Accounting and Bookkeeping Services for Retail Store Businesses

More goes into operating a retail store besides merely selling goods. It involves inventory purchasing, payments made to vendors, paying your staff, card transactions, return of goods, and operational costs. Proper accounting and tracking of such activities make it difficult to calculate the actual profitability and liquidity of your business.

We provide accounting for retail store businesses which will allow you to maintain your accounting process and produce the financial statements required by you. Regardless of whether you own one or multiple retail stores, and regardless of the mode through which you sell your goods (whether offline or online), we can provide you with an accounting service that fits your needs.

With the assistance of professionals in bookkeeping and financial statements produced by us, you will be able to allocate more time to serving your customers and less time to paperwork.

Outsource Bookkeeping for Retail Stores

Managing finances in a retail business internally might turn out to be an unwieldy process owing to the increase in the volume of transactions. Bookkeeping, which includes recording of sales receipts, invoices, point of sale transactions, payment gateway transactions, and banking statements, becomes critical and will take a lot of your time. Outsource retail store bookkeeping to ensure these tasks stay well-organised without having to do everything yourself.

At GPMJ Global we provide flexible bookkeeping and accounting services depending on your transaction volume, business processes and reporting needs. We will be able to use your accounting software and available accounting information to help maintain regular bookkeeping for your retail business targeting markets like USA, UK, Canada and Australia.

The services offered by us include:

01. Financial Statements

Preparation of income statement, balance sheet and any other financial statements mutually agreed upon that will help you gain an insight into sales, cost of operations, assets, liabilities and profits. Well-prepared financial statements will provide you with a clearer picture about your store’s financial situation.

02. Accounts Receivable Management

Recording of customer invoices, balance, collections and overdue balance if any. Proper organization of receivables will be beneficial for you in managing your collections.

03. Accounts Payable Management

Recording of suppliers’ invoices, vendor accounts and payments due dates. Proper organization of payables will help you manage your payments and maintain good relations with your vendors.

04. Payroll Management

Keeping track of payroll accounting records, salaries and payroll expenses as per your mutually agreed requirements.

05. Tax Filings

Maintain records of sales, purchase, payroll, and expenses for tax filings and any required reporting. The service may be tailored to the particular jurisdiction and agreed scope; tax filings and advice services may be verified prior to the provision of the service.

06. Maintaining General Ledger

Track and account for all retail transactions in the respective accounts such as sales, purchases, rent, utility expenses, salaries, merchant fees, and other related expenses.

07. Fixed Asset Management

Keep track of all equipment, computer systems, furniture, fittings, and fixed assets used by the business. Depreciation accounting will make it possible for you to properly reflect the value of the fixed assets in the financial records.

08. Bank and Accounting Reconciliation

Compare your bank statements and accounting records for variances and follow up on the same. Where possible, reconcile the bank statements with POS sales, merchant charges, payment gateway settlement, refunds, and bank deposits.

Why Should You Choose GPMJ Global for Retail Bookkeeping?

Retail enterprises require accounting services that consider the day-to-day running of the enterprise. GPMJ Global is well versed in organizing documentation, bookkeeping, and accounting data that would be instrumental in helping the business owners make sound decisions.

Bookkeeping for retail: Organizing documentation of sales, purchases, costs, and vendor transactions through reliable retail store bookkeeping.

Comparison and reconciling of POS and payments: Comparing sales documentation, payments, and bank deposits in an attempt to detect discrepancies.

More details on expenses: Organizing documentation of recurring expenses like rent, salaries, utilities cost, merchant fees, etc.

Inventory accounting: Organizing documentation of purchases and inventories according to your business information.

Customized Outsourcing: Choose the level of services you would like based on the number of transactions, size of the business, and the reporting needs.

Bookkeeping for growing business: Adjust bookkeeping processes according to the growth of your business, opening new outlets, or selling through other channels.

Systematic and accurate bookkeeping in your retail store will give you insights on where the money is coming from, how it is spent, and what expenditure should be controlled.

Our Bookkeeping and Write-Up Services

Your Needs

Provide us with information regarding your retail business, accounting problems that you are facing, number of transactions, and your needs from the services offered.

Inquiry

You can reach us at +91 887 887 1100 or can send an email to connect@gpmjglobal.com for any inquiries regarding our services.

Confirmation

Review the service scope, cost, reporting requirements, and information that we need. On confirmation of the project, we will start with the agreed accounting services.

Our focus

We will attend to your accounting and bookkeeping services, while you attend to offering customer service and inventory control services.

Retail Accounting and Bookkeeping Services by GPMJ Global

A well-organized accounting system for a retail business depends on accurate record keeping and transaction posting. GPMJ Global offers you outsourcing services of bookkeeping, accounting reporting, and other associated accounting services, including accounting for retail store businesses.

In case you require any help regarding maintaining records, reconciling accounts, and resolving any backlog in bookkeeping, GPMJ Global can provide you with an effective solution for your problems.

Start off with efficient retail accounting. Contact GPMJ Global and have a complimentary consultation today!

Frequently Asked Questions

1. What are the elements involved in accounting for a retail business?

Some elements of retail accounting can include accounting transactions such as sales, purchases, expenses, accounts payable/receivable, bank reconciliation, inventory transactions, payroll accounting, and preparation of financial statements.

2. Why is it wise for a retail shop to outsource bookkeeping services?

This will help ease the task of keeping accounting records. Outsourcing of bookkeeping will ensure timely and correct entries and help maintain consistent retail store bookkeeping.

3. Can GPMJ Global operate multiple retail stores?

Yes. Assistance with bookkeeping can be provided based on factors such as the volume of transactions and the accounting systems used, among others.

4. Is it possible to reconcile POS sales with bank deposits?

Yes, there is. It is possible to reconcile sales transactions with payment and bank deposits transactions, in case there are relevant POS and payment processor reports.

5. Is inventory accounting part of retail bookkeeping?

Retail bookkeeping can include inventory accounting as far as the cost of the goods purchased, physical inventories, and other agreed accounting transactions are concerned.

6. What is the cost of outsourced retail accounting?

This will be determined by your transaction volume, number of branch offices, degree of accounting difficulty, reporting frequency, and other factors. Feel free to contact GPMJ Global to get an offer for accounting for retail store businesses.

Ready to shed light on the finances of your business? Contact GPMJ Global and get your quote now.