Retail Accounting

The objective of the Retail Accounting Service is to provide our Members with timely and accurate financial statements that cover two (2) four-week and
one (1) five-week period for each quarter. This service is an option to our retailers and the fees are based on type of statement and average weekly volumes. The owner has the option of selecting either non-departmental or departmental statements. The major difference between the two is that the non-departmental contains a sales section, cost of goods section and gross margin section only. It does not include a detailed expense and other income section. A key requirement of the accounting service is that a member must also subscribe to Olean’s ADP Payroll Service or the retailer’s existing payroll service must be able to provide reporting documents that will be acceptable to Olean.

Personnel of the department include the Director, Administrative Assistant, Three Senior Accountants, One Staff Accountant, One Junior Accountant and Five Accounting Clerks. Each accountant is assigned twelve to fifteen clients and he or she is responsible for statement preparation from start to finish.

Currently the department is producing 67 financial statements each month. We process statements for all size operations including small, medium and large. Some retailers have multiple operations and we have capabilities to produce divisional statements and a consolidated corporate statement.

All work is held highly CONFIDENTIAL. Retail Accounting has its own pouch in addition to the standard mail pouch for each member. We maintain an authorization form for each client which lists individuals that have access to the financial information.

Retail Accounting services include:

    • Prepare PA and NY State Sales Tax returns
    • Monthly Bank Reconciliations
    • Reconcile all Balance Sheet accounts
    • Expense Analyzing
    • Monthly and Quarterly Financial Statements
    • Will prepare Financial Statements for 12 or 13 Accounting periods
    • Monthly Departmental Gross Margin Analysis
    • Inventory scheduling (RGIS, PICS, and Reliant Inventory service)
    • Weekly billed Insurance Program (Package, Workers Comp, and Disability)
    • Partnership with FMS Solutions

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  • Monthly and Quarterly Financial Statements
  • Monthly Bank Reconciliations
  • Reconcile all Balance Sheet accounts
  • Prepare State Sales Tax returns
  • Monthly Departmental Gross Margin Analysis
  • Expense Analyzing
  • Inventory scheduling (RGIS, PICS, and Reliant Inventory service)
  • Weekly billed Insurance Program (Package, Workers Comp, and Disability)
  • Partnership with FMS Solutions
  • Partnership with ADP and Complete Payroll

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