The Unbreakable Cog In Your Engine

Retail and wholesale operations have more moving parts than other businesses. You negotiate with suppliers, manage their deliveries, check for damage goods upon arrival and monitor inventory. And that’s just one side of the coin.

On the customer side, you most likely have multiple sales channels, multiple payment methods and yes, you still have to manage your POS.  As if those were not enough, you also have Human Resource and Accounting issues to deal with. It can be overwhelming and it is overwhelming.

At Vertaccount, we unburden you with your accounting workload by taking care of everything related to that. We do it because accounting is our passion. As such, you can focus on all the other facets of running your business.

Services

Retail/Wholesale Industry Specifics

  • Sales Order & Invoicing
  • Accounting and Reconciliation of Customer Credit Card Payments
  • Purchase Order Processing
  • Inventory Monitoring and Reconciliation
  • Industry Specific KPIs and Reports – Inventory Turnover Report, Stock Turnover Days, Break Even Analysis, Gross Margin Analysis
  • Best Practices / Policy Formulation / Forms Development

GET and Compliance

  • GET Processing and Filing
  • 1099 Processing and Filing

Standard Bookkeeping

  • Accounts Payable, Accounts Receivable and Payroll Processing
  • Financial Statements and Financial Budget Preparation
  • Cash Management
  • Catch Up and Clean Up of Records

 

Frequently Asked Questions (FAQs)

Will you do physical inventory count for us?

No we won’t. We would require someone on-site to do the physical inventory count. However, we can perform regular reconciliation with your inventory, physical count and accounting systems to capture balances.

Can you work with any POS software or do you have a preference?

We can work with any existing system that you are already using.

Can you configure our POS?

Yes, but we will need to work with the POS vendor. We can definitely share best practices.

Can you create sales and customer invoices for us?

Yes, we can.  We can even track the payments of each invoice that you send out to your customers.

Can you manage my Paypal transactions?

Yes, we can.  We can manage those including all your credit card merchant fees.

Can you pay suppliers and collect customer payments for us?

As a rule, we do not make vendor payments or collect customer payments on behalf of our customers. This is a form of internal control and not because we are not able to do them.

Will an outsourced accounting setup work for me?

Accounting is a 2 way street. For us to produce financials and for those financials to have meaning for your business, then we need to work together. We will do our part, but we need you to do your part as well.

What we need you to do are:

  1. Do your physical counts regularly.
  2. Ensure that your POS is being used properly. The POS will most likely be the source of your revenues and receiving inventory. If those are unreliable, then your reports will be unreliable as well.