Hopefully, 2021 will be the year that both in-store and online retail businesses can flourish. It seems like restrictions will continue to lift across the country. Whether you’re focusing on brick-and-mortar or e-commerce in 2021, you’ll want to make sure you speed up processes like accounting so that you can focus on growth. Check out the difference between Sage vs Quickbooks here.
For retail businesses that are focusing on creating an omnichannel presence this year, it’ll be more important than ever that your different systems are communicating with each other properly. This will help to keep your books in check and will save you a bunch of stress in the long run. In today’s article, we’ll run you through how your retail business can streamline accounting processes in a few easy steps.
Use a cloud-based POS system in your retail business
For most retail businesses, using a POS system is a no-brainer. However, for those who want to take it one step further, taking advantage of a cloud-based POS system can be extremely beneficial. With all your data stored in the cloud, you can manage multiple locations, both in-store and online, from anywhere and easily scale your business. Plus, your data is more secure.
In terms of speeding up your accounting processes, a cloud-based POS system can take care of a number of manual tasks. However, to really make the most of it, you’ll need to be using a cloud accounting software as well. These two systems can then be integrated for maximum efficiency.
Use a cloud-based accounting software
If you’re not already using a cloud-based accounting software, you’ll find it can save you heaps of time, as well as bring unique insights into your business. Using a reliable Accounting Software solution will streamline your financial processes, making it easier to manage expenses, track revenue, and generate reports. Though it might take some time to set up and get used to initially, it’s worth the effort and crucial to keeping up with the competition.
Just like a cloud-based POS system, a cloud-based accounting system keeps all your data in the cloud. Rather than trying to manually synthesise data from all your different channels, you can access all of it in one, secure platform. On top of that, you can give access to your bookkeeper or accountant, making your accounting processes even speedier. Also, if you are looking for small business online accountant in Australia, a cloud-based accounting software will provide you with the flexibility and convenience to manage your finances from anywhere. This is especially helpful for small businesses that may not have a physical office space or need to travel frequently.
Connect your POS system to your accounting software
To really harness the power of your two cloud-based systems, you’ll want to connect them with an accounting integration. The accounting integrations at Amaka allow you to seamlessly sync sales and payment transactions from your POS system to your accounting software. To make things even easier, these transactions are automatically matched up with your bank feeds, meaning bank reconciliation will take seconds instead of hours.
By having all your data synced to your accounting software, you’re able to produce unique reports. These can help you get a better understanding of your customers that you can use to grow your business. See what channels to focus on, what categories are booming, what locations aren’t performing, etc. You can work with an accounting professional to help you understand patterns and to draw key insights into your data.
Work with an experienced accounting professional
As mentioned above, you might want to work with a bookkeeper or accountant. As a retail business owner, it’s important that you find an accounting professional who has a deep understanding of the retail industry and the latest advancements in accounting technology. These people can help you a lot more than a generalist accountant.
An experienced accounting professional like Lear & Pannepacker should be able to help you choose the best POS system and accounting software for your business, as well as help you set them up in the best way possible. Additionally, they should be able to get you the data and insights you need to grow your business.
Key takeaways on retail business accounting
Though accounting is a necessary function in every business, it’s easy to ignore. If your systems haven’t been set up properly, you could find yourself with an endless amount of manual tasks you have to catch up on when tax time rolls around. Fortunately, you can streamline your retail business accounting.
By setting up a few processes initially, you could save yourself dozens of hours every month. Cloud computing and integration technology means your POS systems and accounting software can talk to each other seamlessly. Data entry, bank reconciliation and other accounting processes can become lightning fast. Experienced accounting professionals can help your retail business set up these processes and continue to provide insights into the data.
