St Kilda Accounting & Tax Specialists
TAX ACCOUNTANTS FOR RETAIL BUSINESSES
We provide peace of mind for you and your business by delivering Taxation, Accounting and Bookkeeping services to Retail Businesses.
Do You Own a Retail Business
What is Retail?
Retail is the sale of goods to end users, not for resale, but for use and consumption by the purchaser.
Retail involves the sale of merchandise from a single point of purchase directly to a customer who intends to use that product. The single point of purchase could be a brick-and-mortar retail store, an Internet shopping website, a catalog, or even a mobile phone.
The retail transaction is at the end of the chain. Manufacturers sell large quantities of products to retailers, and retailers attempt to sell those same quantities of products to consumers.
To remain profitable in a highly competitive marketplace, retailers need to take a strategic approach to pricing and look for opportunities for new efficiencies and cost savings.
Why Is Retailing Important?
Retailers are the final link in the supply chain between manufacturers and consumers. Retailing is important because it allows manufacturers to focus on producing goods without having to be distracted by the enormous amount of effort that it takes to interact with the end-user customers who want to purchase those goods.
Retailers should make the purchase of goods easy for the consumer. That's why retail stores have salespeople, why Internet shopping websites have customer service instant chat popups, and why catalogs have descriptions, photos, and toll-free phone numbers.
Retailing is about displaying products, describing the features and benefits of products, stocking products, processing payments and doing whatever it takes to get the right products at the right price to the right customers at the right time. Some retailers offer additional services to the retail transaction like personal shopping consultations, and gift wrapping to add something extra to the retail customer experience and exceed the retail customer experience.
Accounting
When we became a Xero Partner firm a few years ago, we saw the potential value for our clients that we could not expect before. Most of all, the real time advice is now possible as Xero is more like collaboration platform between clients and their advisers including us.
Real-time advice means clients can get a professional advice based on the financial information Xero supplies whenever they need. Real-time advice also means the accountant can discover broader service areas that could be useful for the clients and give a right advice on time.
Bookkeeping
We have a team of Australian Accountants with over 20 years of experience dedicated to making your life easier. Our team remain in constant communication with you throughout this process.
Our goal is to show their clients that keeping on top of their financial affairs is far more accessible and enjoyable than they imagined possible. Our friendly team help our clients thoroughly understand their unique tax situation. We work flexibly with our clients to create the optimal system and approach for each circumstance.
Taxation
We are bookkeeping professionals who have been assisting customers achieve flawless accounts for many years. As specialist St Kilda bookkeepers; we are dedicated to helping small and large business resolve their accounts issues through our years of experience. Our local St Kilda bookkeepers are experts in XERO, MYOB, Reckon and QuickBooks as well as all other popular bookkeeping software.
We pride ourselves on being the bookkeeping solution providers and have become well respected and highly trusted bookkeepers in St Kilda and the surrounding suburbs. With a strong emphasis on establishing long-lasting relationships with our clients whilst also providing tailored and cost-effective solutions.
As a retailer, do you really need an accountant?
Maybe you’ve just started your business, and you’re wondering if you need to hire an accountant. Or perhaps you’re still in the planning stages of a new venture, and you’re deciding whether or not you need someone dedicated specifically to your business’ accounting, before going all in.
If you ask an accountant whether or not you should work with someone to help you with your books professionally, you know the answer will be yes.
But you can trust that they’re not saying “yes” for their own edification. Most successful business owners who work closely with an accountant will tell you an accountant is an absolute must.
When to Hire an Accountant?
Most accountants will tell you they could have saved their small business clients a lot of time, money, and headaches. That is if those clients hadn’t waited so long to ask for help. Bottom line is that there are several key times in the course of your business when you don’t want to wing it without an accountant.
The formation of your business is one of those key times. An accountant can:
Help you write your business plan. If you’re not looking for funding, though, do you even need a business plan? If you’re planning to lease office, retail, or manufacturing space, your landlord may require one. Plus, it’s a good idea to have a direction and goals for your business rather than playing it all by ear.
Advise you on your business’s entity structure. Although most businesses start out as sole proprietorships, your particular business type or personal financial situation might mean another entity structure makes more sense. At the very least, you should probably consider creating an LLC as a freelancer for legal and financial protection. An accountant can help you with this!
Forming Your Business
Help you get all the appropriate licenses. Sales tax permits, business licenses, employment accounts… oh my! Every state—and in some cases, every city—has different requirements for business. And different industries have different requirements, too. An accountant can help you untangle all of the red tape and make sure you start your business on the right (read: legal) foot.
