I Own A Retail Business. Is Virtual Accounting A Good Fit?

23 Dec I Own A Retail Business. Is Virtual Accounting A Good Fit?

Posted at 06:00h in

Virtual Accounting

by Becky Brown  •  0 Comments

i-own-a-retail-business.jpgThanks for taking the time to read this blog, brought to you by the pros at Keeping Your Balance, a virtual accounting firm. A lot of what we discuss here are the various advantages to using a virtual accountant, in contrast with managing your books on your own, or hiring in-house accountants and bookkeepers.

We like to think that that virtual accounting is a good fit for just about any business, regardless of what products or services you might be selling. But we do understand that every industry has its own unique qualities and subtleties that make it somewhat different from others. We were recently asked by an owner of a retail business whether our virtual accounting services would be a good fit for his company.

Again, we at KYB tend to describe our services as industry-agnostic, meaning that this will work well, regardless of what your company does. But there are some particular advantages for a retail business.

  • Virtual accounting doesn’t take up any space.

If you’re like most of the retail businesses we know, the only commodity that may be at more of a premium than time is space. Commercial real estate isn’t cheap, so needless to say, you’ll always want to maximize your use of your space. When you’re trying to fit as much as you can on your shelves, there is seldom much room left as “office space”. You may or may not be able to fit a proper desk for yourself in a back room, but chances are that there won’t be an office suite that could accommodate an accountant or bookkeeper, not even one that only comes in part of the time. Virtual accountant takes it all out of the office, managed efficiently and professionally at their site, seamlessly and invisibly to you.

  • You’ve probably got a high number of transactions to manage.
This isn’t necessarily true for every retail business. If you’re running a luxury car dealership, you may only make a handful of sales each week or even each month. But for most retail stores, it’s all about volume, and we hope that you’re making lots and lots of sales every hour that you’re open for business. Assuming that you are, that’s going to add up to a lot of transactions to account for. It’s not that high volume is necessary going to be more complicated. But it is both cumbersome and time-consuming, and it’s easy to fall behind on that kind of work. Virtual accounting will assign sufficient resources to your accounts to make sure that entries are made regularly, no transactions slip through the cracks, and your records will be up to date and accurate when it’s time to file your tax returns.
  • Virtual accounting gives you access to best of breed technology.

I’m not suggesting that you don’t have an aptitude or a love for technology, nor that you haven’t invested enough in that area. But as busy as you are running your retail business, I doubt that you’ve got the spare time it would take to research and test accounting software. With virtual accounting, they’ve done the research, and will utilize the latest and greatest software tools for managing your company’s accounting and bookkeeping, so you don’t need to worry about it. Even better, we’ll set you up with software that will speak to your POS system, leveraging your existing investments, and further streamlining the process.

 

Topics: Virtual Accounting