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, and there are several common challenges that typically arise when bookkeeping for retail stores:
- Poor tax compliance: Changes in 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 lead to incorrect financial reporting, late payments, and a higher risk of fraud and other financial inconsistencies.
Managing the finances associated with retail transactions can be difficult, which is why many retail companies turn to Lewis CPA to take care of their accounting process and financial information.
Our Tax Services for the Retail Industry
Tax regulations in the retail sector can be intricate and ever-changing, making it essential to have deft guidance. Our goal is to make sure your business stays ahead of the curve while maximizing savings and minimizing stress throughout the year.
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 Industry Accounting Services
Whether you're looking to streamline operations, make better financial decisions, or plan for future growth, Lewis CPA is here to provide the skilled support you need.
Retail Store 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
Lewis CPA has developed a strong and reliable relationship with brick-and-mortar shops and online retailers of every size and specialty. 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:
- Apparel
- Automotive
- Beauty
- Electronics
- Furniture
- Gift
- Grocery
- Online
- Pharmaceutical
- Sporting
Our Retail Store Accounting Process
Our process for retail businesses is built on understanding your unique needs, which allows us to tailor our services to fit your goals and challenges.
Here’s how we work with you:
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