Bookkeeping and Accounting for Military Surplus Stores
Looking for a bookkeeper and accountant for your military surplus store? We do your books, so you get more time to focus on serving customers with essential gear. Sign up today and get a free month of bookkeeping, valued at $299.
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How Bench works with military surplus stores
Get your bookkeeping, income tax prep, and filing done by experts—backed by one powerful platform. Bench works efficiently with military surplus stores.
We get you set up
Our team dedicates time to delve into the nuances of your military surplus store, answer any inquiries you may have, assist you in connecting your accounts, and demonstrate how Bench can optimize your bookkeeping.
We do your bookkeeping
Each month, your dedicated bookkeeper will neatly arrange your military surplus store transactions and prepare financial statements. If they require any additional information from you, they will promptly contact you.
We deliver tax-ready financials
Our team of professionals is knowledgeable with US tax regulations and will tailor their approach to your military surplus store's distinctive requirements.
Here’s why military surplus stores like you trust Bench with their bookkeeping and accounting
Get fast, unlimited support from our expert advisors
We’ll consistently provide you with updates on your bookkeeping status, tailored for military surplus stores. If you have urgent queries that demand immediate attention? Be assured, we'll revert back to you within one business day or even less.
Guaranteed accuracy in every detail
Bench Accounting has the tailor-made solution for military surplus stores looking to streamline their bookkeeping process. Our platform empowers you to automate data entries from a vast array of leading providers, thereby eliminating common errors. We've joined forces with industry giants such as Gusto, Stripe, Shopify, and Square to ensure your financial records are always precise and up-to-date. Opt for Bench—because we understand the unique needs of your business.
See where you’re spending. Make smart decisions
Say farewell to mountains of invoices and the laborious process of manual recording—we take care of direct automation from your connected accounts. Utilize insights from a comprehensible central dashboard, allowing you to easily gauge the wellbeing of your military surplus store and formulate strategic plans.
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
CHRIS RONZIO
DR. BUKKY KOLAWOLE
HEATHER SHOLL
We know bookkeeping for military surplus stores
At Bench, we understand the unique financial nuances that come with running a military surplus store. From managing and tracking inventory, understanding the constantly changing local, state, and federal laws on sale of certain surplus items, to navigating the complexities of sales and import taxes. With the added challenges of fluctuating inventories of military surplus gear, the bookkeeping needs can be complex. That's why our bookkeeping service goes above and beyond to provide detailed, accurate records and financial advice specific to your industry, so you can focus on what matters most—serving your customers.
Our approach to bookkeeping for military surplus stores is unprecedented, combining advanced software with a team of human bookkeepers who understand the intricacies of your business. We manage the financial ins-and-outs of your store, following the precise and specialized rules and regulations in place for military surplus retailers. This pairing of technology and industry-knowledgeable bookkeepers helps us deliver accurate, timely, and compliant bookkeeping services. Whether it's calculating sales tax on selling regulated military gear or managing import tax on international goods, we take care of these aspects with unparalleled accuracy, ensuring your business runs smoothly and profitably.
Simple, straightforward pricing for everything your business needs.
Join over 35,000 US-based business owners who have streamlined their finances and have grown their businesses with Bench.
Choose Plan
Bookkeeping
billed annually. 100% tax deductible.
Bookkeeping & Tax
billed annually. 100% tax deductible.
Bookkeeping
billed monthly. 100% tax deductible.
Bookkeeping & Tax
billed monthly. 100% tax deductible.
Frequently Asked Questions
As a military surplus store owner, various tax policies may apply to your business. Some areas to consider include sales tax for retail goods, business income tax, and potentially more specific areas such as taxes on military goods. This could vary greatly depending on your location and the specifics of your operation. It's highly recommended to consult with a professional bookkeeper to ensure you're adhering to all relevant tax codes and maximizing your financial efficiency.
Conducting bookkeeping for both purchasing surplus goods and selling them in your store involves a few key steps. Here's what you need to do:
<ul><li>Firstly, record the cost of purchasing your surplus goods as an expense in the 'Cost of Goods Sold' (COGS) account. The COGS includes the direct costs attributable to the production of the goods sold in a company. This would reduce your business revenue and consequently the taxable income.</li><li> Secondly, when you sell these goods, you should record the revenue from each sale. The proceeds from the sale should increase your 'Sales' account under revenues. </li><li>Finally, jouralize the inventory changes. When you purchase or sell items, adjust your 'Inventory' account to reflect the current levels. The 'Inventory' account is a current asset account on the balance sheet. </li></ul>
Keeping accurate records for these two simple transactions can ensure your financial statements are accurate and can greatly aid in the strategic, planning decisions for your business.
Inventory accounting in a military surplus store involves some unique elements. To ensure accuracy, effectiveness, and compliance, consider the following best practices:
- Stay Organized: Given the diversity and distinct nature of goods in a military surplus store, it's critical to stay thoroughly organized. Categorize items in a clear, conventional manner to avoid confusion.
- Regular Inventory Audits: Regular audits are crucial in keeping track of physical inventory. Perform periodic checks to identify discrepancies and take immediate corrective action.
- Detailed Records: Maintain scrupulous records for every item in your inventory: its procurement, selling price, quantity, etc. This creates a comprehensive history, facilitating effective decision-making in the future.
- Use Advanced Tools: Utilize advanced accounting software designed for inventory-based businesses. These tools offer automation features that simplify tasks like updating records and calculating costs.
- Stay Updated with Tax Laws: Various tax laws apply to inventory-based businesses. Ensure you're complying with local, state, and federal tax laws to avoid penalties.
With these practices, a military surplus store can more effectively manage its inventory accounting, save time, and ensure accuracy.
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.
Bookkeeping Services for Military surplus stores
Discover how we can help you have better finances with a personalized demo from a Bench expert, ready to answer all your questions. Sign up as a customer today and get a free month of bookkeeping.
No credit card required. By clicking ‘Get Started’, I agree to Bench’s Terms & Privacy Policy.