Owners of retail businesses have to wear many hats. Competition is tough and sometimes causes retail stores to work on very small margins in order to attract customers. Inventory must be closely managed…one must have enough goods on hand to offer a full range of choices for customers, but not too much or some will not be sold at regular prices and require owners to sell at reduced prices so that fresh merchandise can be ordered. Hiring personnel is another important responsibility…hiring honest, conscientious employees at a pay rate that keeps them motivated, but not so high that profits will be negatively impacted.
So many areas to manage and all must be handled efficiently in order for the business to operate at a reasonable profit.
Many owners attempt to take on yet another responsibility—that of the accounting function. At times, it pays to hire professionals to assist with time-consuming tasks that demand a working knowledge of computer systems, tax laws, tax report filing procedures, proper accounting methodology to track inventory, labor costs and fixed assets.
In other words, paying a professional to handle the accounting for a retail business can actually save money in the long run. Missing a tax deadline or incorrectly classifying an expense could cost money in the form of penalties, interest and errors in financial statements that are the basis for tax calculations.
Accounting rules and tax regulations are complex and are changed frequently. It is a full-time job to keep current with regulations and to ensure that the bookkeeping is up to date and without errors.
Turlington and Company, L.L.P. has experienced, professional CPAs on staff whose entire career revolves around keeping current with accounting and tax rules and regulations.
By utilizing our many services, including tax preparation and reporting, forecasting, basic accounting functions, financial planning, employee benefit plans, financial statement preparation, fraud prevention and risk management, owners can concentrate on running their daily operation. It is best to focus your energy in the area where you have the skills to succeed and delegate responsibility for functions that require a different skill-set.
At Turlington and Company, L.L.P., we focus on high-quality accounting and tax guidance and assistance in order that our clients’ businesses may grow and prosper. Our associates are all experienced in their field and want to help your business.
Please contact us to discuss how we may be of service. Whether you have a large or small organization, we know that we can provide the services necessary so that you can have peace of mind concerning your record-keeping and tax reporting.