Bookkeeping and Accounting for Surf Shops

Accounting services, like those provided by Bench Accounting, can greatly help you manage unpredictable income from your surf shop. With fluctuating seasonal customer volumes, varying weather conditions, and changing surf gear trends, your income can certainly vary.

The role of accounting services is to ensure that you are keeping track of all your income and expenses accurately. These services can predict your monthly incomes based on historical data and seasonal trends, help you budget for leaner months, and guide your major financial decisions. Proper accounting can also provide insights into the profitability of different items in your shop, drive cost-saving measures, and ensure your tax obligations are met correctly and on time.

Therefore, employing reliable accounting services is a wise decision to effectively manage your unpredictable surf shop income and streamline your business finances.

To effectively track inventory and sales in your surf shop, you should implement a few key accounting practices. First, it's integral to use an inventory management system to monitor stock levels and manage cost of goods sold. This system can help you avoid selling out-of-stock items, identify slow-moving products and reduce excess inventory.

Ensure you follow the accrual method of accounting for recording your sales. This method records sales when they are earned, not when the cash is received. You also need to track sales tax if applicable, keeping accounts for payable tax for each sale you make.

Another important practice is integrating your point-of-sale (POS) system with your accounting software. This allows for automatic updates on your inventory levels every time you make a sale. It also provides real-time insights into your financials and simplifies the accounting process.

Finally, regularly perform physical inventory counts and reconciliation to ensure the accuracy of your records. This can help you quickly spot any discrepancies and prevent potential losses or inaccuracies in your financial reports.

A bookkeeper can be instrumental in managing the seasonal fluctuations in income often experienced by surf shops. They do this by providing accurate financial records, analyzing financial performance, and forecasting future revenue and expenses. This aids in budgeting and cash flow management, critical for such seasonal businesses.

During the high season, a bookkeeper ensures that the increased income is correctly accounted for and used effectively for necessary expenditures. During the off-season, they assist in minimizing expenses, managing debts and making the most of the income available.

By working with a bookkeeper, surf shop owners can have a better understanding of their financial situation, allowing them to make informed decisions that enhance their business's longevity and profitability.

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.