At Bench Accounting, we know that running a sporting goods store comes with its unique set of challenges and financial complexities. This is why we're here to tackle your bookkeeping tasks for you. We'll provide regular updates on your financial status and ensure your books are always up to date. Should any urgent questions or concerns arise, rest assured we will address them in one business day or less.
Our platform seamlessly integrates data from major providers to help streamline your bookkeeping and sidestep usual errors. We collaborate with top merchants including Gusto, Stripe, Shopify, and Square—ensuring your financial transactions for your sporting goods store are always precise.
Say farewell to heaps of invoices and laborious manual inventory tracking—we streamline your financial data directly from linked accounts. With Bench Accounting, sporting goods stores gain insights all in one central dashboard, allowing for easy comprehension of their business health and making strategic decisions a walk in the park.
DR. BUKKY KOLAWOLE
Yes, tracking inventory is an essential part of the accounting process for a sporting goods store. Inventory is considered a current asset and plays a significant role in determining profit and tax liability. Proper inventory management helps avoid discrepancies in financial statements, ensuring accurate income and overall financial health of your business.
Yes, at Bench Accounting, we offer comprehensive bookkeeping services which include the processing and recording of all sales transactions. So, whether you're selling sports equipment or other merchandise, our team of skilled bookkeepers can accurately track and record all your sales to ensure that your financial records are accurate and up-to-date. We not only assist in recording the income but also in categorizing it correctly so you can effortlessly keep track of your business's financial performance.
Managing returns and exchanges in your store's bookkeeping system is crucial for maintaining accuracy in your financial records. There are few steps you can take:
- Set up a clear returns and exchanges policy: This policy should detail under what conditions a product can be exchanged or returned, and the timeline for these actions.
- Use a dedicated account: Assign a specific account for returns and exchanges, do not mix it up with the regular sales.
- Maintain accurate records: Make sure to record every return and exchange transaction immediately. This will assure the accuracy of your inventory and accounting data.
- Monitor your accounts: Regularly review your return and exchange account to identify any trends or abnormalities that could indicate issues or financial loss.
- Work with a bookkeeper: A professional bookkeeper can help manage these transactions, ensuring they are correctly logged in your system. If you are using Bench Accounting, our dedicated bookkeepers are here to help.
Correct handling of returns and exchanges can prevent discrepancies in your financial reporting and ensure you have the most accurate picture of your business’s financial health.
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.