We go beyond traditional accounting
Retail business provides many exciting opportunities with great scope for innovation. It also requires efficient systems and structure around financial reporting, tax and corporate modelling. At BDO, we help our clients get the mix right.
BDO’s retail business consultants play a leading role in the retail market by providing specialist industry insight and advice. We provide practical financial advice on everything from tax planning, mergers, auditing and risk advisory. Importantly, we also offer services that go beyond tradition accounting, including access to data that will show you exactly what’s going on in your business – and the wider industry.
Our connections and experience see us working closely with retailers, banks, private equity houses, brokers, lawyers and property professionals who specialise in the retail sector. We can help combine these resources to help your business succeed.
BDO’s innovative retail services
BDO is committed to helping retailers increase revenue and profit through improved store conversion. We use an innovative system called Reveal to measure your existing sales opportunities; and success in converting those opportunities into sales. Reveal’s hardware/software solution integrates with your point of sale system to provide accurate store visit to conversion rates and customer to staff ratios. The real time dashboard provides store managers and support office teams with a clear overview and intuitive insights to help make decisions and implement changes to enhance performance and improve profits. We will work with your team to use Reveal data to:
- Optimise staff rosters
- Create the appropriate commission structure for sales staff
- Guide you on how to improve individual sales staff performance
- Identify and act upon trends and patterns
- Budget and forecast based on historical data patterns
- Understand the effectiveness of marketing campaigns.
We can also help you access weekly retail industry insights through the Australian Retail Index. Retailers can access tailored online retail sales data that will help you maximise sales opportunities and respond more quickly to change. See more about the Australian Retail Index.
Our audit professionals can help you improve systems and processes for external financial reporting. We also help you keep up to date with changing regulatory requirements such as International Financial Reporting Standards. Using our proven international audit methodology, we focus on key financial areas and provide constructive ideas for improving your organisations’ internal controls and business systems. Retail business audit services may include:
- External audits
- IT reports and investigations
- Probity and process advisory
- Technical accounting services.
Read more about BDO’s audit services.
Retail businesses can incur significant compliance costs attempting to work out which taxes apply to their business transactions. There’s also the administrative costs associated with paying, collecting, claiming credits and remitting GST on sales and purchases, which can be substantial. As a retail business, it’s vital to maximise your tax opportunities and ensure compliance in a complex environment. From corporate and international tax to franchise services, our tax specialists can help with:
- Indirect taxes, FBT, GST, R&D and customs duty
- Pre year-end tax planning and tax returns
- Tax provision and deferred tax preparation and review
- Dispute resolution and tax audit management
- Tax policy advice including submissions to governments.
- Foreign investment into Australia
- Corporate restructures, acquisitions, investment and divestment
- Outbound investment, repatriation of offshore funds and foreign tax management
- Branch, subsidiary, limited partnerships, hybrids and trusts
- Double tax agreement management
- Thin capitalisation planning
- Transfer pricing and supply chain management.
Read more about BDO’s tax services.
Our detailed knowledge of the retail industry and partner-led approach can help you achieve the best commercial outcomes for your retail business. Our advisory teams includes specialists to help in the following areas:
- Performance improvement: financial strategy and analysis, refining operating models and process re-engineering
- Corporate finance: financial modelling, valuations, due diligence, mergers and acquisitions, succession planning and general corporate advisory
- Risk advisory: risk management, internal audit, corporate governance, probity and IT systems review
- Business recovery and insolvency: business turnarounds, corporate and personal insolvency
- Forensic services: computer forensics and corporate investigations
- Fraud: special investigations
- IFRS 15 for the retail industry.
Read more about BDO’s advisory services.
Transaction analysis and recovery
It’s difficult to increase revenue without understanding the full costs of operating your retail business. Our transaction analysis and recovery services can give you a complete picture of your business’ direct and indirect costs without using your time and business resources. We apply a transparent financial management technique internally to the company’s records, offering you risk-free, contingency-based transaction analysis service. A low-impact, non-intrusive service.
We work with you to ensure your business succeeds by driving growth, value and profitability. Our advisers have deep and broad industry knowledge and exceptional experience in delivering growth strategies, tax solutions, compliance, wealth creation and management strategies to entrepreneurs, private clients and owner managed businesses of all sizes.
Read more about BDO’s private client services.