From the Counter to the Back Office: Accounting Software for Your Retail Business

What Can Retail Accounting Software Do for You?

A complete retail accounting system will include modules offering functionality for both the sales floor and the back office. Typical accounting applications include accounts payable, general ledger, and payroll. Inventory control, purchasing, and point-of-sale modules provide additional functionality designed to manage the acquisition, tracking, and sales of the products you offer to your customers.

More than Just Point of Sale

Today, it's important that your retail software provides more than a way to receive customer payments. In order to gain a competitive advantage, it is critical that your retail software provides you with the analytical capabilities you need to make key business decisions. Identifying top selling items by flexible time periods, provides the ability to spot selling trends and better meet customer demand. Reports identifying items sold by locations and personnel can allow you to determine which areas of your business are successful and which areas may need improvements.

Multi-Channel Capabilities

The standard retail model of sales generated exclusively from brick and mortar locations is changing as well. More and more retailers are involved in multi-channel sales. Products may be sold both through physical locations, as well as via the Internet, direct sales teams, and catalogs. Retailers also frequently need more than simple receipts for transactions. Often there is a need to provide more complete invoice statements to customers purchasing on account.

A Customer-Centric Approach

With increased competition, customers increasingly expect more flexibility from retailers. As a result, point of sale technology has evolved from simple cash registers to integrated terminals offering your staff all sorts of payment options and information about the transaction. Today's point of sales stations provide a variety of payment options including technology designed to support cash, credit card, gift card, on account, and check payments. Providing comprehensive information to the sales counter helps staff identify product availability, cross and up-sell, and collect information about customers for marketing purposes.

Ease of Use

With increased capabilities in integrated retail accounting software systems, there is a need to make sure that the software is still easy to use. Set up wizards, help screens, and simplified touch-screen interfaces are typical approaches to making sure that increased functionality doesn't lose it's impact by becoming overwhelming.