Bookkeeping and Accounting for Rug Stores

Looking for a bookkeeper and accountant for your rug store? We manage your books, giving you more time to focus on crafting beautiful rugs and running your store. Try us for free.

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How Bench works with rug stores

Streamline your bookkeeping, income tax prep, and filing with the expertise of Bench. We're not just a powerful platform—we are a dedicated team specialized in handling the financial intricacies of rug stores.

We get you set up

Our passionate team dedicates the needed time to fully grasp the nature of your rug store, answer your queries, assist you with connecting your accounts, and guide you on how Bench can simplify your bookkeeping process.

We do your bookkeeping

Every month, your dedicated bookkeeper meticulously organizes your rug store's transactions and prepares in-depth financial statements. Should they require any further information from you, they will promptly reach out.

We deliver tax-ready financials

Our team of experts is well-versed in rug retail tax regulations and will tailor their approach to your rug store's specific needs.

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

Get fast, unlimited support from our expert advisors

We consistently provide our rug store clients with bookkeeping updates. Have any immediate queries that require quick answers? You can trust us to respond to you within one business day or even less.

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screenshot of Bench support app

Guaranteed accuracy in every detail

Our platform makes it simpler to automate data entries from nearly all primary providers, reducing the chances of typical errors. We've built partnerships with key merchants like Gusto, Stripe, Shopify, and Square to ensure your rug store's financials are always precise and up-to-date.

See where you’re spending. Make smart decisions

Say farewell to mountains of receipts and tedious manual documentation—our system provides automation directly from your linked accounts. From a simple, centralized dashboard, rug store owners can gain clear insights about their business health and make informed strategic decisions. Trust Bench Accounting, where we simplify bookkeeping for the world of rugs.

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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 rug stores

At Bench, we understand the unique bookkeeping complexities of the rug store industry. Managing inventory, sales, and returns can be an overwhelming task, especially when factoring in the variances in taxation depending on the type of product and location. We also understand that import and export laws may also heavily influence your day-to-day operations and, subsequently, your bookkeeping needs. With our exceptional blend of intuitive software and human expertise, we make bookkeeping and taxation for rug store owners streamlined and hassle-free.

Our team of expert bookkeepers at Bench is familiar with industry-specific taxation and laws that pertain to the rug store owners, ensuring your books are accurately maintained and compliant with pertinent regulations. Whether it's managing sales tax for both local and out-of-state customers or dealing with import-export regulation-related transactions, we've got your books covered. We lessen the burdens of bookkeeping and allow you to focus your strengths where they belong - sourcing, selling beautiful rugs, and growing your business. Combining industry savvy with personalized, real human touch, Bench revolutionizes bookkeeping for small business rug store owners.

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 the accounting process for inventory in a rug store work?

The accounting process for inventory in a rug store typically follows the following steps:

  1. Initial Purchase: The rug store buys inventory from a supplier. The cost of this inventory is recorded as a debit to the inventory account, which is a current asset on the balance sheet.
  2. Inventory on Hand: The rugs remain as inventory on the balance sheet until they are sold. They are valued at the cost price, which includes the purchase price as well as any additional costs needed to get the rugs ready for sale, like shipping or handling fees.
  3. Sale of Rug: When a rug is sold, the value of the sold inventory is shifted from the inventory account to the cost of goods sold (COGS) account. This is a debit to the COGS and a credit to the inventory account.
  4. Profit Calculation: Revenue from the rug sale is recorded in the sales revenue account. The difference between the sales revenue and COGS gives the gross profit made from the rug sale.

This process repeats for every rug purchase and sale transaction, helping the rug store keep track of its inventory levels, costs, and profits.

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What is the best way to handle bookkeeping for rug imports and exports?

The best way to handle bookkeeping for rug imports and exports is by ensuring accurate record-keeping and understanding the specific industry regulations. It's crucial to track all costs related to purchasing, shipping, and customs fees. On top of these, you should also monitor your sales and returns meticulously. The exchange rates as at the transaction dates are other essential details to keep tabs on. Given the complexity of all these elements, it's highly recommended to use a cloud-based bookkeeping software or hire a professional bookkeeper experienced in import and export businesses. They can help you maintain precision, stay compliant, and minimize tax liabilities, allowing you to focus on your core business activities.

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Can I claim depreciation on luxury rugs held in stock for a long period?

No, you generally cannot claim depreciation on luxury rugs held in stock for a long period. Depreciation applies to fixed assets like equipment, vehicles, and buildings that lose value over time due to wear and tear. Luxury rugs held in stock as inventory are not classified as fixed assets and thus cannot be depreciated. However, any fall in market value can be recognized in your yearly financial statements. Be sure to consult with your accountant or tax advisor for professional advice.

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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 Rug stores

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.

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