Austin Accountants & CPA Advisor

Retail Accounting

Retail accounting consultants provide financial and tax advisory services to retail businesses. Retail accounting consultants not only have a sound knowledge of financial management, they also have an understanding of the retail industry, its accounting standards and compliance needs. That is the reason retailers, both small and large, rely upon the experience of these specialist accountants.

Historically, the retail industry has often operated on relatively thin margins. Therefore, it is imperative that retailers monitor their margins closely. Retail accounting consultants work closely with retailers to set up internal controls that not only help prevent theft, but also provide proactive alerts to ensure that tight margins are maintained.

Retail accounting consultants can also aid in timely business decisions by helping with detailed analysis of financial statements. With their knowledge of the retail industry and retail accounting, retail accounting consultants can assist businesses to improve and streamline inventory control, thereby adding directly to the bottom line.

Some of the accounting, tax, and consulting services that retail accounting consultants provide include:

• Consulting services for business plan development
• Consulting services for business loan assistance
• Budgets and projections
• Point-of-sale accounting services
• Preparation and analysis of financial statements
• Cash flow analysis
• Off-site controllership and accounting
• Tax consulting services for both businesses and individuals
• Multi-state tax services
• Payroll services
• Software consulting and staff training

While retail accounting consultants provide their services for all sorts of businesses across the retail industry, some of the more common areas where they have extensive experience include:

• Restaurants and bars
• Retail stores  
• Franchises
• Consumer goods