Bookkeeping and Accounting for Liquor Stores

Liquor stores face unique accounting considerations, particularly when it comes to inventory and sales. Managing the cost of goods sold (COGS) is a significant aspect, as it heavily influences profitability. Liquor stores need to track inventory meticulously, which includes the type, quantity, and cost of the products. The fluctuation in alcohol prices and the rate of consumption requires constant management and updating of data.

With regards to sales, age verification is a vital component to consider, and thus, transaction records must include customer ID checks. In addition, sales practices and regulations differ greatly from state to state, including taxes and markups, which require specific attention while accounting. Sales promotions and discounts should also be recorded diligently to avoid discrepancies.

To aid in these complexities, liquor store owners may consider enlisting the help of experienced bookkeepers familiar with the specific needs and regulations of the liquor industry.

Bench Accounting takes tax compliance and reporting for liquor stores very seriously. As bookkeepers, we understand the unique financial considerations for your industry - including specific sales taxes, licensing expenses, and in some regions, additional excise taxes. We meticulously record all necessary financials, manage receipts, and compile expenses to ensure that all tax obligations are accurately captured in your financial reports.

Additionally, our team helps you prepare for tax time by aligning your bookkeeping with tax-ready financial statements that your tax professional or CPA can use to file your taxes. We make sure to track and categorize all transactions related to your liquor store business, so at the end of the year, you have a clear, organized, and compliant record of your financials. Please note that while we assist with preparing your books for tax filing, we do not directly file taxes on your behalf.

By outsourcing your bookkeeping to Bench Accounting, you free up time to focus on running your liquor store while we manage the compliance and reporting aspects. Plus, we're always here to answer any questions or concerns you might have regarding your financial reports or tax compliance.

Yes, Bench Accounting is equipped to manage complex bookkeeping aspects specific to your liquor store business. Our professional bookkeepers are experienced in dealing with industry-specific aspects like inventory management, sales tracking, and profit margin calculations. They can provide you with detailed financial reports, giving you a clear understanding of your business performance and financial health. So, irrespective of the complexity of your bookkeeping needs, our bookkeeping experts can handle them with precision and efficiency.

Nope! All bookkeeping is completed in-house.

Your bookkeeper will be your main point of contact, but at times you might hear from another member of your team. This is usually when your bookkeeper goes on vacation, is sick, or otherwise unavailable.

We handle the bookkeeping for you but sometimes we’ll need your input, especially at year-end. On average, expect to spend 15 minutes each month answering questions for your bookkeeper, or uploading supporting docs.