INVENTORY, POS, SALES TAX. RECONCILED AUTOMATICALLY.
Retail
Accounting for brick-and-mortar, e-commerce, and the hybrids in between. Inventory that ties to your POS. POS that ties to your bank. Margins visible by product, channel, and location. Multi-state sales tax filed on time, every time.
Retail accounting lives at the intersection of inventory, POS, and sales tax. Inventory has to reconcile to your books. POS has to reconcile to your bank deposits. Sales tax has to reconcile to the states you have nexus in. We set up the foundation so those three reconciliations happen by themselves, and your margins are clear by product, channel, and location.
WHAT WE SET UP:
- Inventory accounting tied to your POS and to your bank
- Multi-state sales tax filings and nexus tracking
- Margin reporting by product, channel, and location
- Software: QuickBooks Online or Xero, integrated with Shopify, Square, Clover, WooCommerce, Stripe, and your inventory system
WHAT MAKES RETAIL DIFFERENT
Four things generic accountants get wrong in retail accounting.
Retail accounting isn’t just tracking sales. Inventory reconciliations, multi-state sales tax, channel-level margins, and POS integrations each need setup that most firms improvise. Here’s what we build before your first close.
Inventory reconciliation
Inventory on the balance sheet should tie to inventory on the shelf (and in the warehouse, and in transit). We integrate your POS and inventory system with the books so reconciliations happen automatically, and shrinkage is visible, not hidden.
Multi-state sales tax
Nexus rules changed after Wayfair. Selling in one state can create tax obligations in twenty. We track your nexus footprint, register in the states you need, and file returns on their schedules, so surprise sales-tax audits stay off your calendar.
POS-to-bank reconciliation
Shopify, Square, Clover, WooCommerce, Stripe: each processor holds money differently, deposits at different intervals, and takes fees at different rates. We reconcile every deposit to every sale so revenue, fees, and cash all match without anyone chasing numbers.
Margin by channel & product
Retail margin looks different by product, by channel (brick-and-mortar versus online), and by location. We set up reporting so you see which SKUs, which stores, and which channels are actually making money, and which need to be repriced or dropped.
LET’S TALK
Want inventory, POS, and sales tax to reconcile themselves?
Book a 30-minute call with a Prudent retail specialist. We’ll walk through your POS setup, your sales tax nexus, and where the current setup is losing you margin.