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Top 5 Tools for Financial Success in Your Retail Shop

Last updated: 09 Jul, 2019 By | 6 Minutes Read

Retail business is a huge business that comprises of various small operational processes and keeping a hold on to every operational aspect is not a cup of tea. So enable the effective handling of multiple things with the help of tools. Get to know of top 5 tools in this category with this blog.

Running a retail shop is an extremely complex process and keeping a tab on every operational aspect is even more complicated. Just imagine the number of products you have to keep track of. It might run into thousands and monitoring inflows and outflows – purchase and sales – are what nightmares are made of. That is part of inventory management.

Next, are the receivables and payables with another thousand vendors to keep track of. The calm exterior that customers generally see in a retail shop belies the turmoil inside.

However, in the modern retail outlet, things are definitely under control because of the use of specialized tools. While a host of them are applicable in a large array of functions ranging from payroll management to inventory management, nowhere is this more relevant than in the accounting scenario. By availing the services of the top of the line retail accounting services, the financial success of your retail shop is assured.

What then are the top 5 tools in this regard :

1. Smartwerks_USA

It is one of the leading tools fully integrating accounting and point of sales utilities, from placing of purchase orders with vendors to inventory tracking to check out. You can customize reports with specific fields to match your requirements.

This makes it easy to track expenses and analyze them. A Chart of Accounts in-built template that can be changed facilitates this customization process. You can also log into your system through this tool from remote locations. It greatly helps when you outsource retail accounting.

The agency can log into your network and complete accounting processes. Smartwerks_USA can process your operations on a real-time basis thereby providing you with updated reports, based on which you can take quick business decisions. This software is compatible with Windows XP, Windows Vista and 7. It is ideal for small and mid-sized shops like gift shops and bookstores.

2. ConsignPro

It is one of the best tools if you are the owner of a resale or consignment shop. It can take care of and handle host consignment segments, ranging from clothes, books, jewelry, antiques, and furniture. Consign Pro offers many accounting functions and its feature-rich format incorporates comprehensive retail management solutions.

The main menu allows those tracking operational efficiency of the store to view at a glance all operational aspects including point of sales, customer management, inventory control, and eCommerce transaction levels.

The tool helps to decreases establishment expenses as it reduces the need for manpower by automating certain key functions like maintaining products and sales and customer dealings. Pre-designed and formatted customizable reports help to track the state of the financials on a daily, weekly or monthly basis.

3. Springboard Retail

This tool is specially designed for retailers with multi-channel and multiple stores. Its advantage is that it is a web-based tool and hence fully accessible on any Internet-enabled device such as PCs, smartphones, and tablets through an advanced web browser. Retail accounting services can thus enter your system to process your account’s transactions.

There is a unique customer dashboard that analyzes your customer preferences, purchasing habits and preferences. From reports generated in this regard, you can devise your future marketing strategies. It will also help you tailor your business based on customer needs thereby driving up sales, profitability and financial success. Being a multi-channel tool, it provides visibility of inventory levels across all channels of the total venture.

4. Storis

This is a very effective tool for retail management and is especially applicable to stores selling electronics and electrical consumer appliances, home furnishings and beddings.

The software can be effectively run on both the local server and cloud-based subscription. Thus, when you outsource retail accounting, the agency can easily log into your network over secured encrypted lines to meet your accounting needs.

The strength of this tool is that it maximizes Inventory Control, Customer Service, Accounting Functions, Merchandizing, e-commerce, and Business Intelligence. You can also have the interface customized to get reports, workflow and other preferences that will increase the financial success of your business.

5. CellSmart POS

This is a unique tool that incorporates the latest mobile technologies to keep track of POS systems. It stores phone numbers of customers in a database along with their preferences so that cost-effective text-based marketing strategies can be implemented. This includes notifications of new products, creating brand awareness and even a polite thank you note for purchases made.

On the flip side, you can also give a gentle reminder to customers for bills due. In the retail sector where the number of regular customers is measured in thousands, this is a particularly effective tool. It also monitors inventory levels and will inform you when stocks are down and need to be replenished.

This is not a comprehensive list and is not laid down in any specific order. Use the tool that exactly matches your need.

Read Also: Major Advantages of Outsourcing Retail Accounting Services for Retail Stores

Cogneesol provides top of the line retail accounting services. we can customize our retail accounting solutions according to your preferences using the best accounting tools. Write to us at info@cogneesol.com or call +1 646-688-2821 (USA) for more information.

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