Why Does Retail Accounting Need Flexibility?
Retail management requires a great deal of flexibility because situations can change without notice. At the same time, certain aspects of retail management, like accounting, have clearly defined parameters that bring some inflexible standards to retailing: the books must balance, and all transactions must be recorded.
Accurate Assessments Require Flexible Viewing
In order to see what is happening in business, real-time information is the best way to do it. A software tool that allows the drill-down capability to audit cash flow from POS to GL means the details are clear and accurate. Integrating all the numbers into a centralized database allows for viewing those numbers according to the need of the moment, whether comparing historical data, monitoring sales in various departments, or matching invoices and bank reconciliation.
Accurate Allocation Requires Flexibility
The retail-centric accounting software that ChainDrive offers allows the ability to allocate expenses with targeted efficiency based on precise P& L reporting. Whether it needs to be performed monthly or in a single episode, rules can be created to streamline and simplify the accounting process. Reallocate expenses to stores or departments based on the parameters that have been set to the unique needs of your business.
Money has to be accurately measured and channeled to the place that needs it — a good working definition of accounting, after all. While the variables change, the need for accuracy does not. Therefore, a fully integrated accounting software that can utilize all the pertinent data is imperative for flexible allocation including the exceptions that will certainly occur.