Bookkeeping and Accounting for Electronics Stores

Seeking a bookkeeper and accountant for your electronics store? We handle your books, giving you more time to focus on selling and innovating. Try us for free.

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How Bench works with electronics stores

Get your bookkeeping, income tax prep, and filing handled by experts—powered by one innovative platform. Bench works in harmony with electronics stores.

We get you set up

Our dedicated team devotes the time to intricately understand your electronics store, address your queries, assist you in connecting your accounts, and demonstrate how Bench operates.

We do your bookkeeping

Each month, your dedicated bookkeeper sorts through your electronics store's transactions and crafts comprehensive financial statements. Should they require any further information from you, they’ll reach out promptly.

We deliver tax-ready financials

Our team of experts is well-versed in tax regulations related to electronics stores and will tailor their approach to suit your business’ unique requirements.

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

Get fast, unlimited support from our expert advisors

We'll consistently provide bookkeeping updates for your electronics store. Urgent queries that need immediate attention? Expect our response within one business day or even less.

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Guaranteed accuracy in every detail

Bench Accounting's platform is designed to automate data inputs from prominent providers, greatly reducing the risk of errors. We team up with leading merchants such as Gusto, Stripe, Shopify, and Square, ensuring that your electronics store's financial records are consistently precise.

See where you’re spending. Make smart decisions

Bid adieu to heaps of invoices and tedious manual record-keeping—we automate inputs directly from your connected accounts. Gain insights from one unified dashboard so you can effortlessly comprehend the financial status of your electronics store and make strategic 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 electronics stores

The electronics industry is a continually evolving eco-system with its unique and complex challenges - fluctuating inventory, the rise and fall of components' costs, sales taxes on electronic goods, and regulations like the WEEE directive on e-waste. Not to mention the business-specific accounting requirements of dealing with multiple suppliers, immense volume of transactions, and various forms of payment from customers. Bench can alleviate these headaches by providing seamless online bookkeeping services crafted for electronics stores. Our proprietary software coupled with a dedicated team of expert bookkeepers keeps track of all your transactions, reconciles your accounts, and ensures your books are always up-to-date, compliant, and in-depth.

At Bench, we understand that tax season can be particularly daunting for electronics store owners. Laws and regulations on electronics items can vary and intricacies in sales tax laws across different states can make for taxing navigations. Our professionals are well-versed in these industry-specific tax laws and regulations. Our bookkeepers have handled rigorous tax filings for many electronics stores and are equipped to help forecast and calculate taxes accurately. Besides, we're not just here at tax time, Bench's monthly financial statements and expense tracking make it easy to keep an eye on your financial performance throughout the year, allowing you to make strategic decisions based on sound financial insight. Simply put, with Bench, you get to focus more on selling your electronics and less on number crunching.

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 accounting for electronics stores handle product depreciation and warranty costs?

Accounting for electronics stores takes into consideration unique aspects such as product depreciation and warranty costs. Here's how it works:

Product Depreciation: This is the reduction in value of an electronic product over time due to factors like wear and tear or obsolescence. The rate of depreciation often adheres to a predetermined schedule based on the product's estimated useful life. Electronics stores write off this depreciation as a business expense over a specified period. This practice decreases the store's taxable income, hence reducing its tax liability.

Warranty Costs: Electronics stores often offer their customers warranties on products sold. These warranties are considered as potential liabilities because if a product fails, it can cost the store to repair or replace it. As such, an allowance for warranty costs is usually set aside as an expense in the accounting period when the sales were made. This helps in matching this expense with related revenue, which aligns with the matching principle in accounting.

If you still have questions about accounting for your electronics store or need a professional bookkeeper, Bench Accounting is here to help!

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What is the correct way to manage and track inventory for an electronics store using bookkeeping practices?

The correct way to manage and track inventory for an electronics store using bookkeeping practices involves multiple steps:

  • Consistent Documentation: Maintain consistent invoices, receipts, purchase orders, and more. This helps in tracking when new inventory comes in and when it goes out.
  • Periodic Inventory System: This is a system where store stock is physically counted on a regular basis. The figures are then updated in the bookkeeping system.
  • Perpetual Inventory System: This is an approach where an inventory management software immediately updates your accounting system whenever a sale is made.
  • Valuation: Use FIFO (First-In, First-Out) or LIFO (Last-In, First-Out) principles to value inventory. This impacts reported profit and tax burdens.

The best practices also involve reconciling any discrepancies between your documented inventory and actual stock, and having regular audits. With careful tracking and management, you can ensure a more accurate financial picture of your business.

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How should sales tax be calculated and recorded for multiple-state online sales in the electronics retail industry?

Sales tax for multiple-state online sales in the electronics retail industry can be complex because tax laws vary from state to state and special rules may apply for different types of electronics. Generally, you should calculate sales tax based on the buyer's location if your business has nexus in that state. Nexus means you have sufficient physical presence, and it can be a physical location, employees, or even certain sales volumes.

After identifying which states you have nexus in, you can calculate the sales tax using the tax rate for each specific state. Keep in mind that some states have different tax rates for different types of electronics. If this is the case, you need to apply the correct rate for each item in your inventory.

Ideally, to avoid errors and maintain accurate financial records, you should use an automated sales tax solution integrated with your bookkeeping software. This will record and calculate sales taxes on each sale transaction, based on the provided shipping details.

Remember, rules might vary, so it's always best to consult with a tax professional or a knowledgeable bookkeeper familiar with multi-state sales tax laws in the electronics retail industry.

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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 Electronics 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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