Today’s retail environment is totally different than ever before. Customers have endless options, which have increased competition among stores and retailers. Moreover, to understand demand and deliver accordingly, retailers are choosing retail accounting software as it is much capable of handling transactions rather the point-of-sale (POS) system. Now retailers want to integrate their every business facet to excel in this dynamic market.
Here are 7 features one must consider before choosing a retail accounting software:
1) Retail accounting – Accounting for retail store is essential as it helps businesses to reduce errors and save time and money. Go for an integrated platform that manages sales, purchasing, and inventory management. The software should help you in importing all the transaction data, record purchases, and produce a real-time view of our gross profit.
2) Customer Relationship Management (CRM) – A retailer can understand its customers and their buying habits, what and when they’re likely to buy. So, a retail accounting software must have inbuilt CRM feature that help retailers to plan unique strategies.
3) Supply Chain Management (SCM) – A supply chain management includes order management, fulfillment, warehouse management, returns and more. Every retailer uses different combination of tools for SCM. It would be great for a retailer if there is one system having SCM and accounting features. This can help to speed up the SCM and accounting processes.
4) Inventory Control – Inventory tracking requires a solution that can meet the unique requirements of retailers as there are various products to sell and ways to sell them. Those products move among several warehouses or stores. So, for retailers, there should be an accounting solution that can track inventory also, which helps to increase the profitability and reduce overhead costs.
5) Multichannel Selling – If you are managing an e-commerce store or e-commerce website or both(a physical and virtual store), then the software should have a feature to automatically update each sales channel with product availability information. Look for such a software that can reserve stock on new orders to reduce the risk of selling out of stock products.
6) Point-of-sale (POS) – More than a cash register, POS not only enhances customer experience but also provide necessary information to your sales associates.
7) Reporting Features –Find a solution that can help with analytics and reporting tools to identify the areas of improvements and increase profitability in the business.
Your accounting solution should be easy-to-use and help to stand out in
the marketplace. So consider which retail accounting software suits your
business requirements.
Cogneesol is a leading global business process outsourcing service provider that can help you to manage your accounts. For reliable virtual bookkeeping services contact us at + 1 646 688 2821 or write to us at info@cogneesol.com
Cogneesol is a leading global business process outsourcing service provider that can help you to manage your accounts. For reliable virtual bookkeeping services contact us at + 1 646 688 2821 or write to us at info@cogneesol.com
