Bookkeeping and Accounting for Fishing Supply Stores

Accounting for fishing supply stores can indeed vary from other retail industries due to several factors. The most substantial difference comes from inventory management. Fishing supplies are typically seasonal, and this seasonality heavily influences buying patterns, which ultimately impacts inventory costs and turnover. This industry is also susceptible to several unpredictable variables like weather conditions, fishing restrictions, and ecological changes, which need to be factored into financial planning and forecasting.

Additionally, the fishing supply industry often deals with specialized equipment or high-value items like boats, which can lead to unique depreciation schedules or rental and licensing income. Therefore, it's essential for fishing supply store owners to work with bookkeepers or accountants who are familiar with these unique challenges and can provide expert guidance.

A professional bookkeeper can be incredibly strategic for a fishing supply store. In terms of inventory management, a bookkeeper keeps track of the stock levels of all products. This can help streamline the process of reordering supplies, prevent the unnecessary tying up of capital in overstocked items, and help avoid losing sales due to understocked items. Meanwhile, with regard to the Cost of Goods Sold (COGS), a bookkeeper can accurately keep track of what you're spending to make or buy the items you're selling. This includes calculations of direct labor costs, direct materials costs, and overhead costs. Having this information at your disposal can help with pricing strategies, tax filings, and evaluating the overall profitability of your fishing supply store.

Fishing supply store owners have access to numerous tax deductions that a professional bookkeeper can help identify to maximize cost savings. Below are some common examples:

• Cost of Inventory: Fishing supply owners can deduct the cost of fishing gear, bait, and other supplies they sell.
• Operating Expenses: Deductions can be made for utilities, rent, and other expenses related to maintaining the store premises.
• Equipment Purchases and Depreciation: The cost of purchasing and maintaining essential equipment such as cash registers, computers, and other store fixtures can be deducted.
• Advertising and Promotion: Costs related to advertising, website maintenance, and other promotional activities are deductible.
• Vehicle Expenses: If you use a vehicle for business purposes, such as delivering supplies or traveling for purchases, certain vehicle-related costs can be deducted.
• Professional Services: The fees for services like bookkeeping, legal consultation, payroll services etc can be deducted.

A professional bookkeeper has the expertise in identifying and leveraging these deductions for the financial benefit of your fishing supply store. It's a good reason to consider utilizing such services for your financial management.

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.