Top 10 Essential Features to Look for In Retail Accounting Software
By Multidev Technologies · PUBLISHED December 17, 2021
It is challenging to choose the best retail accounting software for a retail firm. The software must adapt to changing conditions, retain accurate records for strategic planning, and balance all the details that involve a retail operation. Here are ten crucial features to look for in a retail accounting software package.
1. Retail Accounting System
An accurate retail accounting system is essential, reducing human errors and saving time and cost. The accounting systems should be fully integrated with a centralized database and “retail-centric” concept. It’s also essential that you can document assets and liabilities, expenses and revenues, and produce a real-time view of your store’s gross profit.
2. Generating Invoice/Billing
ERP system that prepares invoices and completes tasks related to accounts and finance and meets the tax compliances. Invoice matching should be integrated, including drill-down to PO detail. Centralized lease management and rent invoicing must include future liability projections.
3. Preparing budget and forecasting the result
Businesses can calculate and interpret finance performance for the current year and help estimate the projected year’s budget using the data trend recorded from the last year. Companies can prepare their estimates and set up real and optimistic sales targets utilizing this budgeting & forecasting feature.
4. Asset management
Fixed asset management can be used as a standalone tool to manage financial data more precisely. This category includes features like audit history, cost records, calculating depreciation, distributing resources to departments, and so on.
5. Openness to integration
Retail accounting system offers flexibility to integrate with a retail management software and productivity apps and other retail services.
A customer relationship management platform integrates with a retail management software or a retail platform that built-in CRM is the best way to connect in-store and online transactions with more significant marketing and sales strategies.
Integrated payroll services for commissions and incentives should be rules-based and feed directly to your payroll provider.
6. Supply Chain Management (SCM)
Find a retail accounting solution with supply chains management features such as order management, fulfillment, warehouse management, returns, and other built-in functionality. Keeping them all in the same system will save money and speed some of your supply chain management processes. You can find out when inventory is low and even drop-ship when that makes sense. Choose the retail management software that combines sales and inventory data with SCM features like order management and fulfillment.
7. Inventory Management
Inventory Management capability to seamlessly manage your inventory and expense allocation with multiple companies or channels. If you want to increase your profitability and cut overhead expenses, you need to choose the best accounting software that can also track inventory. It can control the availability and movement of products and avoid delivery issues such as overstocking or understocking.
8. Point-of-Sale (POS)
A smart retail solution includes buying history and personal information to achieve both ends. Other features of POS include payment processing, barcode scanning, special orders, returns, and real-time reporting.
The point-of-sale software should quickly get this data and provide several options for meeting your customer’s needs.
9. Tax management
Accounting systems can manage all of those compliance requirements by automatically calculating sales tax (GST) and payments, as well as withholdings for employee payroll (EI and others).
The retail accounting software keeps you updated and informed with automatic reminders and organizing everything. It also eliminates the risks of being penalized for late payments.
Reporting for a robust retail financial system should be available at different grouping levels. Retail analytics and reporting tools can help retailers understand the forces behind profitability and research areas for improvement at the store level and regional levels. Find a retail solution that includes these features, and you’ll have an easier time not only gaining insights but translating them into accurate business decisions.
When deciding which retail accounting software is the best fit for your business, look for comprehensive solutions that include point-of-sale, customer relationship management, accounting, SCM, inventory control, and reporting, depending on your business needs.
Your Integrated retail accounting software should be simple to use, take minimal time to learn, and help your business stand out in the retail market as you strive to delight your customers.
The robust accounting software system designed for retailers, etailers and wholesalers. ChainDrive’s Integrated Retail Management Solution includes all of these features in the Integrated retail accounting software.
If you still have more questions on how to ramp-up your retail account management system or want to see live how ChainDrive can help you step-up your heavy-duty retail operations, contact our retail management experts or log on https://chaindrive.com/free-live-demo/ to book a free demo