3 Reasons To Integrate Retail Accounting
There are many reasons why an individual retailer would want to incorporate integrated retail accounting software into their management strategy. But these many reasons can loosely fit in one of three motivations: reducing human error, providing accurate real-time status reporting, and streamlining processes.
Automated Activity Reduces Human Error
People can make mistakes when stressful situations occur. People also make mistakes when a task is repetitive. Who hasn’t experienced this? Instead of paying people to manually update and input data, pay them to interact with customers. ChainDrive can automatically take care of data collection at its generation and updates are in real time.
Real-time Data Collection Provides Accurate Status Reporting
Because ChainDrive utilizes a centralized database, all information is stored immediately in the place it is immediately accessible. This means retailers can have enterprise-wide transaction insight and a comprehensive view of what is happening with the cash flow. Reporting is available at three grouping levels and the tri-dimensional GL structure provides accountability by account, store, and/or department. Multiple companies within an enterprise are able to accurately manage inventory and expense allocation even when the structure is complicated. The real-time accuracy that ChainDrive Integrated Accounting software provides ensures that the status is correct for every unit and function.
Coordinated Functionality Streamlines Processes
When accounting is integrated with ChainDrive Integrated Retail Management software, it is not difficult to perform functions like reconciling bank accounts, even when drilling down to individual invoices. Daily transactions and deposits can be automatically cross-referenced and verified with one click.
Keeping track of commissions and bonuses is easy, too. All complexities of employee payroll are able to be personalized and automatically exported directly to your external payroll provider. Cash audits, lease management, and more are performed accurately according to user-defined protocol.
Retail-Centric Accounting Software
Incorporating an integrated accounting strategy is a good idea. But the software used to do this must be specifically geared for the complex reality of retailing across many channels and a changing business landscape.
ChainDrive’s Integrated Accounting software has been designed to meet the needs of retailers today and to be adaptable to meet the needs of retailers in the future. Because it is fully customizable and professionally supported, the software platform is truly a solution for the challenges retailers face.