Retail is about record-keeping

As any retailer knows, success involves more than just exchanging goods for money. You need to understand product merchandising, advertising and marketing, stock control, customer service, market research, supplier negotiation and more.

And then there is the accounts. Cash flow, payroll, taxes, ledgers and so on, all have to be tracked carefully. With money coming in and going out all the time, you will not want to let anything slip through the cracks.

All of this means that you cannot run a successful retail business without keeping detailed records. And that is where a good accountant can help.

Why retail accounting is different

In accounting for other businesses, there is no need to track inventory. Retail accounting is unique in the taxes and laws that govern it. Here are some ways in which retail accounting is different:

• It is directly dependent on inventory costs
• Sales tax calculations are involved
• Payroll management needs to be considered
• The sheer volume of orders in a single accounting cycle can be daunting

How Motabar Accountancy can help

Whether you are a small shopkeeper, a high street retailer, a mail order company, or an online vendor, we can help you meet and exceed your business objectives. As a good small business accountant, Motabar has many years of experience helping companies like yours and can bring a different perspective to your unique business challenges. Besides our expertise in taxation and financial planning, we will be there to support your company throughout the year and not just at tax time.