We'll keep in constant contact providing bookkeeping updates tailored for your toy store. Got urgent queries that need immediate addressing? We promise to respond within one business day or less.
Our intelligent platform takes care of all tedious data input tasks from key providers to negate any errors. We have partnerships with key payment processors and merchants such as Gusto, Stripe, Shopify, and Square—ensuring your toy store's finances are always precise.
Wave farewell to mountains of invoices and tedious manual recording—we handle inputs directly from connected accounts. Discover insights from a comprehensive dashboard designed for your toy store's needs. Effortlessly assess the wellbeing of your business and make future-thinking decisions.
DR. BUKKY KOLAWOLE
As a toy store business owner, you are entitled to claim several specific expenses as tax-deductible. These include:
- Purchasing costs for merchandise and inventory
- Rent or lease payments for your store location
- Utilities for your store like electricity, water, and internet
- Salaries and wages paid to your employees
- Marketing and advertising expenses
- Professional service fees (like lawyer, accountant, or bookkeeper fees)
- Shipping and postage costs associated with delivering toys
- Repairs and maintenance for your store or any equipment
- Relevant business insurance premiums
However, the tax laws can be complex and it's recommended to consult a professional tax advisor or bookkeeper to ensure you're claiming correctly and maximizing your deductions.
Managing inventory accounting for seasonal items in your toy store can be challenging but is crucial for accurate financial reporting and tax purposes. Here are a few steps you can take:
- Firstly, use the FIFO (First-In-First-Out) method to value your inventory. This means that the oldest inventory items are recorded as sold first.
- To keep track of your inventory, consider using inventory management software. This can help you monitor sales trends and manage ordering processes more efficiently.
- Seasonal fluctuations should be considered, which means adjusting your inventory levels before and after high demand periods.
- It's also essential to conduct regular physical counts of your inventory and reconcile it with your accounting records to ensure accuracy.
Implementing these practices can greatly improve your inventory accounting, however, they can be time-consuming and complex. At Bench Accounting, we offer bookkeeping services that can handle all your inventory accounting needs, ensuring accuracy and compliance.
The best way to track sales and revenue for different categories of toys in your store is by implementing a quality point of sale (POS) system or accounting software that allows you to categorize and track your inventory. These systems offer features such as product categorization, sales tracking, and comprehensive reporting that can help you understand where your revenue is coming from. Additionally, utilizing the services of a dedicated bookkeeper or accounting firm will ensure that your financial data is accurately managed and properly organized.
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.