At Bench Accounting, we'll keep you constantly updated with your flower shop's bookkeeping needs. Got urgent inquiries that need to be addressed? Rest assured, our team will respond to your concerns within one business day, if not sooner.
Our platform empowers you to automate data entries from the majority of top-tier providers, preventing regular errors. We collaborate with vendors such as Gusto, Stripe, Shopify, and Square, ensuring your floral shop's finances are always spot-on.
No more wrestling with mountains of receipts and tiresome manual tracking—Bench Accounting streamlines your bookkeeping by automating inputs directly from your integrated accounts. Benefit from a single, easy-to-use dashboard providing insightful information about your floral shop's performance, so you can comprehend the health of your business and make strategic decisions with ease.
DR. BUKKY KOLAWOLE
Tax considerations for operating a floral shop can be quite specific and complex. As a business owner of a floral shop, it's vital to understand these potential considerations:
- Sales Tax: As a retailer, you may be required to collect sales tax on your orders, especially if you're selling to customers in your own state.
- Inventory Management: You may be able to write off unsold perishable goods, like flowers, at the end of the tax year. Consult with a tax professional to determine how best to track and claim these potential losses.
- Receipt of Goods: If you receive goods from foreign suppliers, you may be subject to import taxes.
- Self-Employment Taxes: If your floral shop is owned and operated by you solely, you may have to pay self-employment taxes, which cover social security and medicare.
- Payroll Taxes: If you have employees, you'll have payroll taxes. This includes withheld income tax and FICA tax, as well as employer matching.
- Deductibles: Many general business expenses can be deducted. These include advertising costs, transportation, equipment, or even a portion of your home if you're running your business there.
We recommend seeking the advice of a professional bookkeeper to ensure you are meeting all regulatory requirements and maximizing your allowable deductions.
Inventory management and accounting for perishable goods such as flowers require meticulous tracking and regular updating. Since these goods have a shorter lifespan, they need to be moved quickly through the sale process to avoid waste and financial loss.
From an accounting perspective, the Cost of Goods Sold (COGS) needs to be calculated accurately. This is done using the First In, First Out (FIFO) method, which assumes that goods are sold in the same order they were bought or produced.
Keeping accurate inventory records helps to manage stock levels effectively and aids in predicting future demand and supply patterns. Regular stock checks should be done to account for wastage or spoilage to provide accurate financial reporting.
With the help of experts at Bench Accounting, we can streamline this process while ensuring your books are always up-to-date and accurate.
Accurate bookkeeping can significantly aid in managing the seasonal fluctuations of a floral business. By tracking expenses and income meticulously, business owners can gain a clear understanding of their financial performance during peak and off-peak seasons. This can help in budget planning, forecasting revenue, managing inventory, and making strategic decisions related to staffing or marketing. Moreover, maintaining accurate books can ensure all tax obligations are met and financial reports for potential investors or lenders are trustworthy and reliable. In essence, accurate and consistent bookkeeping can lead to more sustainable, strategic, and targeted operations for a floral business.
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.