Bookkeeping and Accounting for Optical And Eyewear Stores

Looking for a bookkeeper and accountant for your optical and eyewear store? We handle your books, giving you more time to focus on perfecting your customers' vision. Try us for free.

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How Bench works with optical and eyewear stores

Get your bookkeeping, income tax prep, and filing done by experts—backed by one powerful platform. Bench specializes in working with Optical and Eyewear Stores, helping you keep a clear view of your financials.

We get you set up

Our team dedicates time to thoroughly comprehend your optical and eyewear store, resolve your queries, assist you in connecting your accounts, and demonstrate how Bench can benefit your business.

We do your bookkeeping

Every month, your dedicated bookkeeper diligently categorizes your optical or eyewear store's transactions and creates financial reports. If additional information or clarification is needed from your end, they'll promptly reach out to you.

We deliver tax-ready financials

Our team of experts is well-versed in the specific tax regulations related to optical and eyewear stores, and will tailor their approach to meet your business' exclusive requirements.

Here’s why optical and eyewear stores like you trust Bench with their bookkeeping and accounting

Get fast, unlimited support from our expert advisors

At Bench, we'll consistently communicate with your optical or eyewear store, providing essential bookkeeping updates. Do you have urgent questions about your finances? We'll get back to you within one business day or less.

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screenshot of Bench support app

Guaranteed accuracy in every detail

Bench Accounting provides an automated platform catered to Optical and Eyewear Stores, designed to streamline data entries from leading providers and eliminate frequent errors. We have partnered with renowned merchants such as Gusto, Stripe, Shopify, and Square, ensuring your financial records remain precise and dependable at all times.

See where you’re spending. Make smart decisions

Say farewell to mountains of invoices and tedious manual record keeping— Bench Accounting automates data entry directly from your connected accounts. Gain insights from a single, centralized dashboard enabling your Optical and Eyewear Store to effortlessly understand your business health and make well-informed, strategic decisions.

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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
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We know bookkeeping for optical and eyewear stores

In the Optical and Eyewear industry, managing financial affairs can be complex with the unique taxation rules, ever-changing laws, and specific bookkeeping issues. That's where Bench comes in. We understand this industry's specific needs like tracking inventory, assessing the cost of goods sold, detailed categorization of sales and purchases, and handling specialized equipment depreciation. Our real, human bookkeepers are equipped and informed about the nuances of taxes and regulations specific to your industry, from the unique sales tax application on eyewear products to the depreciating value of specialized optometry equipment.

The Bench team relieves small business owners in the optical and eyewear industry from the stress of bookkeeping and tax compliance by using our proprietary, intuitive software. Instead of worrying about managing finances, store owners can focus on what they love - providing high-quality eyewear and optical services to their customers. Whether it's keeping track of revenue from prescription glasses, sunglasses, or eye exams, or managing expenses like employee salaries, store overheads, and equipment costs, Bench takes care of it all. We help simplify your financial management process, ensuring your business operates efficiently and within full compliance of industry-specific laws and regulations.

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

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How does accounting for optical and eyewear stores handle inventory management for different types of eyewear?

Accounting for optical and eyewear stores requires detailed inventory management due to the vast range of products with varying styles, categories, and prescriptions. The process involves tracking each item meticulously with its type, purchase cost, selling price, and most importantly, its availability in the store. It involves techniques such as:

  • First-In-First-Out (FIFO): This method assumes the first glasses purchased or produced are the first ones sold. This ensures that inventory valuation is closest to the current market cost.
  • Just-In-Time (JIT): This method helps to maintain low inventory levels by ordering stock just before it's required for sale. It reduces storage costs and ensures freshness of the offerings to customers.
  • Dropshipping: This method allows eyewear stores to order directly from manufacturers or wholesalers only after customers have made purchases, eliminating the need to hold large amounts of inventory.

Each of these techniques can be implemented according to the specific needs and demands of the eyewear store. To ensure accuracy and efficiency, many optical stores leverage accounting software that automates parts of inventory management.

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What specific tax considerations should I be aware of for my optical and eyewear store?

As an owner of an optical and eyewear store, there are several specific tax considerations you should be aware of. Firstly, you may be eligible for deductions on business expenses, which can include things like purchasing inventory, marketing, insurance, and the cost of running your store. Secondly, if you're selling prescription eyeglasses or contacts, your sales might be considered exempt from sales tax, depending on your state’s tax rules. You should also consider taxes related to employee payrolls, property, and potentially an excise tax if your state applies this to medical devices. Lastly, the IRS has section 179 which can allow businesses to deduct the full cost of certain types of property from their taxes, eyewear might fall under this category. Please consult a professional bookkeeper or certified public accountant to fully understand the potential tax considerations for your specific business circumstances.

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Are there unique bookkeeping practices for managing insurance claims in the optical and eyewear industry?

Yes, there are unique bookkeeping practices for managing insurance claims in the optical and eyewear industry. These involve interpreting insurance payments, processing insurance claims, and managing cash flow impacts from different types of insurance claims. As every industry has unique needs and challenges, these tasks require a specialized understanding of both bookkeeping and the optical industry. Working with a professional who has expertise in these areas can ensure accurate and efficient handling of your financial records.

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Does Bench outsource bookkeeping?

Nope! All bookkeeping is completed in-house.

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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.

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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 Optical and Eyewear 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, valued at $299.

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