Accounting for Florists

As you know, running a florist shop can be both seasonal and stressful. While all retailers have to contend with issues like extended trading hours, suppliers and staffing, you also need to deal with the mothers day rush and deadlines for weddings, funerals, special events and functions.

Having an accountant who understands the floristry industry can mean the difference between just surviving and potentially thriving. Over the past decade, Linda McGowan and her team of accountants have mentored dozens of florists from start up right through to sale. While we don’t know profess to know the when to plant chrysanthemums, our experience, technical tax knowledge and most importantly, our intimate understanding of the industry can help your florist shop bloom.  

Apart from the usual small business compliance issues of GST, BAS, PAYG and superannuation we can help you with your marketing, website, software selection, pricing, social media strategy and retail lease. If you’re looking to buy a florist shop we can help you assess the value and viability of the business. We can benchmark your business performance against industry averages so you know what’s working in your florist shop and what needs working on.

Thinking of Opening a Florist Shop?

There are numerous issues to consider when opening a retail florist shop. As a business start-up specialist we can help you with your site selection, assist you negotiate and understand your retail lease and provide you with a checklist of likely start up expenses. This comprehensive checklist breaks down your outlays into categories including leasehold improvements and shop fit out, IT costs, marketing and opening stock of flowers, balloons, bears and consumables. These figures can then automatically feed into our integrated cash flow budget template to help you identify your finance requirements.

We have developed and refined a number of financial tools to help you fast track your business success. If you need a template for your business plan, letterhead or business card we can help you. If you need assistance with your branding including the trading name, logo or slogan we have access to some brilliant on-line resources. If you need a photographer for your promotional brochures or website we have a number of clients who can help you.

That’s just the beginning because as accountants we can also do some ‘what if’ financial modelling so you know your business’ best and worst case financial scenarios. Apart from preparing a cash flow budget we can also project your profit and loss statement for the first year and identify your lending requirements (if any). On an operational level we’ll help you with your pricing and make sure you know your weekly sales break even point. Given occupancy costs are often the second highest expense after wages in a florist shop we can even help you negotiate the terms of your retail lease and liaise with your solicitor.

We’ll advise you on the most appropriate tax structure for your business taking into account tax considerations, asset protection and future discount capital gains tax concessions. Next, we will help you select the most appropriate software for your business and factor in your business needs (bookkeeping, payroll, invoicing etc.) and level of accounting skill. Far too many people who start a florist shop make the mistake of buying sophisticated ‘double entry’ accounting programs like MYOB and QuickBooks that are beyond their needs and level of accounting skill. The most popular accounting software program with our florist clients is Cashflow Manager and we provide you with some introductory training so you understand the basics of GST and BAS reporting.  

Marketing Your Florist Shop

For a florist, marketing can be the difference between bloom and gloom. It all starts with branding and we can help you build a brand that resonates with your ideal type of customer. Over the years we have helped dozens of clients create their business name, logo and slogan. Next we can offer you advice regarding your website’s colour scheme, skin, functionality and content. Over the years we have worked with a graphic artist and website development group that can give you an inexpensive but quality website. If you also need help with shop site selection, your corporate brochure, signage or newsletter you can draw on our floristry knowledge and experience.   

From a marketing perspective, one of your most valuable business assets is your customer database. We’ll show you how to create an information rich database so you can automatically send out marketing offers, Mothers Day reminders and even newsletters. We’ll also help you harness the power of social media to win more referrals.

Grow Your Profits

All business owners want to grow their business, their profits and their wealth. For that reason we strive to help you ‘know your numbers’ and that includes understanding the 4 Ways to Grow Your Business. If you understand the key profit drivers in your business we can talk you through profit improvement strategies and quantify the profit improvement potential in your business. Using industry benchmarks we can analyse the performance of your florist shop and compare it against your competitors so you understand what is working in the business and what needs working on.

Our unique Business Accelerator Process is all about fast tracking your business success and the team of specialists at Linda McGowan Pty Ltd offer florists and flower growers the full range of accounting, taxation and business coaching services including:

• Start-Up Business Advice for Florists & Flower Growers
• Advice regarding the Purchase or Sale of your Florist Shop
• Spreadsheets and Tools including a Start Up Expense Checklist and Pricing Calculator
• Advice and Establishment of Your Business Structure
• Business Registrations including ABN, TFN, GST, WorkCover etc.
• Preparation of Business Plans, Cash Flow Forecasts and Profit Projections
• Accounting Software Selection and Training – Bookkeeping, Invoicing & Payroll
• Preparation of Finance Applications for the Bank
• Site Location and Advice Regarding your Retail Tenancy Lease
• Preparation and Analysis of Financial Statements
• Bookkeeping and Payroll Services
• Tax Planning Strategies
• Marketing Audit of your branding, brochures, website and social media strategies
• Advice and Assistance with the Development, Content and Website SEO
• Wealth Creation Strategies and Financial Planning Services
• Industry Benchmarking for Florists and KPI Management
• Vehicle & Equipment Finance including Lease and Chattel Mortgages
• Monitoring and Controlling Labour costs
• Advice & Assistance with Pricing  
• Advice regarding Claiming Motor Vehicle Costs
• Recession Survival Strategies
• Advice regarding Employee Relations and Workplace Laws
• Business & Risk Insurances
• Business Succession Planning

We are so much more than just tax accountants. We are ‘business profit builders’ who provide strategies and solutions for florists and flower growers. We genuinely care about your business success and floristry has become a niche area within our accounting practice. If you’re looking to start a florist shop or if your current profits are wilting, contact us today.