Bookkeeping and Accounting for Cosmetics Stores

In need of a bookkeeper and accountant for your cosmetics store? We manage your books, providing you more time to focus on beautifying your business. Try our services for free.

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How Bench works with cosmetics stores

Empower your cosmetics store with Bench—the all-in-one platform that manages your bookkeeping, income tax prep, and filing with unparalleled expertise. With Bench, beauty meets efficiency.

We get you set up

Our team diligently seeks to fully comprehend your cosmetics store operations, address your queries, assist you in connecting your accounts, and guide you on how Bench can facilitate your business.

We do your bookkeeping

Each month, your dedicated bookkeeper sorts out your cosmetics store transactions and generates precise financial reports. Should they require any additional information from you, they will establish contact.

We deliver tax-ready financials

Our team of experts is well-versed in the complex tax regulations of the cosmetics industry and will tailor their services to meet your specific business requirements.

Here’s why cosmetics stores like you trust Bench with their bookkeeping and accounting

Get fast, unlimited support from our expert advisors

At Bench, we stay on top of your cosmetics store's bookkeeping, providing regular updates. Got urgent financial queries that can't be postponed? Trust us to respond within one business day or less.

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screenshot of Bench support app

Guaranteed accuracy in every detail

With Bench Accounting, you're gaining the power to streamline data inputs from leading providers, reducing common errors. We form partnerships with key merchants such as Gusto, Stripe, Shopify, and Square—ensuring your financials for your cosmetic store are consistently precise.

See where you’re spending. Make smart decisions

Say goodbye to confusing invoices and tedious manual record-keeping—we automate inputs directly from your linked accounts. For cosmetics stores, our tailored service provides insights through one central dashboard, allowing you to easily understand the financial health of your store and make strategic business 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 cosmetics stores

In the evolving world of cosmetics, staying on top of financials is crucial for business success. Whether you're a small brick-and-mortar storefront or an extensive online store, the beauty industry's financial landscape can be as intricate as a contouring tutorial. Aspects like inventory management, fluctuating seasonal sales, and specific tax regulations not only require time and attention but thorough knowledge of the industry's laws and tax specifics. That's where Bench Accounting comes in. Our team of professionals is adept at small business bookkeeping and familiar with the challenges that cosmetics stores face, including inventory valuation methods and cost of goods sold (COGS) tracking, ensuring your bookkeeping is always in line with IRS regulations.

Bench’s unique blend of intuitive software paired with real, human bookkeepers gives you the best of both worlds—the efficiency and ease of advanced technology and the confidence of having an actual person overseeing your financials. We know that the beauty industry has unique tax rules—for instance, differentiating between retail versus wholesale inventory, and understanding sales-tax clauses for various cosmetic products. So, we dig deep into these specifics and take care of your bookkeeping and tax particulars for you. It's a totally new approach to bookkeeping and tax that lets you focus on running your cosmetic store, serving customers, and discovering that next must-have product line. We manage your bookkeeping, so you can grow your business.

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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What specific accounting considerations are there for inventory management in a cosmetics store?

Inventory management in a cosmetics store comes with a few unique accounting considerations. Firstly, a system needs to be in place accounting for the large range of products typically carried in such stores. Each item has its own cost and selling price which must be accurately documented.

Secondly, considering the perishability of certain cosmetic products, an important accounting consideration is appropriate costing methods for inventory that help account for expired and unsold items.

Thirdly, due to frequent changes in trends and tastes in the cosmetics industry, obsolescence of inventory is a particular area of concern. Inventory write-offs for obsolete inventory are fairly common and need to be carefully documented and tracked.

Lastly, in an industry like cosmetics, returns can be a frequent occurrence. Accounting for these returns and correctly updating the inventory is significant to maintain reliable financial records.

Having skilled bookkeepers familiar with these unique challenges can make the process of managing your cosmetics store’s finances significantly easier and more accurate.

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How does bookkeeping for a cosmetics store account for unsold, expired products?

In bookkeeping for a cosmetics store, unsold and expired products are typically accounted for as a loss. This involves categorizing these products as "Shrinkage" or "Loss" and writing off their retail value from the inventory. When calculated properly, they can be used as tax deductions, turning a disadvantage into a potential advantage. However, it's crucial to maintain stringent stock control procedures to minimize these losses. Each procedural step should be recorded carefully to provide an accurate understanding of the financial status of the business. It is recommended to engage with a professional accountant or bookkeeper to help manage this process efficiently.

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As a cosmetics store owner, what unique tax considerations should I be aware of for my year-end financials?

As a cosmetics store owner, there are few unique tax considerations you should be aware of for your year-end financials. First, keep in mind that any expenses directly related to your business, such as ingredients or machinery for making cosmetics, can typically be deducted from your taxable income.

Additionally, if you own a physical store, you may also qualify for deductions on your property taxes or rent as well as utility costs. It's also worth noting that depending on the scale, promotional expenses like advertising and product giveaways could also be tax deductible.

An important and often overlooked category is the cost of goods sold. You must account for any inventory you have at the end of the year as it can significantly impact your tax obligations.

Given the complexities of business taxation, it's recommended to work with an experienced bookkeeper or tax professional who can help navigate the nuances specific to your situation.

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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 Cosmetics stores

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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