Convenience Store Accountant Chicago

November 11, 2015
 
Convenience Store Accountant Chicago
 
Convenience and grocery store accounting can be very challenging. Sales tax accounting, the ever present danger of a sales tax audit, as well as the constant problem of inventory shrinkage drives most of these difficulties.
 
The ST-1 alone will make most accountants go nuts. High and low tax on food items begin the problem. Cigarettes, gasoline, and liquor cause more. And the additional tax on plastic bottles and soda round out the field of insanity. If the cash registers were perfect, this would not be a problem. But they never are. Generally the cashiers cause further difficulties.
 
Convenience Stores bring in a lot of cash. Certainly not what they used to, but its still enough for The Department of Revenue to audit you frequently. If your documentation isn’t solid, they are going to have a field day. Remember that with the Department you are guilty until proven innocent. You have to be able to prove something was at a lower tax rate, or non-taxable to begin with. They aren’t going to take your word. You have to back up your claims with original documentation.
 
Inventory shrinkage as well as outright thievery from the cash drawer is another difficulty. Your never going to stop it entirely. But solid accounting can aid in minimizing it.
 
If you are having difficulties or need a good convenience store accountant Chicago, then I would love to hear from you. I can be reached at 773-267-7500 or Chris@AccountingSolutionsLtd.com.
 
For further information on our firm, please go to www.AccountingSolutionsLtd.com