city
Retailers

Retail Accounting Services in Chicago, IL

Lewis CPA's comprehensive suite of financial services, from payroll and strategic planning to bookkeeping and tax preparation, are designed to help you get the most out of your business.

Get in Touch Today
Retailers
+1 icon.
4000+ Happy Clients
We service 1,000+ businesses and 3,000+ individual clients, many of them located nationwide.
Medal icon.
36 Years of Experience
Since 1986, we’ve provided comprehensive tax and accounting solutions for individuals and businesses.
Flag icon.
52 States Serving
With our technology stack, we provide remote accounting services for you and your business, regardless the location.

Chicago CPA Firm for Retail Businesses

At Lewis CPA, we understand the importance of achieving topline growth and protecting margins for retailers. Since 1986, our team has provided professional services to the retail industry for sole proprietorships, partnerships, corporations, and limited liability companies.

We provide our clients with a proper understanding of their businesses through financial information and data, as well as guidance on areas such as cash maximization, obtaining adequate financing, mitigating risks, and aligning business strategies with growth plans. All of this is offered with expert assurance and exceptional tax expertise.

Our accounting and tax planning services are cost-effective and will bring added value to your company. Count on us to always look out for your bottom line.

Common Challenges Retailers Face in Accounting

Accounting is essential to any retailer’s success, yet several common challenges typically arise when bookkeeping for a retail store:

  • Poor tax compliance: Tax laws are ever-evolving, making it hard for retailers to stay abreast of the latest changes, which can lead to financial penalties, tarnished reputation, and even legal action.
  • Cash flow mismanagement (payable and receivable accounts): Delayed payments, unpaid invoices, and unforeseen expenses significantly influence cash flow and reduce the ability to pay suppliers and employees.
  • Inconsistent reconciliation of financial statements: Retailers often fail to produce regular financial reports due to the tedious process of reconciling the cost-to-retail ratio and calculating the cost of goods sold using the FIFO (First In, First Out) method.
  • Inefficient payroll processes: The retail method of payroll processing can be an arduous task, with plenty of room for human error resulting in payment delays, incorrect tax filings, employee disputes, and even payroll fraud.
  • Poor inventory costing method: Inaccurate inventory management can lead to lost sales, unhappy customers, financial reporting mistakes, tax statement filing errors, and a decreased retail price for goods and services.
  • Disorganized paperwork: Retail businesses often need help managing their financial records due to inefficient data storage systems and messy paperwork. This can cause incorrect financial reporting, late payments, and a higher risk of fraud and other financial inconsistencies.

Managing the finances associated with retail transactions can be a challenge, which is why many retail companies turn to Lewis CPA to take care of their accounting processes and financial information.

Our Tax Services for Retail Industry

accounting for retail business

Tax Planning and Compliance

We help retailer stores navigate complex tax regulations to reduce tax liability and maximize profits; this includes auditing a company's financials to ensure they follow tax regulations correctly.

Income Tax Preparation

We provide tax preparation services specifically hand-crafted for retail businesses. Our team is experienced in bookkeeping, preparing financial statements, managing depreciation schedules, filing forms and other retail-specific tax regulations, offering deductions, credits, and filing extensions.

IRS Representation

Lewis CPA helps clients craft the best approaches to dealing with the complexities of the IRS. We assist in filing and preparing documents, reviewing them, obtaining records from tax departments, and ensuring a timely resolution to your IRS issues.

State and Local Taxes

Our team of tax professionals ensures retail businesses stay up to date with the constantly changing local and state tax laws and regulations so that you can make the most of any available tax incentives that may benefit your business.

Our Retail Accounting Services

retail accounting

Bookkeeping

Our tailored retail bookkeeping services utilize accounting software and processes to record all data and accurately categorize income and expenses. Up-to-date records allow clients to understand their financial position and improve performance.

Cash Flow Management

We ensure optimal cash flow for retailers of all sizes. Lewis CPA provides analysis, solutions, and strategies for streamlining processes, inventory cost management, product purchasing, and payment terms to maximize cash flow and optimize profitability.

Payroll Services

Our payroll services automate the entire payroll process from calculations to filing. We partner with leading software providers for time tracking, paychecks, & taxes. Features include direct deposit, online pay stubs, & reviewable employee pay data.

