Retail & Consumer Products

UNMATCHED INDUSTRY KNOWLEDGE

Retail and consumer product enterprises were hit head-on by the global financial crisis.

Retail stores and consumer products businesses operate in a highly competitive environment. Moreover, as businesses reliant on consumer spending, retail businesses are highly sensitive to economic conditions. As the economy slows, consumers have less money in their pockets and are less willing to spend money on consumer goods.

HRSS understands these challenges and provides support to retailers not just to survive but also to thrive. Accurate and complete financial data can tell a retailer where it is struggling and where it can improve. Furthermore, audits and other financial assurances can ease a retailer’s cash flow by securing sources of credit.

Any retail or consumer products business can benefit from HRSS’s accounting services, including:

  • Retailers
  • Online retailers
  • Grocery stores
  • Suppliers and vendors

Some retail businesses are more resistant to broader economic forces than others. For example, grocery stores and other businesses that sell essential products are less likely to suffer. However, these businesses often work on narrower margins.

HRSS understands that, besides economic pressures, international trade disputes, supply chain disruptions, and increasing costs of finished goods create conditions that can squeeze retailers. Moreover, competition between bricks-and-mortar and e-commerce retailers and industry consolidation has led to mass bankruptcies in the retail sector.

However, retail shop owners, like many business owners, have no experience in accounting and tax. HRSS helps these business owners make decisions based on data and facts rather than assumptions. HRSS can also help retail businesses develop concrete and rigorous plans tailored to their retail sector so they can chart a path to success.

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How HRSS Serves Retail and Consumer Products Businesses

Some retail businesses are more resistant to broader economic forces than others. For example, grocery stores and other businesses that sell essential products are less likely to suffer. However, these businesses often work on narrower margins.

HRSS understands that, besides economic pressures, international trade disputes, supply chain disruptions, and increasing costs of finished goods create conditions that can squeeze retailers. Moreover, competition between bricks-and-mortar and e-commerce retailers and industry consolidation has led to mass bankruptcies in the retail sector.

However, retail shop owners, like many business owners, have no experience in accounting and tax. HRSS helps these business owners make decisions based on data and facts rather than assumptions. HRSS can also help retail businesses develop concrete and rigorous plans tailored to their retail sector so they can chart a path to success.

Tax Services

HRSS develops tax compliance plans that minimize a retailer’s tax liability and ensure compliance with sales and income tax regulations. We prepare and file sales tax returns for retailers according to the tax compliance plans to avoid tax deficiency assessments. These services are most valuable for multi-location retailers that must comply with sales and use taxes in multiple states or countries.

Improving Operations

HRSS has experience using financial and accounting data to improve retail operations, including:

  • Creating an inventory management structure to meet customer demand without tying up cash in idle inventory
  • Helping clients manage their cash flow and supply chain to keep goods flowing to the retailer
  • Eliminating waste
  • Establishing a structure to manage cash flow

Auditing and Compliance

HRSS audits retail businesses’ financial statements to help them secure credit. We can also ensure retailers satisfy franchise reporting requirements.

Financial Services

HRSS provides inventory valuations so retailers have accurate and complete financial data to help them make sound decisions.

HRSS Helps Retail and Consumer Products Businesses Maintain Long-Term Growth

Retail and consumer products businesses can find success despite a difficult environment. However, retail or consumer products businesses must operate efficiently because of thin margins and their susceptibility to economic disruptions like unemployment, inflation, and slow wage growth.

HRSS can provide accurate and complete financial data to help retail and consumer products enterprises streamline their operations, cut waste, and free up cash. Moreover, managing risks and cash flow can help smooth out a business’s finances.

Contact us today for more information on how HRSS can help your retail or consumer products business.

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