How this usually works
A strong bookkeeping process for wholesale businesses starts with a short discovery: structure of the business, current software stack (for example accounting, inventory, EDI, WMS or 3PL portals), SKU master data quality, reporting cadence and any deadlines (BAS, payroll, lender covenants).
Work then moves through three layers:
1) Immediate triage – fix reconciliations, backlog and coding issues, bring BAS and payroll up to date, and stabilise bank feeds. Where relevant, correct inventory balances and COGS so reports match stock reality.
2) Process design – map source documents and data flows (POs, bills, freight, duty, RCTIs, customer remittances), set approval rules, standardise landed cost allocation, and align the chart of accounts to wholesale KPIs.
3) Ongoing review – close the month with clear cut‑offs, stock movement checks, AR/AP follow up, variance review and concise reporting for owners and managers.
Australian context to keep in view
- GST on imports: consider deferred GST at the border and make sure freight, duty and insurance are captured for landed cost and GST claims.
- Regular BAS lodgements (monthly or quarterly) rely on clean coding of sales, purchases, imports and adjustments.
- STP and superannuation compliance for warehouse and admin staff should align with payroll cycles and awards where relevant.
- Receivables management matters: terms, early‑payment discounts, rebates and chargebacks need clear rules and reconciliation.
- Good bookkeeping covers transaction capture, reconciliations, receivables, payables, payroll support, inventory review and periodic stocktake adjustments.
- Consistent bookkeeping reduces year‑end catch‑up work and improves cash flow visibility, especially where orders and shipments span months.
Core wholesale bookkeeping tasks
- Inventory and COGS: correct SKU setup, costing method, stock receipts, stocktakes, adjustments and write‑offs.
- Landed cost allocation: allocate freight, duty, insurance and handling to items or POs for accurate margins.
- Accounts receivable: invoice accuracy, remittance matching, ageing follow‑up, credit limits and claims/chargebacks.
- Accounts payable: PO to bill matching, foreign currency invoices, early‑payment discount capture and cash‑flow scheduling.
- Bank, clearing and gateway reconciliations: align merchant payouts, EDI remittances and 3PL charges.
- Reporting: margin by SKU/category, inventory turns, DSO, stock variance, on‑time in‑full (OTIF) and slow‑moving items.
Useful software and integrations
Most Australian wholesalers run a cloud accounting platform with an inventory system, and often connect EDI, ecommerce or a 3PL/WMS. We work with the stack you already use and design processes around it.
- Accounting: Xero, MYOB or QuickBooks Online for ledgers, BAS and payroll connectivity.
- Inventory: dedicated systems for purchasing, stock and sales orders (for example, solutions similar to Cin7, Unleashed or DEAR/Cin7 Core).
- EDI and marketplaces: clean mapping of order, ASN and invoice data to reduce manual handling and disputes.
- 3PL/WMS: reconcile storage, pick/pack and freight charges to POs/SOs and landed cost rules.
- Payments: align gateways and merchant fees so clearing accounts and payouts reconcile to bank.
If you’re planning a migration or integration project, see our Bookkeeping Services hub or use the form below for targeted help.
What to compare before you commit
Scope
Confirm the scope covers wholesale‑specific needs: inventory and COGS accuracy, landed costs, 3PL and EDI reconciliations, AR/AP controls, BAS and monthly reporting.
Software fit
Ensure capability across your accounting platform plus inventory/EDI/WMS tools. Ask for examples of landed cost setups, stocktake processes and AR dispute handling.
Turnaround and communication
Agree on month‑end timing, stock cutoff rules, AR follow‑up rhythm and how disputes or urgent shipments are escalated.
Commercial fit
Compare fixed vs time‑based pricing, meeting cadence, and depth of reporting. Decide whether you need compliance only or broader advisory/forecasting.
Key reports and metrics to monitor
- Gross margin by SKU/category/customer and over time.
- Inventory turnover and weeks on hand; slow‑moving or obsolete stock.
- DSO and ageing buckets; disputed invoices and deductions.
- Stock variance and write‑offs; pick/pack errors and returns.
- Freight and duty as a percentage of sales; landed cost variance.
We can configure these in your accounting and inventory systems so they are available at each close.
Best next steps
Clarify your immediate outcome: up‑to‑date BAS, accurate inventory and COGS, faster receivables, or clearer monthly reporting.
List your stack (accounting, inventory, EDI, 3PL) and pain points (for example, stock doesn’t match system, margins look wrong, AR disputes grow, import GST confusion).
Shortlist providers against those outcomes, then check scope, software depth and timing. If you also need wholesale‑aware tax or payroll, include that in the brief.
Frequently asked questions
Why does wholesale bookkeeping need a specialist lens?
Wholesale businesses rely on inventory accuracy, landed costs and disciplined receivables. Getting those right requires workflows that connect purchasing, freight, duty, stock movements and customer remittances. Experience in these flows prevents margin leakage and cash delays.
How should wholesalers handle landed costs?
Capture freight, duty, insurance and handling at the PO or bill level, then allocate them to items or shipments using a consistent rule (value, weight or quantity). This ensures COGS and gross margin reflect true cost and your BAS claims are correct.
Which inventory costing method is best: FIFO or average?
Both are acceptable; choose based on product mix and system capability. FIFO often suits dated or perishable items, while moving average can simplify frequent purchases. The key is consistency and aligning reports to the chosen method.
What is deferred GST on imports and do I need it?
Deferred GST lets eligible importers defer paying GST at the border and report it on the BAS instead. It can improve cash flow. Speak with your BAS agent or accountant to confirm eligibility and setup.
How often should a wholesaler complete a stocktake?
Run at least an annual full stocktake, plus cycle counts on high‑value or fast‑moving SKUs monthly or weekly. Reconcile variances promptly so COGS and margins stay accurate.
Can one provider handle bookkeeping, BAS and payroll?
Yes—many wholesalers prefer a coordinated provider to align bookkeeping, BAS lodgements and payroll/award obligations. Ensure capacity, qualifications and clear turnaround times are documented.
What should I compare before choosing a provider?
Check real wholesale experience, inventory/landed cost setups they’ve delivered, software stack depth (accounting, inventory, EDI, 3PL), reporting examples, and month‑end timelines. Confirm scope and pricing in writing.