Audit and Assurance

As an independent entity, we provide an opinion on financial statements for decision-making and evaluate the design and functioning of internal controls and risk management systems. Our retail audits ensure financial accuracy and compliance with GAAP.

Financial Planning

We specialize in both short-term and long-term financial planning. Our retail advisory services include cash flow analysis, budgeting, financial projections, investment planning, review of legal documents, tax planning, retirement planning, and more.

Serving Retail Clients

We have developed a strong and reliable relationship with brick-and-mortar shops and online retailers of any size in various specialties.

Our team possesses the knowledge and skills necessary to provide a comprehensive approach to each business, making us a reliable partner and advisor to a nationwide network of retail clients selling:

  • Apparel;
  • Automotive;
  • Beauty;
  • Electronics;
  • Furniture;
  • Gift;
  • Grocery;
  • Online;
  • Pharmaceutical;
  • Sporting.

Our Process

Why Choose Our Accounting Services?

FAQs

Take Your Retail Business to the Next Level!

Unlock the secret to successful retail accounting with our professional team! Schedule a call today and find out how we can help you.
Contact us

Expertise

We understand your needs as a retailer and have the expertise to help you plan, manage, and optimize your business for success.

Cost-Effective

Our retail accounting method and services come at competitive and cost-effective rates, giving you the best value for money.

Compliance and Accuracy

Accurate and compliant financial records are vital for a retail business's success, which we provide through up-to-date data and counsel.

Focus on Growth

When you entrust us with the numbers, you can gain insight into your business to make decisions that ensure continued growth and success.

Consultation

We take the time to understand your financial requirements, objectives, and difficulties related to your retail company. Careful consideration of your desired results helps us devise a strategy for success.

Customization

Our customized retail accounting services provide better visibility into key performance indicators (KPIs), enabling businesses to understand what is working and how to make key strategic decisions more efficiently.

Implementation

Accurate financial management requires diligent record-keeping of all financial transactions, periodic comparisons and reconciliations of accounts, and the construction of financial reports to analyze the movement of cash and other patterns over time.

Ongoing Evaluation

Our certified public accountants (CPAs) provide continuous evaluation and analysis of financial reports, help with regulatory requirements, and make appropriate recommendations for improvement.

How much will it cost to get retail accounting services for my business?

The cost of retail accounting services for a business varies depending on size and complexity, such as the number of employees, geographic location, and products/services offered. The scope, expertise, and frequency of services needed also influence pricing. Please contact us to schedule a consultation.

Can you help me with inventory management?

Yes, we support the management of inventory costs by giving exact data on stock evaluation and figures such as sales and gross margin. Additionally, we can help you to maximize your inventory levels to raise cash flow and profitability.

How experienced are your accountants, and what qualifications do they have?

Our experienced and qualified accountants possess a great knowledge of accounting for retail businesses. They have all the necessary qualifications with degrees and certifications in accounting or related fields, including CPA.

Can you help me with international transactions and currency conversions?

Our team is experienced in managing multi-currency transactions and advising you on foreign exchange risk management. Additionally, we can assist you in keeping accurate records of both accounts and transactions in foreign currencies.

Client Reviews

I have been working with Susan S. Lewis, CPA for over 17 years. Her dedication and expertise has kept me on track for both my personnel and business tax requirements. She comes prepared for all meetings and offers exceptional professional advice on all tax matters. Keep up the exceptional practice.
Jeff Wiktor
5.0
Susan S Lewis, Ltd. has done our taxes for the last 12+ years. Sue and all of her staff are attentive, prudent, and efficient. The advice and guidance are well informed and gear for your personal and professional needs. If you want a peace of mind that things will be handled with the upmost care, Susan S Lewis, LTD is the business that you can rely on! A VERY satisfied client.
A Sejna
5.0
I have been using Sue Lewis for my business and personal taxes for years and have had a great experience. Sue and everyone at her office are great. They are all very knowledgeable and ready to help. From handling payroll to yearly tax reporting they handle everything without much needed from me. They make my life easy!
Mike Avallone
5.0
Previous.
Next.

Talk to Us

We are a perfect combo of practical & optimistic.
Contact us

Reach Out to Your Retail CPA!

Let us take over your accounting processes so that you can have more time to focus on the success and growth of your business. Our expertise has allowed many businesses to thrive. So why not let us help you too?

Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.