Retail

planning for the silly season

RETAIL

ACCOUNTING FOR RETAIL PEOPLE

Melbourne has a dynamic, creative, and innovative retail industry. Art, fashion, music, or whatever may be the specialty of the business, the retail industry is one which has great potential for success in a hub such as Melbourne and its surroundings.

In order to ensure that a business is reaching its full potential in retail, it is crucial that the owner or manager, has in depth knowledge of its specific industry, and where this sits in the broader context of retail and economy in Victoria and Australia. Because alongside the dynamism and creativity of retail, is great competition and constantly changing economic factors that impact the market, such as consumer confidence, inflation etc. Furthermore, similar to the hospitality industry, retail can have specific staffing needs to meet its irregular trading hours, including a high number of casual staff and at times, high levels of turnover of staff.

In order to ensure that any business in retail is balancing its costs, including staffing, assets and produce, and establishing its point of difference in the highly competitive industry, it needs to engage with a highly efficient accounting practice that has a sound understanding of broader economic changes, taxation laws and guidelines, and who can provide ongoing support and consultation on business direction to ensure that a business in this thriving industry is living up to its full potential.

At Think Accountants, we believe there is so much to achieve in retail. We have great knowledge of taxation laws, and have a comprehensive understanding of the market and the factors that contribute to the success of a business in this industry.

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