At Bench Accounting, we'll keep you consistently updated with your garden center's bookkeeping details. For urgent queries that demand immediate attention? Rest assured, we'll respond within one business day or less.
Our platform enables you to automate data inputs from various major providers, helping to eliminate frequent errors. We collaborate with businesses such as Gusto, Stripe, Shopify, and Square—ensuring your garden center's finances are always precise and up-to-date.
Say farewell to mountains of invoices and laborious manual inventory tracking—we directly automate inputs from your connected accounts. Gain insights from one comprehensive dashboard, enabling you to effortlessly comprehend the wellbeing of your garden center and make informed strategic decisions.
DR. BUKKY KOLAWOLE
Inventory management for a garden center can be complex due to the nature of horticultural products. Living goods such as plants, shrubs, and trees have a shelf life and can deteriorate over time. Seasonal products have a sales window and a lot can go unsold if not managed properly. Here are a few specific considerations:
- Perishable Goods: Keep a close track of your living goods. They can die or lose quality if not sold within a particular time frame. Timely markdowns or promotions can help move this inventory and minimize losses.
- Seasonal Fluctuations: Inventory requirements can change dramatically with the seasons. It's important to accurately forecast demand to ensure you're not over or under-stocking.
- Loss, Damage, and Theft: Plants are delicate and can be damaged easily. Plus, small items can be stolen. Regular inventory checks can help identify and record such losses for both accounting and insurance purposes.
- Space Considerations: Some living goods may need more space than others, especially as they grow. It's necessary to account for this physical space in your inventory management strategies.
Given these unique challenges, it's recommended to work with a bookkeeper with experience in the horticulture industry, or even more specifically, in managing garden center finances.
A professional bookkeeper can significantly aid in managing the cash flow complexities common in the garden center industry. Specially, they can assist in the following ways:
- Seasonal adjustments: The revenue flow in garden centers is generally seasonal. A professional bookkeeper can help schedule expenses accordingly to avoid cash crunches in off-seasons.
- Inventory management: A large part of a garden center's inventory is perishable. Professional bookkeepers can help track and manage inventory to reduce waste and improve cash flow.
- Expense tracking: Bookkeepers can accurately track all your business expenses, ensuring that you have a clear understanding of where your money is being spent.
- Accurate forecasting: With their expertise in financial analysis, bookkeepers can aid in generating accurate financial forecasts, helping with strategic business decisions and planning.
- Compliance: Professional bookkeepers ensure that your financials adhere to the industry regulations, helping avoid fines and penalties which impact cash flow.
Thus, having a professional bookkeeper is invaluable for managing cash flow complexities in the garden center industry.
For garden centers dealing with plant guarantees and return policies, there are several accounting practices that should be in place:
- Sales Returns and Allowances: You should have a system for tracking sales returns and allowances, which includes refunds and credits for returned plants or guarantees. These transactions should be subtracted from your total sales.
- Inventory Accounting: Returned plants should be added back to your inventory count if they can be resold. If not, they should be recorded as a loss in your accounting system.
- Expense Tracking: Keep track of expenses related to plant guarantees or returns, such as shipping for returned items, and account for these costs in your financial statements.
- Policy Reviews: Periodically review your guarantee or return policies to assess their financial impact on your business. If costs are high, you may need to adjust your policies or prices.
Proper accounting for plant guarantees and return policies will help you keep accurate financial records and make decisions that benefit your garden center 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.