Why All Retailers Need To Integrate Accounting
In today’s omnichannel retail environment, it makes sense to integrate all those channels. This is efficient because most of your customers don’t interact with your business on one channel. Integration of retail channels lets you see your business as a whole and your customer journey through the sales funnel in its true light. Browsing online and reading reviews could become walking into the brick and mortar location for a closer look. Browsing in the store could become buying that item online after consideration. You gain insight into any transaction with integration.
All The Numbers In Context
You can see your numbers in context when they are integrated across all channels and departments. Lease management can be analyzed easily in light of the sales and overhead for that location. Multiple company inventory management and expense allocation can be difficult and time-consuming unless you can easily see the context of the numbers involved.
But along with context, integration of accounting makes it simple to streamline and automate processes. All your transactions are eventually going to be touched by your accounting so it makes sense to do the job efficiently.
Automation Streamlines Accounting Processes
With a centralized database, integration is simple since all the data is in one place. This integration makes is equally as simple to automate accounting processes. Look for automated bank reconciliation that has a complete drill-down functionality. Plan on being able to automatically post daily sales, deposits, etc. and automatically cross-reference each with a bank statement that verifies the transaction.
Automatic processes like invoice matching or cash audits reduce the time it takes to manually compile the information. Eliminating manual processing where it can be done automatically will eliminate the amount of work and lower errors. Integrating your payroll service is simply a matter of feeding your provider the facts from the rules-based commissions and incentives engine. The more sophisticated your accounting software is, the simpler it should be to use it.
The advantages of integration and automation only are seen when the software you use is up to the challenge of doing the job well. ChainDrive’s Integrated Retail Accounting component is fully integrated with the rest of its professional retail management solution. The automated functionality and user-friendly features will simplify and streamline all accounting processes because the integration makes it simple to keep all your numbers in context.