Help you set up your bookkeeping software. At the risk of losing my bookkeeper’s membership card, I’ll let you in on a little secret: Most small businesses don’t need to engage a bookkeeper on an ongoing basis right away. There comes a point where you’ll want to outsource or delegate your small business bookkeeping, but up until that time you can probably handle your own bookkeeping and hire a bookkeeper to do periodic reviews of your work.
Economic times are tough and it is more important now than ever before to maximize your tax refund. St Kilda Tax Accountants will help you prepare the perfect return so that we can all work together in this unpredictable economy!
We are a full-service company that caters to the needs of small business owners. With us, you can rest assured knowing we have your back when it comes time for taxes and accountancy services! We offer all types or industries professional advice such as bookkeeping or financial management so contact one our experts today at St Kilda Accountants
Professional Services
The team at St Kilda Tax Accountants has a deep understanding of professional services industries, and the specific needs that come with them. They provide accounting advisory to their large clientele in order for them be able best serve these businesses.
The retail industry is a challenging place to be in today's climate. We help retailers understand their problems so that we can provide them with assistance from our team who specializes specifically at helping your business succeed no matter what obstacles come up next.
What can we do for you?
In the retail industry, maintaining a competitive edge is everything, and that starts and ends with healthy finances. With St Kilda Tax Accountants Tax Accountants in St Kilda, you have some of the best accountants in St Kilda on your side, year-round, to keep your retail business competitive, agile and positioned for growth.
Suppliers, importers, large chain stores, changing demographics and new sales channels all present challenges for the retail industry.
In a tough environment, retailers find themselves competing for business by focusing on low prices. It’s no surprise that this can lead to low or non-existent profits, leaving no cash to take advantage of exciting opportunities like ecommerce, social media and branding.
Business Advisory
Starting, building and maintaining a successful business in today’s uncertain and rapidly changing environment requires knowledge, perseverance and the right team behind you.
Our highly skilled and results-led team can assist you to access funding, make informed strategic decisions, develop comprehensive and rolling plans at each stage of your business’ lifecycle, and identify business opportunities.
By working with you to understand your business and industry, we provide specialist knowledge and objective advice to help your business meet its full potential.
Thinking about exploring an SMSF but not sure where to start? Don't worry, our team is here for you. SMSF Solutions is a specialist division of St Kilda Accountants providing administration, compliance, accounting and taxation services for Self-Managed Superannuation Funds (SMSF).
We know exactly how it all works and we can help you create the best set up. Our services include things such as assisting in understanding the implications of having a SMS and establishing a SMSF & obtaining tax benefits among others.
Financial Advisory
Our business model is to keep our practice small and manageable, with a focus on quality clients who have life aspirations that they wish to fulfil through money, advice and planning.
Our personalised financial advice and individual wealth management, ensures that you don’t get lost amongst a bigger practice, or institution, where you can become just a number, changing financial advisors regularly with no personalised care.
Our financial advisers have worked in the practice for many years and are committed to providing advice that is just not numbers, but personalised for you to achieve your life aspirations.
How Can St Kilda Tax Accountants Tax Accountants Help Every Small Business?
If your business is growing—and we certainly hope it is!—meeting with one of our tax accountants at St Kilda Tax Accountants in St Kilda quarterly can help in a number of ways. Quarterly meetings with an accountant can help you make sure:
You’re growing smart. Believe it or not, growth can sometimes tank your business. Regular meetings with an accountant can help you avoid growing too fast or in the wrong way.
Your quarterly tax payments are sufficient. As your income increases, so does your tax liability. The estimated tax payments you started with may not be sufficient if you experience a significant surge in business. Regular meetings with an accountant can help you avoid a nasty underpayment surprise at tax time and help you maximise your tax returns
You can see past your own blind spots. Although small business owners know their businesses better than anyone, sometimes it’s hard to see the forest for the trees. An accountant can help you take a big picture view of your business, which is vital for continued growth.
Starting a business is not easy, and it's even more challenging when you're doing so on your own. That’s why St Kilda Tax Accountants offers complete tax solutions for individuals or businesses in need of guidance with their financial planning needs as well!
Our team is dedicated to servicing the needs of all types, including medical professionals. We offer friendly and industry-leading advice relating tax law compliance so you can get back on your feet with a smile!
We have a team of experts with extensive experience in servicing the manufacturing industry. We provide accounting, information technology and audit services as well regular periodic management reporting to supplement our detailed financial analysis that lies at heart astute commercial decision making processes for your company's success!
St Kilda Tax Accountants is a team of professionals who are passionate about helping small businesses succeed. Whether you own and operate one bar or an entire restaurant chain, our accountants will provide the support your business needs to be successful!
