Bookkeeping and Accounting for Gift Shops

Searching for a bookkeeper and accountant for your gift shop? We handle your books, giving you more time to focus on sourcing the perfect gifts. Try us for free.

Oops! Something went wrong while submitting the form.

No credit card required. By clicking ‘Start a Free Trial’, I agree to Bench’s Terms & Privacy Policy.

How Bench works with gift shops

Get your bookkeeping, income tax prep, and filing done by professionals—supported by a robust platform that understands your unique needs. Bench works hand in hand with gift shops.

We get you set up

Our team dedicates time to fully comprehend your gift shop business, respond to your inquiries, assist you in connecting your accounts, and guide you through the functionality of Bench.

We do your bookkeeping

Every month, your dedicated bookkeeper sorts out your gift shop's transactions and compiles financial reports. If they require any further information from you, they’ll reach out.

We deliver tax-ready financials

Our team of experts knows the ins and outs of the gift shop industry's tax regulations, and we'll tailor our strategies to meet your shop's special requirements.

Here’s why gift shops like you trust Bench with their bookkeeping and accounting

Get fast, unlimited support from our expert advisors

We'll continually provide you with up-to-date bookkeeping information, tailored for your gift shop business. Got urgent queries that can't be put off? Count on us to respond within one business day, or even quicker.

women with headset and laptop sitting on the couch
screenshot of Bench support app

Guaranteed accuracy in every detail

Our platform simplifies your bookkeeping by automating data inputs from most major providers, preventing common errors. We collaborate with major merchants such as Gusto, Stripe, Shopify, and Square—ensuring your gift shop's finances are consistently reliable.

See where you’re spending. Make smart decisions

Wave farewell to mountains of invoices and the draining task of manual record-keeping—Bench Accounting automates inputs directly from your linked accounts. With a unified dashboard, gain accessible insights into the health of your gift shop, simplifying business analysis and strategic decision-making.

people doing their bookkeeping at a table

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
Trust Pilot review previewCapterra review previewG2 review previewGetApp review preview

We know bookkeeping for gift shops

Operating a gift shop comes with its own set of unique financial complexities. From managing inventory, tracking sales, handling supplier costs, to dealing with seasonal fluctuations, gift shop owners have a lot to juggle. Further complexities arise with industry-specific taxes and laws like sales tax, use tax, and potentially import/export laws if you are sourcing items internationally. That’s where Bench Accounting steps in. We offer specialized bookkeeping services that cater specifically to the needs of gift shops, taking care of all your bookkeeping tasks so you can devote your time to sourcing that perfect gift item for your customers.

Our unique combination of intuitive software and real, human bookkeepers ensures you have a clear, up-to-date financial picture of your business at all times. With experience in managing the bookkeeping for gift shops, our expert team is well-versed in navigating the specifics of sales tax regulations, use tax compliance, and if necessary, guiding you through the complexities of import/export laws. Beyond just basic bookkeeping, Bench is devoted to being a complete financial solution for small gift shop owners. We handle everything from regular, meticulous bookkeeping to providing year-end financial packages for tax filing, relieving you of the financial hassles so you can remain focused on delighting your customers.

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

Close and Open IconA graphic of a plus and minus icon that represents the action to close and open.
What accounting requirements are specific to the gift shop industry that I should be aware of?

Gift shops have specific accounting requirements that are unique to their industry. These include accurate record-keeping of inventory due to high turnover and seasonal variation, appropriate calculation of the Cost of Goods Sold (COGS), tracking and applying retail sales tax, and managing cash flow during peak and off-peak sales periods. Additionally, gift shops often need to factor in expenses related to packaging, shipping and handling, and vendor returns and exchanges. Expert bookkeeping will ensure these factors are taken into consideration for efficient financial management.

Close and Open IconA graphic of a plus and minus icon that represents the action to close and open.
How can bookkeeping help improve the inventory management of my gift shop?

Bookkeeping can greatly improve the inventory management of your gift shop in several ways. Firstly, it allows you to keep accurate records of your stock levels at all times, helping you to avoid under or overstocking. You can also keep track of your most popular items, so you can ensure you always have sufficient supply available. Secondly, it aids in forecasting future sales trends based on historical data, helping you plan your purchases in advance. Lastly, bookkeeping can help you manage your cash flow better by providing a clear view of the costs associated with goods buying and storing, enabling you to make more informed financial decisions.

Close and Open IconA graphic of a plus and minus icon that represents the action to close and open.
As a gift shop owner, what specific tax deductions or breaks can I take advantage of with good bookkeeping practices?

Proper and rigorous bookkeeping provides numerous opportunities for tax deductions for gift shop owners. Understanding these benefits can help you save a significant amount of money each financial year. Here are some common deductions;

  • Cost of Goods Sold: If your gift shop purchases merchandise to sell, these costs can often be deducted, including freight, storage, direct labor costs, and any expense associated with making the product ready for sale.
  • Operational Expenses: In running your store, most operational expenses are deductible. This could range from anything like rent, utility bills, property taxes, insurance, and maintenance.
  • Advertising: Keeping a good record of your advertising or promotional expenses allows you to deduct them during the tax season.
  • Employee Wages: If you employ others in your gift shop, their wages are generally tax-deductible.
  • Travel: If business-related, travel expenses can be deducted. This includes meals, lodging, and transportation costs.
  • Depreciation: If you have a physical storefront for your gift shop, you may be eligible for deductions on its depreciation.

Engaging a good bookkeeper can help you take advantage of these deductions by keeping accurate, comprehensive records of your expenses throughout the year. Remember to consult with a tax professional to ensure you're meeting all the requirements and maximizing your potential savings.

Close and Open IconA graphic of a plus and minus icon that represents the action to close and open.
Does Bench outsource bookkeeping?

Nope! All bookkeeping is completed in-house.

Close and Open IconA graphic of a plus and minus icon that represents the action to close and open.
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.

Close and Open IconA graphic of a plus and minus icon that represents the action to close and open.
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 Gift shops

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.

Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.

No credit card required. By clicking ‘Start a Free Trial’, I agree to Bench’s Terms & Privacy Policy.