6 Accounting Procedures You Should Automate
One of the most important aspects of any retail operation is how you account for your finances. That includes sales, commissions, merchandise purchasing, overhead expenses, and everything else related to spending and profits. Some of those processes you can automate. Here are six accounting procedures you should automate, which will save you time and money.
- Expense Allocations – Every retail chain has expenses that are necessary for the continuation of your business. These include rent or mortgage payments, utilities, purchasing, and vendor accounts. Some expenses may be one-off expenses while others are monthly or quarterly. You can automate those expenses with the right accounting software.
- Lease Agreements – Not just your lease payments, but your lease agreements can be stores in one central location so that you can see at a glance when each store’s lease is up for renewal. You can plan and budget each store’s operation for up to 12 years based on your lease agreements, and you can post your rent automatically every single month to ensure that you never miss a payment.
- Cash Audits – Audit your entire business down to the individual invoice with a click of a button. Post daily sales, deposits, and cash expenses automatically when you need them and analyze them at your convenience.
- Invoice Matching – How many times have searched and searched for the invoices to match each one to the purchase order? Never do it again with automated invoice matching.
- Commissions – No matter how complex your commissions and bonus structure is, you should be able to automate your commission schedule and automatically generate employee paycards based on actual sales and your inputted commission scale and bonus structure.
- Bank Reconciliation – Reconcile all of your bank statements automatically with one integrated accounting system that understands intuitively how your business operates. Add your deposits and reconcile with your daily POS statements.
One integrated accounting software package should be able to help you manage all of your retail chain’s finances from the top to the bottom, no matter how many stores are in your chain.