The world of retail requires specialized accounting knowledge. Our accountants have experience in several retail industries, including:
- Grocery stores
Because of our retail expertise, we sometimes are much more than accountants because we simply find a better way. For example, one of our retail clients was doing front-end scanning of all inventory as it was sold and on its way out of the store. But that same inventory was manually entered when it first came in. As consultants to this $30 million retailer, we developed a software that scans all the inventory in the back room as it comes in, and submits that data directly into their accounts payable. Now they no longer have to key in all that information into their cost of sales.
As a retailer, you have to monitor your margins very closely. The sad truth is, sometimes it’s your employees impacting your profits. We can set up internal controls to help prevent theft and assist in analyzing financial statements so you recognize missing funds.
Shannon & Associates can help you improve and streamline your inventory control. We’ll evaluate your current system and make recommendations, thereby helping you to fully know the impact on your profits. Knowing your numbers will also mean streamlined staffing—making sure you don’t have too many or too few people on the floor at a time.
Restaurants have special accounting needs
Because it requires constant attention, spoilage is a big concern for restaurants. Again, it’s about inventory control: knowing how much you need or already have and when. By working with us as your management consultants, you’ll gain an awareness of its effect on your bottom line. Inventory control is probably not something you think about as much as, say, what to put on the menu for next month, and it shouldn’t be—that’s why we’re here. We’re the numbers folks, and when it comes to your margin analysis, we’ll analyze every possible way to maximize your profits.
For more about our retail experience, read our client spotlight:
We assisted a client in the restaurant industry with setting up QuickBooks. As a result, we began doing their tax work, as well as ongoing consulting as they opened three new locations. When this client built an office/retail building that cost $3 million, we saw an opportunity for them to realize tax savings by doing a cost segregation study. Shannon & Associates collaborated with engineers that have expertise in construction and knowledge of the tax laws. As a result, we identified $346,600 of costs to move to shorter recovery periods. The additional depreciation for the first year the building was placed in service was $195,500, resulting in an approximate tax savings of $68,000.
To learn more about our new Red Flag Fraud Hotline, click here. This is a new service designed to protect organizations, their people, and minimize financial losses.
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