Bookkeeping and Accounting for Grocery Stores
Need a bookkeeper and accountant for your grocery store? We manage your books, leaving you more time to focus on stocking shelves and satisfying customers. Sign up today and get a free month of bookkeeping.
How Bench works with grocery stores
Discover seamless bookkeeping, streamlined income tax prep, and expert filing services, all strengthened by one robust platform. Bench works specifically with grocery stores.
We get you set up
Our experts invest the time to thoroughly comprehend your grocery store business, respond to your inquiries, assist you with connecting your accounts, and demonstrate how Bench operates effectively for you.
We do your bookkeeping
Each month, your dedicated bookkeeper tidies up your grocery store's transactions and crafts accurate financial statements. If they require any further information from you, they'll promptly communicate.
We deliver tax-ready financials
Our squad of experts is well-versed in the tax rules applicable to grocery stores and will tailor their strategies to meet the distinctive necessities of your business.
Here’s why grocery stores like you trust Bench with their bookkeeping and accounting
Get fast, unlimited support from our expert advisors
We'll consistently provide you with up-to-date bookkeeping information. Do you have urgent inquiries regarding your grocery store's finances that simply can't be postponed? You can trust us to respond to your concerns in less than a business day.
Guaranteed accuracy in every detail
With Bench Accounting, you can streamline your bookkeeping process by automating data inputs sourced directly from numerous established providers, avoiding potential errors. We collaborate with prominent partners such as Gusto, Stripe, Shopify, and Square, ensuring your grocery store's financial records are always precise and up-to-date.
See where you’re spending. Make smart decisions
Wave farewell to stacks of receipts and labor-intensive manual records—we automate inputs directly from your linked accounts. Garner insights from one centralized dashboard so you can effortlessly gauge the health of your grocery store and implement strategic decisions.
Bench integrates with your favorite small business tools
We sync seamlessly with your financial accounts and tools to keep your books up-to-date and save you the time and effort of manually uploading documents.
Trusted by 25,000+ American small business owners
CHRIS RONZIO
DR. BUKKY KOLAWOLE
HEATHER SHOLL
We know bookkeeping for grocery stores
Grocery stores deal with a myriad of tax laws and bookkeeping complications. Between managing a large amount of inventory, processing payroll for employees, and keeping up with ever-changing food and health regulations, it can be overwhelming. With Bench, you'll have a team of expert bookkeepers who are well-versed in the intricacies of your industry. We understand the unique tax codes applicable to grocery stores, such as the tax implications associated with WIC and SNAP benefits, tax-exempt items, and excise tax on certain products. We ensure your accounts are accurately maintained and tax-ready, leaving no stone unturned.
Serving grocery store owners from neighborhood shops to larger chains, Bench uses intuitive software paired with real, human bookkeepers. This unique approach allows us to provide precise recording of daily revenues, meticulous management of supplier invoices and payments, and appropriate handling of periodic inventory counts - common issues in the grocery industry. But, you're not alone - your personal Bench bookkeeping team will handle these tasks, providing regular financial statements for an updated, clear understanding of your financial standing. With Bench, your bookkeeping and tax concerns are a thing of the past.
Simple, straightforward pricing for everything your business needs.
Join over 35,000 US-based business owners who have streamlined their finances and have grown their businesses with Bench.
Choose Plan
Bookkeeping
billed annually. 100% tax deductible.
Bookkeeping & Tax
billed annually. 100% tax deductible.
Bookkeeping
billed monthly. 100% tax deductible.
Bookkeeping & Tax
billed monthly. 100% tax deductible.
Frequently Asked Questions
Operating a grocery store business involves several accounting complexities. Here are few to consider:
- Inventory Management: Grocery stores often have large inventory turnover. Keeping track of all the goods in stock, those that need to be ordered, and wastages can be a daunting task.
- Variable Pricing: Prices of goods in a grocery store business can fluctivate frequently. This can make tracking profit margins challenging.
- Low Profit Margins: Grocery stores generally work on thin profit margins, making it critical to carefully manage costs and operating expenses.
- Seasonal Demand: There can be times of high demand - like holiday periods and times when certain produce is in season. The associated increase in inventory during these periods needs careful monitoring and managing.
Given these complexities, it’s important to have an experienced bookkeeper or accounting expert who understands these dynamics and can help manage your financials efficiently.
Bookkeeping provides essential insights that can greatly help in managing your grocery store's inventory and supply costs more efficiently. By tracking every purchase, sale, and return, bookkeeping gives you an accurate picture of your stock levels and the overall cost of goods sold. As such, you can identify and monitor trends in your inventory and make informed decisions about restocking to ensure you have the right amount of goods at the right time.
Furthermore, bookkeeping allows you to closely track your supplier costs. This can reveal opportunities for cost savings, for instance, by negotiating better terms with suppliers, identifying low-cost alternatives, or finding efficiencies in your ordering and receiving processes. Overall, effective bookkeeping can lead to improved inventory management, reduced wastes & losses, improved cash flow, and ultimately, higher profitability for your grocery store.
Yes, grocery stores often have specific tax provisions or deductions they can benefit from. A professional bookkeeper can assist with understanding these provisions, such as: deductions for cost of goods sold, business use of your home, and employee wage deductions. They can also help you navigate complex areas like food stamp redemption credits and carryback/carryforward losses. It's always good to consult with a professional to ensure you’re taking full advantage of the tax code.
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.
Bookkeeping Services for Grocery stores
Discover how we can help you have better finances with a personalized demo from a Bench expert, ready to answer all your questions. Sign up as a customer today and get a free month of bookkeeping, valued at $299.
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