Bookkeeping Services for Retail Businesses

Sky is the limit -Reach new heights in the retail sector with affordable retail bookkeeping services from Velan!

Bookkeeping services for retail businesses is often more complex and has a higher volume of transactions (sales, purchases and bank entries) than many service businesses.

Reach new heights in the retail sector with the help of Velan's cost-effective retail bookkeeping services.

Velan creates reports that reflect not only the traditional profit and loss statement, but reports that focus on same store revenues and expenses, revenues and expenses by product line and overhead expense containment. Inventory is one of your biggest investments, so we have created reports that maximize inventory turns and control costs.

In-house Accountant Cost

Salary + Tax + Incentives + Vacation Pay

A Velan Accountant Cost

< Salary Do the Math

Our Bookkeepers Certifications

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Choosing the Right Tools: Velan's Expertise in Accounting Software

Outsourced Bookkeeping Service Offerings for Retail Businesses

Payroll Processing Services

Payroll Processing Services

Payroll processing covers employee financial information such as deductions, bonuses, overtime, taxes, and more.

Cash Flow Management Services

Cash Flow Management Services

To effectively estimate cash flow demands, cash flow management tracks and controls business cash flows

Financial Analysis and Reporting Services

Financial Analysis and Reporting Services

Financial reporting and analysis track a company's sales, expenses, profits, capital, and cash flow.

Accounts Receivable Services

Accounts Receivable Services

Accounts receivable services handle cash flow and customer payments. Invoicing, collections, and customer service are examples.

Accounts Payable Services

Accounts Payable Services

Accounts payable processes vendor invoices and maintains short-term debts in the general ledger.

Fixed Asset Management

Fixed Asset Management

Fixed Asset Management records and tracks long-term assets from acquisition to disposal. To meet accounting and reporting rules, companies must keep accurate records.

Point of Sale (POS) Integration

Point of Sale (POS) Integration

A point-of-sale integration connects your POS system (where all transactions occur) to business software for accounting, marketing, ecommerce, and payment processing.

Monthly and Year-End Closing

Monthly and Year-End Closing

Monthly financial accounting data gathering, analysis, and reconciliation is the month-end close.

Bank and Credit Card Reconciliation

Bank and Credit Card Reconciliation

Simply compare your internal financial records to your bank's records to reconcile your bank statements. This approach helps you spot fraudulent or accounting problems in a typical transactions.

Inventory Tracking and Management

Inventory Tracking and Management

A firm tracks its inventory, which is usually raw materials, unfinished goods, and ready-to-sell things

Tax Preparation, Filing and Reporting

Tax Preparation, Filing and Reporting

The system covers tax automation, data collection, computation, return-to-accrual automation, reporting and analysis, and country reporting for corporate tax provision.

Financial Budgeting and Modelling

Financial Budgeting and Modelling

Your budget forecast financial model produces a budget with your target expenses and income for a given time period.

Why should retailers outsource their bookkeeping services?

Businesses in the eCommerce sector might get valuable time back when they outsource their bookkeeping to a third party. Further, it is possible to save money and guarantee excellent services by having access to skilled and experienced online bookkeepers. If you're a store owner or manager, keeping accurate records of your financial transactions enables you to make quick decisions. Improve your cash flow, get paid early, ven score holiday discouandents from your vendors and suppliers with our efficient eCommerce accounting and bookkeeping solutions for retail businesses.

As a result, precise financial reporting can eventually lead to tax preparation, financial planning, and proper budgeting.

Velan Simplifies Accounting and Bookkeeping for Your Retail Company

Our service helps you lower your risks, make the most of your cash, and get the money you need to make sure your business strategies and growth plans are in sync. It's hard for small and medium-sized store owners to keep their books balanced and up to date when there are a lot of things that need to be done, like meeting changing customer needs, following tax and regulatory rules, dealing with local and online competitors, rising labour costs, and more. With our specialised ecommerce bookkeeping and accounting services, we help stores in the following ways

  • Incorporate a point-of-sale (POS) system into operations to streamline the monitoring of inventory and sales.
  • Utilise cloud-based accounting software to expedite bank reconciliations, expense monitoring, and billing, among other processes, by providing your retail business with real-time visibility into its financial health.
  • Transactions can be classified into distinct categories, including revenues, expenses, assets (including inventory values), and liabilities, to facilitate financial monitoring and analysis.
  • Consistently examine and harmonise financial statements, including but not limited to income, balance sheets, and cash flow statements, in order to prevent anomalies in cash flow or excessive expenditures.
  • Inventory valuation requires a decision between FIFO (First In, First Out) and LIFO (Last In, First Out) costing methodologies in order to produce accurate financial statements.
  • To ensure that your financial records reflect an accurate and current inventory balance, record inventory transactions precisely.

Benefits of Outsourcing bookkeeping for Retail business:

There are numerous advantages to outsourcing bookkeeping to a retail store, including:Full-service accounting allows you to focus on key responsibilities for business success.

  • Implementing the most effective workflows and automation technologies to help you scale quickly
  • Easily scalable services for single/multi-locations and franchisee stores.
  • Access to technology, domain, and accounting expertise is all under one roof.
  • Using accounting to deliver significant insights into financials and business performance.
  • A team of professionals can help you eliminate inefficiencies in retail accounting while remaining compliant.
Online Bookkeepers & Accountants

How Secure is Your Data With Us?

Velan understands the importance of safeguarding customer data throughout its entire operational lifecycle. We ensure the uttermost protection of customer property throughout the entire product development process, including storage and logistics. We demonstrate our dedication to data security through the implementation of ISO 27001 in our office.

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Bookkeeping for Retail Business

Frequently Asked Questions

How does retail accounting work?

Retail accounting entails recording and monitoring financial transactions unique to retail firms. It entails activities such as tracking sales, checking inventories, and managing spending. Our retail bookkeeping services simplify the process by maintaining precise and organised financial records that allow firms to make educated decisions.

Is my financial information safe with an outsourced service?

Absolutely. We prioritise the protection of your financial information. Our outsourced bookkeeping services follow industry-leading security protocols, including encryption, access controls, and frequent audits. Our team is devoted to protecting the confidentiality and integrity of your financial information, giving you peace of mind about data security.

How Much Does a Retail Bookkeeper Cost?

Excluding benefits, part-time bookkeepers will charge between $400 and $800 per month for fundamental bookkeeping. Without benefits, anticipate paying between $3,000 and $4,500 per month for full-time services. Basic bookkeeping tasks can be outsourced for $500 to $2,500 per month.

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