Bookkeeping Services
Specialized bookkeeping to keep your stock and finances in sync.
Inventory is the heart of any retail business – and managing it correctly is crucial for your bottom line. OnTrack Bookkeeping provides specialized bookkeeping services for retail businesses that manage inventory, ensuring your books accurately reflect every sale, purchase, and product in stock. Our experienced team understands the unique challenges of inventory-based retailers. We focus on SKU-level tracking, precise cost of goods sold calculations, and seamless integration with your sales platforms so you can make informed decisions and focus on growing your business.
Our Inventory Retail Bookkeeping Services Include
SKU-Level Inventory Tracking
We record and reconcile your inventory at the SKU level. Every item is tracked in your accounting system, so you always know what’s in stock and what’s selling. By maintaining detailed inventory records, we help minimize shrinkage and stock-outs while giving you accurate on-hand counts at all times.
Cost of Goods Sold (COGS) Accuracy
OnTrack ensures your cost of goods sold is calculated correctly for each period. We update your books as inventory is purchased and sold, so your COGS reflects the true cost of your sales. Accurate COGS means you can trust your gross profit figures and pricing decisions, knowing that all product costs (purchase price, freight, etc.) are properly accounted for.
Vendor Management (Accounts Payable)
We handle the bookkeeping side of vendor relationships, from recording supplier bills to tracking payments. Our team will organize and schedule your vendor bills, manage purchase orders, and ensure your accounts payable are up to date. You’ll have a clear picture of what you owe suppliers at any given time, helping maintain good relationships and steady inventory supply.
POS and Platform Integration
OnTrack connects your point-of-sale (POS) systems and e-commerce platforms with your bookkeeping software (like QuickBooks). Instead of manual data entry, sales and inventory data flow directly into your books. Whether you use Shopify, Square, Amazon, or another platform, we ensure your transactions, stock levels, and merchant fees are recorded automatically and accurately. This integration saves you time and reduces errors, keeping your online and in-store sales in sync with your financials.
Retail Financial Reporting
Get tailored financial reports that make sense for inventory-based retailers. Beyond the standard profit and loss and balance sheet, we provide reports like sales by product category, gross margin by item, and inventory turnover ratios. We’ll help you interpret these reports so you can identify best-sellers, cut slow-moving stock, and improve your store’s profitability. With OnTrack, you’ll have clear, actionable insights into your retail business’s financial health each month.
Sales Tax & Compliance
Retail businesses often face complex sales tax obligations. We track sales taxes on your transactions and ensure they are recorded properly in your books. Our team can assist with preparing sales tax filings and setting up your accounting system to calculate taxes for different states or locales as needed. By staying on top of sales tax and compliance requirements, we help you avoid penalties and stay compliant with regulations while you focus on running your store.
Why Choose OnTrack for Inventory-Based Retail Bookkeeping
Deep Retail Bookkeeping Experience
Our team has years of experience helping retail and inventory-based businesses keep their books in order. We understand the nuances of retail accounting, from handling seasonal spikes in sales to adjusting for inventory shrinkage. This specialized knowledge means we can anticipate and address the challenges that inventory-heavy companies face, keeping your financials accurate and reliable.
QuickBooks ProAdvisors & Integration Experts
OnTrack Bookkeeping is staffed by certified QuickBooks ProAdvisors who know how to get the most out of your accounting software. We’re experts at integrating POS systems, online marketplaces, and inventory management tools with QuickBooks (or your preferred platform). Our know-how ensures that all your systems talk to each other – reducing manual work and errors. You’ll save time and get more accurate data by letting us connect your sales channels and bookkeeping seamlessly.
Accuracy, Compliance, and Peace of Mind
We pride ourselves on getting the details right. Every invoice, sales receipt, and inventory adjustment is entered correctly and reconciled. We follow accounting best practices and GAAP standards for inventory accounting, so your books stay audit-ready. By outsourcing your retail bookkeeping to OnTrack, you can relax knowing that tasks like bank reconciliations, COGS entries, and sales tax filings are handled on schedule. The result is worry-free finances and more time for you to focus on storefront operations.
