As a retail business, it is vital to your success to stay organized. Ensuring that your business runs efficiently and achieves maximum growth are the main goals of any successful establishment.
To achieve this, you have to ensure that all aspects of your bookkeeping are in order. Having a solid knowledge and understanding of all of your finances will help guide you to making the best possible decisions for your business at all times.
Luckily, numerous software options and other tools are available on the market that can assist your retail business. Not only will these software and tools make it easier to keep your accounting up-to-date, but they can also help with other vital tasks like inventory control, point-of-sale systems, managing invoices and receipts, tracking payroll, and streamlining your accounts payable processes.
6 Accounting Software and Tools Every Retail Business Needs
1. QuickBooks Online
There is no doubt that QuickBooks Online can make managing your retail business accounting a much easier process. This cloud accounting software has the ability to integrate with your POS system, allowing you to track your daily sales and providing accurate and up-to-date sales information.
Not only can QuickBooks Online help you track your inventory, it also has a wide range of reporting capabilities and can even help handle your payroll requirements.
Square has quickly become one of the most popular POS systems for small and medium-sized businesses, and for a good reason. They offer a reliable payment method for both online and in-store purchases and accept a wide variety of different payment methods to suit all of your customer's preferences. They also provide their own hardware for in-store payment processing and offer other features such as invoicing and inventory management.
This online platform is a full-service company, providing multiple different valuable features for retail companies. Lightspeed is a retail management system that can assist with everything from POS to financial tracking and reporting.
Lightspeed also offers its users the unique advantage of linking a brick-and-mortar retail store with their eCommerce store. This allows for synchronization from all sales revenue channels for accurate reporting.
4. Dext Prepare
No matter your specific industry, one thing is certain: your business produces many documents. Luckily, Dext Prepare has a solution to keep these receipts, invoices, and reports well-organized and easily accessible in the cloud. Using Dext Prepare, you can access your information from anywhere, at any time. You can even use their mobile app to take photos of your documents on the go, eliminating the need for keeping physical receipts.
Nothing can help your retail business run more smoothly than automation. Plooto is an online platform that completely streamlines your accounts payable process, allowing you to pay suppliers electronically with ease.
Plooto integrates with cloud accounting software like QuickBooks Online and Xero, and pulls your latest accounts payable listing to show which vendors require payments. Afterwhich, you can pay your suppliers electronically on the platform.
This ensures that you pay all of your accounts on time, avoiding late penalties and fines. It also minimizes the cost and hassle of printing and mailing cheques, saving you both time and money. Plus, if multiple people must approve a payment, Plooto will email them for full authorization first before electronically sending funds.
Not only will Plooto keep your suppliers happy, but it will also keep your cash flow visible, improve your record-keeping and give you the freedom to spend your time doing more important things than making payments.
6. QuickBooks Time
Payroll is an integral part of your business, but scheduling and payroll duties can quickly become tedious and time-consuming tasks. QuickBooks Time offers your retail business a simple solution to all of your payroll processes.
This software can help track your employee's time through an easy-to-use app, create work schedules, and help manage your entire team. Plus, it fully integrates and syncs with QuickBooks payroll software and other payroll software like ADP for a streamlined payroll solution.
QuickBooks Time also provides detailed reports that can help you predict scheduling requirements and payroll budgets.
When it comes to ensuring the success of your retail business, having easily accessible and organized accounting records and financial data is imperative. You need to fully understand where you stand in the current marketplace to create realistic goals and actually achieve them.
By using some of the reputable accounting software tools that are available today, you will be better able to keep accurate records and manage all aspects of your retail business, setting you up for unlimited success.
At Enkel, we understand the unique business needs that retail owners require, especially when it comes to keeping your bookkeeping organized. Our team of experienced professionals can provide you with all of the guidance that you require to grow your retail business to new heights. For more information on how we can help you manage your retail business' bookkeeping, contact Enkel today.