When you first opened your retail store, you could probably handle your own books. But as the business grew, these administrative demands pulled your attention away from the activities that helped you generate revenue.
Hiring a professional team like The Bookkeeper can help you stay on top of your bookkeeping needs and help you adapt to a changing industry.
Roughly one in five small businesses fails during their first year, according to the U.S. Small Business Administration. But only one in three businesses survive to see their tenth birthday, and the reason businesses fail is often due to a lack of funds.
To survive in the retail industry, you’ll need to pay careful attention to your income and expenses. For retailers, bookkeeping practices focus on items such as:
It’s important that retail store operators have a clear understanding of their cash flow. Your working capital is necessary not only for paying the bills but also for launching new initiatives such as fresh marketing efforts, expanding your inventory, or purchasing new equipment.