4 Essential Retail Accounting Functions You Must Integrate Today
Retail accounting is often thought of as an “also/and” function that gets tacked onto retail operations. You have your purchasing processes down, your merchandising practices fine tuned, your customer service machine oiled and firing on all pistons, and your employees are selling like firecrackers on the fourth of July. That’s a pretty sound retail operation you have running there, but if your accounting practices are out of date or not synchronized with the rest of the processes, you could still be losing money.
It’s time to integrate your accounting with the rest of your retail operations.
Which 4 Retail Accounting Functions Should You Integrate?
Here are four essential accounting practices you need to integrate today:
- Invoice Matching – You’ll never lose an invoice if you can easily match the invoices with your purchasing orders. Never spend hours looking for invoices again when you can digitally match invoices with purchase orders and account for all expenses in just a few minutes.
- Commissions – Your sales pros are red hot. They’re selling, up-selling, and cross-selling from one department to another. But how are you accounting for their commissions? Instead of having their managers, or the employees themselves, keeping tabs of their sales, why not integrate the numbers into your entire accounting system? From the point of sale to your website, know who is selling what, how much they’re selling, and how much they have earned in commissions and bonuses at the drop of a hat.
- Bank Reconciliation – If you’re making regular deposits, then you should be reconciling your bank statements monthly. Automate the process and do it more accurately with an integrated accounting solution that makes it simple, easy, and right on time.
- Lease Management – Keep track of all of your leases, when they expire, and your monthly rents, all with one accounting solution.
Retail accounting should not be difficult. Get a handle on your accounting department by automating processes, tracking performance, and reconciling bank accounts while matching invoices with purchasing orders. Make your entire operation more efficient.