Customized Reports & Insights
OnTrack doesn’t just crunch numbers – we translate them into insights. We customize our bookkeeping and reporting to fit your retail business model. Do you need to see profitability by store location or product line? Want to track inventory turnover or sell-through rates? We can set that up. With our tailored reporting, you’ll gain a deeper understanding of your business’s performance and trends. This means better forecasting, smarter purchasing decisions, and strategies backed by solid data.
Personalized Support and Training
We’re a small business ally you can count on. Our approach is clear, helpful, and hands-on – you’ll always be able to reach a knowledgeable bookkeeper who understands your account. We take the time to explain your financial reports and answer your questions, not just do the bare minimum. If you have in-house staff, we can even train them on inventory bookkeeping best practices and QuickBooks usage, empowering your team. OnTrack is committed to being an extension of your business, providing friendly expert support whenever you need it.
Flexible and Scalable Services
Whether you’re a single-location boutique or a growing multi-channel retailer, our services scale to your needs. OnTrack works with businesses of all sizes – from small shops to larger operations – tailoring our process to fit each client. Need full-service bookkeeping where we handle everything? We’ve got you covered. Already have a bookkeeper and just need monthly oversight or cleanup? We can do that too. As your retail business grows or changes, we’ll adapt alongside it, ensuring your bookkeeping always stays on track.
Common Questions
How do you ensure my inventory counts and COGS are accurate?
We use robust accounting practices and software tools to keep your inventory and cost of goods sold accurate. This includes recording every product purchase and sale in the books with the correct SKU and cost. At month-end, we reconcile inventory accounts and update COGS based on what was sold. If you do physical inventory counts or use inventory management systems, we’ll incorporate those to adjust your books so that the quantities and values match. Our detailed approach means your inventory asset account and COGS expense on the financial statements always reflect reality, giving you confidence in your gross profit numbers.
Can you integrate with my POS system or online store?
Yes. OnTrack Bookkeeping specializes in integrating retail point-of-sale (POS) systems and e-commerce platforms with your accounting software. We have experience connecting popular systems like Shopify, WooCommerce, Amazon, Etsy, Square, and more directly into QuickBooks. This automation means your daily sales, merchant fees, and inventory updates flow into the books without manual entry. If you’re using a specific POS or inventory management tool, we’ll find the best way to sync it with your bookkeeping. The result is a streamlined process where your sales and inventory data stay up-to-date in your financial records automatically.
Do you work with both brick-and-mortar and online retail businesses?
Absolutely. We support brick-and-mortar shops, e-commerce retailers, and hybrid businesses that sell both in-store and online. Our team understands the accounting needs of a local boutique as well as an online seller shipping nationwide. No matter your retail model, if you manage inventory as part of your business, we can tailor our bookkeeping services to you. We also work with retailers of various sizes – from single-store operations to multi-location chains or high-volume online marketplaces. OnTrack’s flexible approach means the bookkeeping will be set up to match your specific operations and sales channels.
Client Highlight
“I run a multi-location specialty retail store, and keeping track of inventory and finances used to be a nightmare. Since hiring OnTrack Bookkeeping, we’ve seen a complete turnaround. They set up an integrated system linking our POS with QuickBooks, so every sale and shipment is reflected in our books instantly. Now our inventory numbers and COGS are always spot on, and I get monthly reports showing our gross margins by product which I never had before. It’s like having an expert accounting department on our team. I can focus on growing my business, knowing OnTrack has our bookkeeping under control.”
– Sarah J., Owner of Trendy Styles Boutique
Ready to Simplify Your Retail Bookkeeping?
Let OnTrack handle the tedious inventory accounting and number-crunching, so you can focus on delighting your customers and expanding your retail business. Ready to get started? Contact OnTrack Bookkeeping today for a free consultation and see how our inventory-focused bookkeeping services can keep your business on track. We’ll customize a solution that fits your store’s needs and put you on the path to better financial insight and peace of mind.