookkeeping services that can help you navigate these complexities.

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Does Bench outsource bookkeeping?

Nope! All bookkeeping is completed in-house.

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Will I have one point of contact?

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.

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How much time each month will I have to spend managing my Bench account?

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 Clock and Watch Repair Shops

Sign up for a Bench trial, and get one month free. If you decide to go with us, we’ll take bookkeeping off your plate—for good.

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