With Bench Accounting, your health food store's bookkeeping is in good hands. We’ll provide regular updates on your financial status and all bookkeeping matters. Got urgent financial questions that need answering? Don't sweat it - we assure you a response in one business day or less.
Bench Accounting lets you automate data from leading providers, helping to eliminate typical errors. We work hand-in-hand with health-focused merchants like Gusto, Stripe, Shopify, and Square — ensuring your health food store's finances are always precise and dependable.
Wave farewell to heaps of invoices and tedious manual record-keeping—we automate the data directly from your connected accounts. Garner valuable insights from a unified dashboard, enabling you to effortlessly comprehend your health food store's financial well-being and make informed strategic decisions.
DR. BUKKY KOLAWOLE
As a health food store owner, there are several specific tax deductions you may be able to claim. Below are a few examples:
- Cost of Goods Sold: You can deduct the cost of any products you've bought for resale.
- Business Expenses: This could include rent, utilities, advertising expenses, insurance, and more.
- Home Office Expenses: If you run your health food store from your home, you may be able to deduct a portion of your mortgage or rent as well as utilities.
- Vehicle Expenses: If you use your car for business purposes, you may be able to deduct mileage, maintenance, and other associated costs.
Please keep in mind this is not an exhaustive list and the deductions you are eligible for may depend on your specific circumstances. To ensure that you are taking full advantage of all the deductions available to you, it is recommended to consult with a professional bookkeeper.
Inventory management and accounting for a health food store can differ significantly from other businesses because of the unique nature of the products they sell. Health food stores often have a wide array of products with varying shelf lives, local and organic products, and specialized items. These factors can create complexities in inventory management.
From the accounting perspective, it's crucial to accurately track and manage costs related to purchasing, storing, and potentially disposing of inventory. Also, considering that many health foods are perishable, effective inventory management is critical in minimizing waste. Last, the ever-fluctuating prices of health foods, largely due to varying supply and demand, can introduce some additional challenges in accounting.
Therefore, while the principles of inventory management and accounting remain the same, the health food store needs to apply them with an understanding of its particular industry nuances.
For health food stores dealing with perishable goods, there are several key accounting considerations. Firstly, the cost of goods sold (COGS) would be a vital factor to consider. Since perishable goods have a limited shelf life, managing your inventory efficiently to minimize waste and loss would be crucial. Secondly, understanding the inventory shrinkage– the loss of products between point of purchase from the supplier and point of sale. This could be due to spoilage, theft, or errors in inventory management. Accurately accounting for shrinkage will greatly impact your store's profitability. Lastly, tax implications for donated or discounted perishable items that don't sell before their expiry should be considered. Always consult a professional accountant or bookkeeper who is well-versed in the specific accounting needs of a health food store to ensure your business finances are handled properly.
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.