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Accounting for Pet Shops
Running a pet shop is demanding and to be successful you need to have a passion for animals, a head for business and a friendly, helpful demeanour.
Profitable pet shops generally sell a wide range of animals, pet accessories, foods and treats as well as health and grooming products. The shop location is obviously important but the shop layout and animal display pens also need to be carefully planned. Pet shop owners also need an understanding of the various breeds, their type of hair and are expected to know how to deal with minor skin, ear, eye, beak and nail conditions.
You need to up to date with the latest flea, tick and worming control products and increasingly discerning pet owners want you to stock dog clothes and pet gifts plus they will seek you out regarding dog walking services, pet feeding options, a pet taxi service, day care and pet sitting. Some pet shops provide these services while others simply refer the pet owners to mobile services who offer pet pampering services including haircuts, hot baths, flea rinses, massages, brushing, nail cutting, ear cleaning and doggy deodorant treatments.
Having an accountant who understands your pet shop business can mean the difference between just surviving and potentially thriving. Over the past 15 years, Linda McGowan and her team of accountants have mentored a number of pet shop owners and pet shop franchisees through the various stages of their business life cycle from start up right through to sale. We offer you experience, technical knowledge and an intimate understanding of the pet shop industry.
Thinking of Starting or Buying a Pet Shop?
If you are looking to start or buy a pet shop there are numerous issues to consider. As a business start-up specialist we can provide you with a comprehensive checklist of start up expenses broken down into categories including leasehold improvements, shop fit out, IT, marketing and signage, equipment, stock and live stock. These figures then automatically feed into an integrated cash flow budget to help you identify your start-up finance requirements. This cash flow budget then slots into your business plan.
We’ll advise you on the most appropriate tax structure for your business taking into account income 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 and level of accounting skill. Far too many people who open a retail 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. They end up creating financial records that can only be described as a ‘computerised shoebox’ and they lose track of the important things including working on the business. Stock takes become a nightmare and the wrong software leads to frustration and excessive accounting fees. Our brief includes helping you save money and it starts with the right advice.
Through our affiliate partners we can also help you locate suitable funding to finance your fit out, equipment, franchise fee, motor vehicle or van.
Marketing Your Business
For a pet shop, marketing can be the difference between success and failure.
It all starts with your branding and we can help you with ideas for your business name, logo and slogan. Next we’ll offer you advice regarding your website’s colour scheme, skin, functionality and content. We have worked with dozens of clients and liaised with graphic artists and our preferred website development team to create inexpensive but quality websites for clients. If you need help with your corporate brochure, newsletter or want to harness the power of social media to win more referrals we can also provide advice and direction. We believe our marketing skills set us apart from other accounting firms.
Grow Your Profits
That’s just the beginning. As accountants we can prepare some ‘what if’ financial scenarios so you know your business’ best and worst case scenarios. We can help you prepare a cash flow budget and project your profit and loss for your first year of operation. On an operational level we’ll help you price your services and identify your break even point and provide advice regarding profit margins. Using industry benchmarks we can analyse the performance of your pet shop and compare it against your competitors so you know what is working in the business and what needs working on.
We recognise you want to grow your business, your profits and your 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. Not only that, we can quantify the profit improvement potential in your business.
Our unique Business Accelerator Process is all about fast tracking your business success and the team of pet shop specialists at Linda McGowan Pty Ltd offer you a range of accounting, taxation and business coaching services including:
- Start-Up Business Advice for Pet Shop Owners
- Advice regarding the Purchase and Sale of your Pet Shop
- Spreadsheets and Tools including a Start Up Expense Checklist, Templates for your Business Plan, Cash flow Budget, Letterhead and Business Card
- Advice and Establishment of Your Business Structure
- Tax Registrations including your ABN, TFN, GST, WorkCover etc.
- Preparation of Business Plans, Cash Flow Forecasts and Profit Projections
- Accounting Software Selection and Training
- Preparation of Finance Applications for your Bank Loan (if required)
- Preparation and Analysis of Financial Statements
- Bookkeeping and Payroll Services
- Tax Planning Strategies
- Marketing Audit including the establishment or evaluation of your branding, brochures, website and social media strategies
- Advice and Assistance with the Development, Content and SEO of your Website
- Wealth Creation Strategies and Financial Planning Services
- Industry Benchmarking and KPI Management
- Vehicle & Equipment Finance
- 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 and profit builders’ who offer you business strategies and financial solutions. We genuinely care about your business success and pet shops have become a niche area within our accounting practice. To get your pet shop off to a flying start or to give your existing business more ‘bark’, contact us today.
