We provide frequent updates on your bookkeeping. Urgent inquiries about your dry cleaning and laundry service's finances that can't hold off? We ensure we respond to your concerns in one business day or less.
With Bench, your dry cleaning and laundry service can easily automate data inputs from most primary providers, significantly reducing the chance of errors. We've partnered with recognized merchants such as Gusto, Stripe, Shopify, and Square, ensuring your financial records are always accurate and up-to-date. Trust Bench Accounting to stand with your business every step of the way.
Say farewell to mountains of receipts and labor-intensive financial tracking—we can facilitate direct automation from your linked accounts. With Bench Accounting, the financial aspects of your Dry Cleaning and Laundry Service business become clear and accessible from one central dashboard. Easily comprehend the financial wellbeing of your business and make strategic decisions with confidence.
DR. BUKKY KOLAWOLE
Several accounting procedures are particularly important for businesses in the dry cleaning and laundry services industry. These include:
- Revenue Recognition: It is vital to accurately track when services are rendered and revenues are earned, whether it's on delivery, pick-up, or any other pre-agreed terms.
- Expense Tracking: This includes capturing costs related to cleaning supplies, equipment maintenance, labour wages, utilities, and more. Proper tracking helps to evaluate profitability and control costs.
- Capital Expenditure Tracking: Any expenditures made on long-term assets (such as delivery vehicles or dry cleaning equipment) should be tracked separately. These assets typically are depreciated over time, and this needs to be accounted for in your financial management.
- Payroll Processing: Accurate payroll management is necessary not only for employee satisfaction but also for tax and legal compliance.
- Cash Flow Management: A keen eye on cash flow is a must, given the cyclical nature of the business. Knowing when cash is coming in and going out can help manage the operational costs efficiently.
Hiring a bookkeeper who understands these specific needs of the dry cleaning and laundry services industry can be beneficial in maintaining your financial health.
A bookkeeper can be a valuable asset to your dry cleaning and laundry business by managing your income and expenses in several ways. They can establish an efficient system for recording all transactions, including sales, purchases, and payments. They can also track your company's spending, ensuring that all outgoing funds are categorized correctly. This makes it easier to analyze your expenses and identify any cost-saving opportunities.
Managing income is another important aspect of a bookkeeper's role. They can monitor all income sources and ensure all revenue is accurately recorded. Additionally, they can sync all transactions with your bank statements to ensure accuracy, help create periodic financial reports, and assist with budgeting and forecasting.
Bookkeepers can also manage your payroll and bill payments, making sure all employees and suppliers are paid on time. This reduces the risk of late fees or penalties and ensures smooth business operations. Lastly, they can prepare all the necessary financial statements and ensure your business stays compliant with relevant tax laws, saving you time and stress come tax season.
Yes, businesses in the dry cleaning and laundry services sector may deal with a few unique tax considerations. For instance, these businesses may be eligible for special deductions relating to energy-efficient appliances and machinery. Certain environmental cleanup costs may also qualify for tax deductions. Since tax legislation constantly evolves, it's crucial for businesses in this sector to work with a knowledgeable bookkeeper who can provide up-to-date insights and guidance. Please note this information is general in nature, and specific tax situations can vary widely.
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.