Retail Accounting Software – Your Business Lifeline
Published: 29th Aug 17
Categories: Money, Success, Taxes
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.
What our clients say...
Very fast response times, flexible, easy to work with. They helped us sort out our financial management and take it forward to the level we need as we grow.
Phillip Oppenheim, Managing Director at Cubana Bar & Restaurants
The team is friendly, dynamic, efficient and works with you for the benefit of your business and a fraction of the cost of having full time in house finance staff.
Jamie Robb, Managing Director at Marlborough Tiles Ltd
I am highly satisfied with the professionalism and expertise demonstrated by VIRGATE. Their streamlined systems and proactive communication ensure efficient and accurate financial management. The team’s dedication to client-centricity is commendable, providing personalized attention and valuable insights. I confidently recommend their services to anyone seeking reliable accounting solutions.
Olivier Mention, Finance Operation Support Manager
Barworks is a London focused bar group with 18 sites. We decided to out-source our accounts function in order to reduce our central costs, improve the efficiency of our management accounts process.
Scott Chillery, Barworks FD
Now more than ever we must rely on a financial partner that we can both trust in and who will ultimately save us money with Sarah and her team exceeding all expectations.
Adam Taylor, Founder, The Feathered Nest Country Inn
They have gone above and beyond, using the latest technology to combine various elements of the business, and providing expert advice on our finances.
Moe Hashimi, Managing Director at 42 Acres Ltd
As a business that has previously received quite basic bookkeeping and accountancy services, Virgate are in a different league. It’s a ‘proper’ bookkeeping and accounts service aligned to my needs.
Louise Palmer-Masterton, Founder at Stem + Glory
Their communication is excellent, and this is really important to us. They’re always there if we need them. They’re happy to explain things to us with patience and clarity.
Sidonie Warren, Founder at Papersmiths
In just a short time we have already seen a 10% increase in our gross profit. As well as other efficiencies such switching to National more cost effective suppliers.
Angelee Sidar, Founder at Soul Deli
Working with Virgate has been an exceptional experience. Their professionalism and personalised approach to our financial needs have truly streamlined our accounting processes, making day-to-day operations much smoother. What stands out is their dedication to client service—Virgate ensures that we always feel supported, even through complex financial scenarios. Their ability to tailor their services to the unique needs of our property has made a significant difference in how we manage and plan our finances. Virgate’s proactive and hands-on approach has allowed us to navigate challenges more efficiently, making them an invaluable partner. I would highly recommend Virgate for any organisation seeking reliable, client-focused financial management solutions.
Saira CIELOSZYK, General Manager Ibis & Adagio London Sutton Point
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