Wholesale Pet Store Supplies Guide

In this sense you probably have a lot contacts to go to when it's time to restock your store. It is widely known within the pet shop industry that the most common problem encountered is the trouble all pet shop owners go through every time they have to purchase their supplies. Sure, they can go to a distributing company that carries all the products they want but then the prices skyrocket.

The founders of PetWholesaler wanted to create a wholesale pet store supply industry portal online. It was their vision to give the vendors one place to go to buy pet supplies, get information on new products, trends, and events and purchase products. They wanted the manufacturing companies to be within a retailer's reach; which is why they established a solid relationship with the manufacturers

In establishing a good relationship with the manufacturers, PetWholesaler is able to give retailers one place to go to for their wholesale pet store supplies. The benefits are not one sided, because then the manufacturers will be able to get their products noticed since product traffic will be maximized. In the case of the internet, the more traffic, the better! Usually, this traffic also buys rather than rubbernecks.

The company actually started by distributing catalogs, mailing lists and telemarketing their pet store supplies to pet shop owners. They currently has their own products and carry other products as well which make them a one stop shop for pet store supplies. Also, this wholesale pet store supply company actually asks their customers for recommendations and which products they would like to find in the website.

Due to the fact that PetWholesaler is a wholesale pet store, they are able to maintain a very good relationship with pet supply manufacturers. They also can offer you great discounts with a variety of prices to choose from. Another advantage is that the company has a team looking for new and innovative products, which keeps them up to date with the current pet business trends. If that does not impress you, then how about this? Since they are on line, then you can buy your pet store supplies 24/7 and in the comfort of your own home or office.

The author is a full time shopping consultant in San Diego, CA. Check out these great Pet Vacations resources and reviews or the more specific Safe Pet Food advice.

http://www.petshopsonline.net

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2 Types of Tax Accounting

Unlike Generally Accepted Accounting Principles(GAAP), tax accounting is an extensive set of laws and regulations required of businesses to submit income tax information. Just like federal income tax, this set of comprehensive accounting principles is regulated at the national level.

As of the 2008 fiscal year, there are only a few different ways to compile tax accounting information, but 2 main methods. The acceptable ways of submitting information are the cash method, accrual method, or a combination of both.

Depending on qualification, these different methods can be chosen by a company according to timing of transactions such as credits and debits. If qualified for either method, the company will look at the advantages and disadvantages of each method and choose the most beneficial method. The American Institute of Certified Public Accountants(AICPA) submitted a request to change the accounting method, but nothing has been overturned as of yet.

There are two parameters that a business must not qualify for to have the ability to choose their tax accounting method. A business must use the accrual method if the sales are over $5 million or there is inventory stockpiled that will either be sold to the public or used to make products sold to the public.

The accrual method, or accrual basis, of tax accounting records sales and purchases as the order is processed. In this method, physically receiving or paying money is not the time of recording. When a sale is made or a job is completed the credits or debits are recorded, regardless of the money actually changing hands or not. This method is simpler when large contracts are signed, but the payment plan may last several years. One disadvantage would be that even though the books show a large capital, the actual funds are not in the account.

The cash method, or cash basis, of tax accounting is simply recording transactions as the money is exchanged. This method is more accurate and gives a better feel for how much spendable capital a business has to use. Depending on the set-up of the business procedure, the cash method takes a little more discipline in book keeping. Unlike the accrual method that records the transaction as the order is processed in the office, in cash accounting the payment must be recorded directly after payment is taken. The cash method can also leave a window for fraud or theft, whereas accrual accounting has checks and balances to make sure the correct amount of payment is applied for each order.

So, after determining if your business is required to use the accrual method or not, it has a choice. The choice depends on the structure of the business and the preferences of advantages and disadvantages of each method.

It is important to note that a business is not allowed to change tax accounting methods back and forth. If a change is desired, the current method must have been used for the last two consecutive years. At that time, a formal request must be submitted to the Secretary of the Treasury. To make sure this process is done correctly and all the bases are covered, the owner/officer of the business should consult with a certified public accountant. The Secretary of the Treasury also has the right to require a business to re-compute the taxable income to more accurately show a business's tax accounting.

In summary, tax accounting requires careful analysis and application of the tax code, regulation provisions, administrative pronouncements, and case law. It is possible and sometimes more advantageous to complete this process in-house or with the aid of online accounting, but it is recommended for some businesses to seek professional guidance.

The author, Joe Coffee is a consultant for the online marketing firm, Web Shepherd. Visit http://www.accountingandyou.com for more tips from Joe and other writers about leading methods of accounting and small business accounting options.