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Retail Accounting Software – Your Business Lifeline

Published: 29th Aug 17

Categories: Money, Success, Taxes

Retail Accounting Software – Your Business Lifeline

Retail Accounting Software – Your Business Lifeline

Running A Retail Business Isn’t Just About Selling

There are many different types of retail operations, from eCommerce and mail order to direct retail, pop-up shops, catalogues and more. As a small business owner you might use more than one type, depending on the products you’re selling.

But as any retailer knows, success involves more than just exchanging goods for money. You need to understand product merchandising, advertising and marketing, stock control, customer service, market research, supplier negotiation and more.

Retail can be seasonal too, with peaks in the back-to-school periods and the run-up to Christmas. The best retailers think carefully about how – and when – their products fit into consumers’ lifestyles. They use that knowledge to market their products.

And then there’s the accounts. Cashflow, payroll, taxes, ledgers and so on, all have to be tracked carefully. With money coming in and going out all the time, you won’t want to let anything slip through the cracks.

All of this means that you can’t run a successful retail business without keeping detailed records. And that’s where good quality retail accounting software can help.

Retail Accounting Software

Accounting software isn’t just for accounts. Today’s accounting software can be connected to lots of other apps. That gives you potentially hundreds of joined-up tools to help you manage your retail business.

When deciding which accounting software to buy, here are a few points to consider:

Was it designed with retail in mind?

Does the software work well for retailers? Read the online forums and specifications carefully.

Does it have multiple access levels?

It’s best to have different levels of permissions for owners, managers and others with special authorisation. You won’t want everyone on the shop floor having full access to your accounts.

Can it record transactions and manage payroll?

Nearly all accounting software handles transactions, but payroll might only be available as an upgrade. Check before you buy.

Can it track inventory?

Some do, others don’t but can be seamlessly linked to add-on apps that can. Do your research, as this is a useful feature for retailers.

Is it cloud-based?

If so, it’ll give you access to your accounts from anywhere at any time, lower support costs, automatic backup and easy connection to other apps.

Is it scalable and extensible?

Scalable means it will grow as your company does, letting you add new users when you need to. Extensible means you can add new features to the software just buy purchasing new add-on business apps.

Here at Virgate Accounts we recommend Xero to our clients and provide the software free of charge with all our management packages. Xero is a cloud-based accounting software that automates many manual processes. It streamlines inventory management and point of sale and makes doing business a pleasure. Everything just works – seamlessly and securely. And since Xero was born and built in the cloud, it grows as your business grows. That means more success, with less headaches – and that’s got to be good for business.

But, whatever retail accounting software you choose, make sure you keep all your important information safely archived. This includes sales records, loan statements, bank information and tax data. You’ll need it all for your tax returns, and also if your business is ever audited.


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