Retail Hero: For years, merchandising and accounting systems were separate but equal. That thinking just doesn't work today. They are both part of a team that makes for the complete retailer. Why are you in business? It is to turn a profit, build wealth, create jobs and even give back to our community. Those things only happen when we show profits, have positive cash flow and know where we stand financially. As many other smaller retailers, you may outsource accounting services to a third party accounting firm. Double data entry may cause costly accounting errors and extra time you pay for. The answer is simple: use a Retail Management system which integrates with and seamlessly transfers data over to accounting software your accountant uses. The list of desired features includes of such a system includes:
- Interface with popular accounting software (QuickBooks, MYOB, Great Plains, ACCPAC)
- Accounting reports must accurately reflect your merchandise reports
- Layaway data from inventory management is automatically incorporated into your financial data
- The Poor performing vendors or outstanding credits flagged in merchandising so that the proper credits are taken
- PO numbers utilized through the accounting and merchandising system
- The system must create audit trails in both accounting and merchandising systems
- The system must expedite sales tax information into the accounting system
Without it you may be wasting your time and money on double entry, errors and mistakes - some of them can be very costly. You keep paper copies of your receipts and daily reports - which is difficult to handle in case of audit. If you are using layaways - traditionally it always has been challenging to coordinate relevant data into financial statements. But maybe it is time to join the technology revolution. Maybe, it isn't too late to get a merchandise system which in totally integrated with your accounting software to provide smooth and flawless data stream. It will pay back in no time, and any accountant can easily explain it to you. As can we.
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