We'll consistently provide you with up-to-date bookkeeping information. Do you have urgent inquiries regarding your grocery store's finances that simply can't be postponed? You can trust us to respond to your concerns in less than a business day.
With Bench Accounting, you can streamline your bookkeeping process by automating data inputs sourced directly from numerous established providers, avoiding potential errors. We collaborate with prominent partners such as Gusto, Stripe, Shopify, and Square, ensuring your grocery store's financial records are always precise and up-to-date.
Wave farewell to stacks of receipts and labor-intensive manual records—we automate inputs directly from your linked accounts. Garner insights from one centralized dashboard so you can effortlessly gauge the health of your grocery store and implement strategic decisions.
DR. BUKKY KOLAWOLE
Operating a grocery store business involves several accounting complexities. Here are few to consider:
- Inventory Management: Grocery stores often have large inventory turnover. Keeping track of all the goods in stock, those that need to be ordered, and wastages can be a daunting task.
- Variable Pricing: Prices of goods in a grocery store business can fluctivate frequently. This can make tracking profit margins challenging.
- Low Profit Margins: Grocery stores generally work on thin profit margins, making it critical to carefully manage costs and operating expenses.
- Seasonal Demand: There can be times of high demand - like holiday periods and times when certain produce is in season. The associated increase in inventory during these periods needs careful monitoring and managing.
Given these complexities, it’s important to have an experienced bookkeeper or accounting expert who understands these dynamics and can help manage your financials efficiently.
Bookkeeping provides essential insights that can greatly help in managing your grocery store's inventory and supply costs more efficiently. By tracking every purchase, sale, and return, bookkeeping gives you an accurate picture of your stock levels and the overall cost of goods sold. As such, you can identify and monitor trends in your inventory and make informed decisions about restocking to ensure you have the right amount of goods at the right time.
Furthermore, bookkeeping allows you to closely track your supplier costs. This can reveal opportunities for cost savings, for instance, by negotiating better terms with suppliers, identifying low-cost alternatives, or finding efficiencies in your ordering and receiving processes. Overall, effective bookkeeping can lead to improved inventory management, reduced wastes & losses, improved cash flow, and ultimately, higher profitability for your grocery store.
Yes, grocery stores often have specific tax provisions or deductions they can benefit from. A professional bookkeeper can assist with understanding these provisions, such as: deductions for cost of goods sold, business use of your home, and employee wage deductions. They can also help you navigate complex areas like food stamp redemption credits and carryback/carryforward losses. It's always good to consult with a professional to ensure you’re taking full advantage of the tax code.
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.