Simplify Retail Accounting
Retail-centric accounting is designed for the specific challenges that retailers with multiple channels and even multiple companies face. Instead of a generic accounting software that could be used in any business environment, retail accounting software is focused on the precise functions a retail business needs. ChainDrive’s fully integrated retail-centric accounting system simplifies retail accounting because it focuses on those precise functions and integrates them into the operation leveraging our centralized database.
Accounting Tools For Retailers
Many retailers have more than one store, so a sophisticated lease management tool is a good idea. ChainDrive’s Lease Managment tool centralizes all your leases and calculates rent, automatically posting monthly rent invoices to the GL. It also enables advanced liability reporting for planning ahead up to twelve years. The tri-dimensional GL lets you create rules for expense allocation so the function fits your business perfectly, whether reallocation needs to be to stores or departments and based on sales, square footage, or predefined percentage. Precision tools in accounting provide confidence in analysis and action because those tools simplify the process.
Retail sales staff often earn commissions and other types of bonuses. That means payroll accounting can be complex. Spiffs, incentives, or any other factors can be directly reported to your external payroll provider along with hours clocked at POS, paycards, and the like by using the ChainDrive Commissions Engine. Create personal, store, and/or department targets and budgets using fixed or scaled rates and simplify the process of suitably paying your staff.
Simplify the complicated reconciliation process with ChainDrive’s Automated Bank Reconciliation tool. It has complete drill-down functionality so that every transaction during the day can be posted to the GL. All deposits can be generated, cross-referenced, and verified in one click. Automatic Invoice Matching simplifies the process of keeping track of payments, purchase orders, and receiving documents so errors and manual workloads are reduced.
Even the all-important cash audit is simplified with ChainDrive’s Integrated Accounting tools. Posting tasks that once took valuable time from other duties are integrated into the daily sales, deposits and petty cash expenses. An automated module imports transaction files from the internet and bank reconciliation is simple. Keeping track of the money that flows through the business is simple when everything works together. You can view details down to individual invoices and know exactly what is going on.