Bench Accounting provides comprehensive bookkeeping services that are ideal for managing inventory accounting for businesses like furniture stores. Our team of skilled bookkeepers ensures accurate tracking of your inventory, recording of sales, and management of cost of goods sold. This not only helps in maintaining precise financial records but also assists in understanding the business's profitability. Furthermore, we use advanced software tools that can seamlessly sync with your inventory management systems, providing real-time updates and eliminating the possibility of errors or discrepancies.

In addition to inventory accounting, our services also include income statement generation, balance sheet reports, unlimited consultations, tax filing assistance, and more. By entrusting your bookkeeping to Bench, you can focus more on the core aspects of your business while having confidence in your financial management.

As a furniture store owner, there might be several tax write-offs available for you. The following cannot be assumed as comprehensive but they generally apply:

• Purchase of Inventory: The cost of purchasing furniture, either to sell or use in your store, is usually completely tax-deductible.
• Advertising and Promotion: The cost of advertising and promoting your business is often tax-deductible.
• Rent and Utilities: If you are renting a space for storing or showcasing your inventory, the rent may be tax-deductible. Also, the cost of utilities like electricity and water used in your premises can be written off.
• Insurance: Any commercial insurance purchased for your furniture store can be written off.
• Equipment and Supplies: Any equipment purchased for use in the store, like computing systems, software, or furniture cleaning supplies, can usually be deducted.

Please consult with a tax advisor or a Bench bookkeeper to ensure that you claim all deductions you’re entitled to.

Yes, Bench certainly can help navigate revenue tracking for both in-store and online furniture sales. Our team of expert bookkeepers are well-versed in managing and organizing finances across multiple sales channels. This includes the accurate allocation and tracking of expenses and revenues to give you a clear understanding of your business performance no matter where your sales come from.

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.