Accounting and Advisory Services for Retailers in Minneapolis and St. Paul, MN
No two days are the same. This is both the blessing and curse of owning a retail business. While this makes your job fulfilling and exciting, it can also make it hard to plan for the months and years ahead. A laundry list of factors can affect your bottom line, from seasonal demand to commodity pricing. Depending on your industry, there are countless regulations to pay attention to and tax requirements to fulfill. Of course, all of this is further complicated if your business has a lot of moving parts.
At JAK, we understand the unique needs of retailers. We work with both brick-and-mortar and online retailers in the pharmaceutical, building supply, grocery, liquor, medical equipment, and sporting goods spaces, to name a few. Our accountants and consultants are here to help you manage the ever-changing demands of your business and increase your profits for the long haul.
Our accounting and consulting services for retail clients include:
- Tax return preparation
- Financial statement audit, review, and compilation
- Agreed upon procedures for inventory counts
- Succession planning
- Entity selection
- Sales tax audit assistance
- Business consulting
- QuickBooks consulting
Is There a Better Way to Manage Your Inventory?
Managing inventory is critical to a successful retail business. Determining the right amount of inventory to hold can be a challenge, especially if your business is prone to seasonality. And then there’s the physical counting of it. If you find yourself dreading inventory count days, we have good news: It doesn’t have to be a taxing ordeal. There are ways to do it that don’t involve staying overnight with a very long product list!
The JAK team can observe your current inventory count process and offer recommendations for improvements. We can even assist you in conducting inventory counts if needed. As part of our services, we can also analyze inventory on your balance sheet and income statement to help you determine the appropriate amount of inventory to hold.
What Is a Good Retail Profit Margin?
The truth is, different businesses require different profit margins. An appropriate profit margin may even vary between different locations of the same business. The right margin for your business will depend on several factors such as your industry, overhead expenses, and goals. Your JAK CPA can help you calculate this number. If your business has multiple locations, we can help you establish margins as well as the amount of location-specific volume you’ll need to make ends meet.
What Retailers Should Know About Sales Tax
It’s easy to get tripped up in knowing when to collect and pay sales tax. This is especially true when dealing with municipal sales and use taxes or out-of-state customers. Regarding the latter, knowing if you’ve created nexus is critical—and the rules vary from state to state. Our accountants can help you determine your state and local sales tax obligations and make sure you’re in compliance with applicable rules.
If you’re selected for a sales tax audit, don’t fret! We can help you organize the finding for the requests and meet with the sales tax auditor on your behalf. We’ll be at your side until the audit is complete.
What’s Next for Your Retail Business?
Whether you’re just getting started or celebrating decades in business, it’s important to have a plan for the future. How will economic and consumer trends impact your business? Will you expand? When is a good time to hand over the reins to the next generation? Your JAK business consultant can sit down with you to help you identify goals and weigh your options. If you plan to expand, we can guide you through the process of establishing a new product line, location, or business. And if you’re ready to think about the next chapter of your life, our succession planning experts can walk you through the transition process.
How Our Accounting Firm Helps Retailers
The JAK team has deep insight into the accounting rules and regulations that govern retail businesses. Our not-too-big-yet-not-too-small size means we can act quickly to meet your needs, regardless of the size of your operations. We’re aware of the pressures you face, and we’re ready to help make your life easier. Contact us today.
Our retail and wholesale CPAs in Minneapolis and St. Paul are ready to support your business.
Call today: 651-641-1099
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