The Top 6 Tools In Your Retail Accounting Toolbox
We don’t always think of retail accounting when we think of tools. Most people assume a toolbox should hold wrenches, hammers, measuring tapes, and other specific things. But a tool is something designed to do a specific function. A butter knife could be used instead of a screwdriver, for instance, but a butter knife cannot handle the torque needed to put a screw into a wall. Without the proper software tools, essential functions in retail accounting are done as effectively as a butter knife does a screwdriver’s job.
1. Commissions Engine
Commissions are important. When your staff isn’t being rewarded according to their efforts, why would they want to keep making those efforts? ChainDrive uses a query-based commissions and bonus engine that can handle the unique variables that you use to reward your staff and process those rewards efficiently the way you want them processed.
2. Invoice Matching
How many hours and errors does it cost to match invoices by hand? ChainDrive uses automatic invoice matching so that purchase orders, receiving documents, and invoices are coordinated and your payment process is efficient and accurate. It can do this because the centralized database makes it simple to integrate information according to the task.
3. Cash Audit
This impressive tool lets you drill down to the level of detail in an individual invoice. Daily sales, deposits, petty cash expenses from the point of sale can be posted at the click of a button. Outstanding deposits can be automatically imported in transaction files and bank reconciliation is streamlined and accurate. Let ChainDrive’s cash audit tool do its job and free your people to do things higher on your priority list, like customer interaction.
4. Lease Management
How many leases are you juggling? ChainDrive has a sophisticated lease management tool that centralizes all your lease agreements, calculates rent, posts monthly rent invoices automatically, and can project advanced liability up to twelve years ahead so you can plan.
5. Automated Bank Reconciliation
One click can get your daily POS sales posted to the GL, deposits generated and cross-referenced, and your bank statements verified. This tool reduces human error and maximizes efficiency.
6. Tri-dimensional GL
ChainDrive’s flexible tri-dimensional GL is a powerful allocation module that gives you the ability to create rules, reallocate expenses precisely, and more. You can see exactly what is going on in all your accounting processes.
ChainDrive has designed a retail-centric accounting toolbox that holds exactly what retailers have requested. Take a look and see what having the right tools will do for your business.