Bookkeeping and Accounting for Outdoor Gear Stores

For your outdoor gear store, you should keep in mind several key accounting considerations. First, proper inventory management is crucial. Outdoor gear can be seasonal and ensuring that your inventory valuations accurately reflect your stock levels will give you a more precise understanding of your financial standing. Second, given the nature of your business, you may have unique tax deductions available such as expenses related to outdoor trips or gear testing. Also, be mindful of sales taxes: the rates can vary if you're selling to customers online in different states. Finally, tracking cash flow can be particularly important for outdoor gear stores, as your business may be heavily influenced by peak outdoor seasons and tourism. Working with a knowledgeable bookkeeper can help you navigate these considerations effectively.

Effective bookkeeping provides a clear picture of your outdoor gear store's inventory at any given time. It helps you track the sales, purchases, and the remaining amount of each item in real-time. This information can enable you to make critical decisions such as when to restock, which items sell better, and which aren't performing well. Proper bookkeeping even alerts you to problems like theft or loss due to damage. By facilitating better inventory management, bookkeeping ultimately helps improve customer satisfaction, reduce costs, and increase your store's profitability.

Yes, there are several tax deductions and incentives that your outdoor gear store may be eligible for. These include deductions for business expenses such as rent, utilities, advertising, and the cost of goods sold. You may also be eligible for incentives such as the Work Opportunity Tax Credit or the Small Business Health Care Tax Credit, depending on your situation. We highly recommend speaking with a qualified accountant or tax professional to ensure that you are taking full advantage of the tax benefits available to you.

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.