SDG Accountant has expertise in dealing with Convenience Stores & Gas Stations around the Greater Toronto Area. Sami Ghaith’s family has been in the business of operating and managing Gas Stations & Coin operated car washes for the past 30 years. It is essential to keep good record keeping for your business and managing inventory is also as important. We recommend doing monthly bookkeeping and month-end counts of your inventory in-store to match to cost of goods sold, as well as monitoring theft.
For Gas stations, franchisees usually take a commission on gas sales. This commission is earned as revenue towards your business, as the business owner essentially at times does not physically own the gas itself. Commission reports are printed and accounted for. We ensure the proper tax treatment of physical assets in a gas station, such as the depreciation of equipment and building to minimize tax liabilities in accordance with the Income Tax Act. If you are a Gas Station, Carwash or Convenience Store owner and need assistance with bookkeeping, accounting & taxation please contact us for a consultation.
Thanks a lot for the constant advice and returns.