Improving your bottom line
At St Kilda Tax Accountants Tax Accountants we help retailers find solutions to these kinds of challenges. Our industry experience over many years allows us to align to our clients’ strategies and help them improve their bottom line - because we are an accountant who understands.
We take full advantage of software convergence and the latest electronic information transfer techniques to identify the drivers of business performance and opportunities for improvement.
Our use of technology allows us to customise monthly reports highlighting your business’s KPIs, measure the profit contribution of your individual products, efficiently compile financial information to maximise your tax benefits – and more.
Financial services for medium-sized trade businesses? That's our thing. We specialize in ensuring your financial growth and freeing up time so that you can enjoy life, too!
We understand how important it is to have a reliable accountant for your business. That's why our team of experts has been providing professional services in the fields of finance, taxation and accounting since 1985! We offer tailored solutions designed just for you - no matter what type or size farm operation that might be on yours . Contact us today so we can get started working together soon
Our experience and relationship with franchise groups give us real-time insight into franchise systems and their performance. We provide franchises with business, taxation and accounting services. We can also act as consultants to the head franchisors in setting up cloud accounting & business and structures.
St Kilda Tax Accountants is the go-to team for estate planning and property tax services. Our specialist accountants can help you with everything from ownership issues to controlling your assets, so call us today!
Taxation Advice & Support, Compliance and Tax Issues
Even if your business plan is written, you have all the required tools including permits and licenses, and your bookkeeping software is new and shiny and ready to go… you’re not quite ready to go forward without an accountant.
There are still dozens of compliance stumbling blocks to overcome. Don’t try to wing it without an accountant if you have:
Complex sales tax issues. Sales tax compliance in the US is quickly becoming a nightmare. If you’ll be shipping your products out of state—or in some cases, even within the same state—you’ll want to make sure you are in compliance with all the applicable tax laws. There are apps to help with this on an ongoing basis, but you’ll want an accountant to help you get everything set up.
Complex payroll issues. Wage and labor compliance issues can sink even the most profitable businesses. As with sales taxes, there are apps and programs that can help you with compliance on an ongoing basis, but you’ll want an accountant to look over your shoulder at least quarterly.
Other reporting requirements. These can be requirements for creditors or licensing agencies. Even those complex tax issues mentioned above can lead to other tax liabilities in various states. If you are required to report on your financial position for credit or credentialing, or if you do business in more than one state, you’ll want to continue working with an accountant.
Australian tax laws for the retail industry are complex and ever-changing, and there can be a high price to pay if you don’t keep up while running a retail business or company. Our team of dedicated tax accountants are renowned for their depth of industry-specific knowledge and are highly experienced to provide advice and to support running retail businesses just like yours.
Here’s what our specialists can do for your business:
- Compiling, completing and filing your business tax returns, avoiding penalties for omissions or missed deadlines
- Help with registering for GST
- Asset Protection
- Profit and Loss Reporting
- Expert support with ATO audits
- Comprehensive tax compliance services, offering advice about the laws and regulations that are specific to the retail industry
- Access to specific opportunities for deductions and credit, such as Capital Gains Tax Concessions
- Financial Planning
- Your dedicated industry specialist can work with you to develop a personalised financial strategy that will help to maximise your finances and give your retail business scope to grow:
- Access to the most relevant and cost-effective insurance policies
- Support with sourcing and accessing business loans so that you can expand and build on your successful retail business
- Advice about investment opportunities
- Business Support
Helping you excel
We work with small cafes right up to listed national retailers and have many pharmacies, homewares and fashion retailers amongst our clients.
Our retail clients consistently perform well above industry average benchmarks. Talk to us about how we can help you with:
- Business structuring and growth strategies, including advising on franchise structures
- Asset protection
- Cash flow management
- Outsourced accounting
- Tax structure & maximising tax returns
- Financial planning and wealth creation
- Valuations, purchases and sales
- Succession planning
- Developing Alternative Sales Channels
With the retail market changing so rapidly, we understand the importance of change in the retail segment and review your business to provide advice and insight into developing alternative sales channels.
Here at St Kilda Tax Accountants in St Kilda we have a passion for servicing businesses involved in the retail section. Our portfolio of clients varies from multiple clothes stores, book stores, home wares, nurseries, pharmacies, surf stores and many other different shop fronts.
Over time, you may want to change the direction your business or company is heading and this could lead to financial issues. Financial advice and services from professionals could help you and your business keep on track with your goals and evolve positively. St Kilda Tax Accountants Tax Accountants can provide professional accounting advice and services as your business progresses and changes.