We'll keep you constantly updated with bookkeeping specifics tailored for your shoe repair shop. Urgent queries that require quick answers? We'll respond to you within one business day or less.
Our platform enables you to streamline data entries from numerous major service providers, significantly reducing errors often seen in bookkeeping. We are in partnership with big-name businesses like Gusto, Stripe, Shopify, and Square — ensuring your shoe repair shop's financial records are always precise and error-free.
Say goodbye to heaps of receipts and the hassle of manual record-keeping—we streamline the process by automating inputs directly from your linked accounts. Experience crystal clear financial visibility from a single, central dashboard designed especially for Shoe Repair Shops. This empowers you to not only comprehend the fiscal health of your business with ease but to also make strategic decisions efficiently.
DR. BUKKY KOLAWOLE
Running a shoe repair shop has its own set of unique accounting challenges. Here are several things you should consider:
- Sourcing materials: This includes the cost of shoe repair equipment, adhesives, finishes, etc. These should be recorded as part of your cost of goods sold (COGS).
- Inventory: You'll need to keep track of your inventory, including any shoe care products or accessories, and make sure these are properly recorded in your accounts.
- Seasonal Fluctuations: The need for shoe repair may vary with different seasons, and it's crucial to account for these fluctuations in your revenue forecasts.
- Labor Costs: Shoe repair is a labor-intensive business. You’ll need to account for salaries, benefits, and any overtime pay.
To ensure you are considering all the relevant financial factors involved in running a shoe repair shop, it is recommended to consult with a professional bookkeeper who understands the specific necessities of your industry.
Bench Accounting specializes in providing personalized bookkeeping services tailored to your specific business needs. For your shoe repair business, we understand that there are unique bookkeeping aspects such as inventory management for different types and sizes of shoes, costs allocation for repair materials, and revenue tracking from varied repair services. Our team of professional bookkeepers will keep track of all these elements ensuring everything is recorded accurately and on time. With this, you can focus more on providing excellent shoe repair services while we handle the financial aspect of your business.
Yes, there are indeed specific tax deductions available for shoe repair shops. Expenses related to equipment purchases, maintenance, supplies, advertisement, the lease on the shop space, and even certain travel expenses can potentially be tax-deductible. Moreover, if you have employees, costs related to their wages, benefits, and training can as well be considered for deductions. A professional bookkeeper with experience in the shoe repair trade can prove invaluable in helping to identify these potential deductions and in ensuring that the appropriate documentation is maintained for tax purposes.
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.