These larger retailers have already made substantial investments in point of sale and inventory control systems. They typically require an affordable option that can integrate with their POS system.Įnterprise best-of-breed buyers.
These small buyers have straightforward accounting needs. However, if a retailer operates one or a handful of large stores, they may be in one of the other two categories.
Most retailers with fewer than five locations will fall into this category. We have found that almost all businesses belong in one of the following three categories: You will want to focus on programs that are designed for the buyer category you fall into. The decision will be based primarily on the size of the business and the extensiveness of the company’s needs. Standalone accounting program like QuickBooks to tie into your point of sale system.Īccounting capabilities, such as sales reporting and analytics, that are enabled by/included within a POS system. Retailers will have two primary choices when implementing a retail accounting system for their store: By truly knowing key metrics, businesses can make data-driven decisions to improve inventory and customer retention and increase sales. And on the other hand, it’s a baseline business practice to help even the score between your store(s) and the competition. On one hand, this is an absolute necessity from a legal/tax auditing standpoint. The primary goal of this accounting software is to centralize all accounting-related data in one system and provide owners with accurate figures. Reporting and analytics-determine product margins and monitor sales performance at various levels, including product, employee, location, date and time. Inventory management-monitor the current value of inventory on hand, accounting for immediate and long-term depreciation of assets. Track payables and receivables-manage outgoing payments for vendors and other operating costs (i.e bills, rent) and incoming payments such as credited purchases. On the most basic level, retail accounting software offers the following features: If you’re operating or working in a retail business that’s not taking advantage of affordable, intuitive retail software, ask yourself why? Between QuickBooks and retail POS systems, there’s tons of easy-to-use software options to automate if not at least qualm the pains of retail accounting tasks. “How much money is this business making?” is a difficult question to answer for a surprising number of retailers. This is especially true for the 64 percent of single-store retailers operating without a point of sale (POS) system in place.
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