ACCOUNTING FOR RETAIL AND HOSPITALITY | NUMERICO
The retail industry is an exciting and ever-changing one. Trends for products can change in the blink of the eye. Tickle Me Elmo, Cabbage Patch Dolls, and Beanie Babies are all examples of what a trend in retail can create.
There is a mass appeal for shopping and consuming products, and the industry moves fast. In order to be successful, it is important to really understand your business before embarking on such a venture. If you’re in the industry this includes understanding accounting for retail and hospitality.
Outsourced Accounting Services For Small Busineess
Whether you’re looking for basic outsourced accounting services to free up your time, or a strategic business planning partner to help grow your business, Numerico can customize our services to meet the needs of your business.
The accounting services at Numerico, PC are specifically designed to save you time and provide all the financial support needed to make important business planning decisions. What can we help you with?
OWNING A RETAIL BUSINESS
BENEFITS OF OWNING A RETAIL STORE
- You can easily hold sales or issue coupons to drive sales.
- No accounts payable or receivable.
- Freedom to have the type of store you want and sell what you want.
- You can surround yourself with products that you like and are interested in.
POTENTIAL BUMPS IN THE ROAD
- Large inventory overhead.
- Location and upkeep of the space.
- Inconsistent monthly sales.
- Returned and damaged merchandise.
Working in retail can make for a very successful career. Employing roughly 14.5 million people, the total sales in this industry in 2011 were $4.7 trillion in the US. This represents an 8% increase over 2010 total retail sales.
OWNING A HOSPITALITY BUSINESS
The hospitality industry is different because, in many cases, you sell a service or an experience. Examples include a hair salon or spa, a restaurant, or a gym. A tangible product doesn’t change hands, but a transaction still takes place. Although different from retail, these industries are often combined. Hospitality accounting includes:
- Preparing a precise collection of month-end accounts.
- Budget preparation.
- Business planning.
- Creating financial statements and balance sheets.
This is far from an exhaustive list. The accounting needs of a hair salon will still vary from those of a gym. That’s where Numerico comes in. Far from cookie-cutter, we tailor our strategy to your unique concept and goals. The result? Industry-specific solutions tailored to help achieve your business objectives.
NUMERICO: ACCOUNTING FOR RETAIL AND HOSPITALITY INDUSTRY
The team of financial advisors at Numerico will add to your success with our wide range of outsourced accounting and bookkeeping services. We aid experienced owners in running their business more efficiently with services like small business accounting and consulting and advisory. Likewise, we set new business owners up for success with our business planning services and QuickBooks solutions.
Each entrepreneur and company are different. As accountants serving Livonia, Canton, Dearborn, Van Buren Charter Township, Farmington Hills, Ann Arbor, Madison Heights, Westland, Novi, Northville, Plymouth, Bloomfield Hills, Auburn Hills, MI and beyond, we pride ourselves on giving you the personal attention you need to reach your goals. If you’re in need of retail industry accounting or hospitality industry accounting, we encourage you to schedule a consultation.