Showing 1-20 of 227 products
Epos Now is a retail management system for small to mid-sized businesses. In addition to its Point of Sale module, the solution also offers integrated Inventory Management, Customer Management, and Retail Accounting, including general... Read more
Recent recommendations: 156 recommendations
ShopKeep is an iPad and Android POS system for retail businesses, restaurants, bars, franchises and quick-serve businesses. The POS software offers a touch screen interface, when used on an iPad or Android tablet device, which allows... Read more
Recent recommendations: 65 recommendations
NetSuite for Retail is a cloud-based multi-channel retail management solution for retailers that combines e-commerce, POS, and order management functionalities. The software provides a unified retail system with back office management... Read more
Recent recommendations: 61 recommendations
Pacific Amber’s AmberPOS offers a point of sale software solutions to a variety of retail specialties, ranging from small to midsized, in the United States and Canada. In addition to point of sale functionality, AmberPOS includes... Read more
Recent recommendations: 51 recommendations
Agiliron cloud-based point-of-sale (POS) solution is designed to serve both in-store and mobile businesses as well as online sales channels. The system offers a host of features that work in tandem with the point-of-sale solution,... Read more
Recent recommendations: 34 recommendations
CAP Retail is built to support retailers, including specialty businesses such as tobacco and vape shops, liquor, wine and beer stores, lawn and garden centers, hardware stores, convenience stores, groceries and markets. The software... Read more
Recent recommendations: 26 recommendations
Lightspeed Retail is a cloud-based POS solution that is suitable for retailers in industries such as apparel, footwear, bike, jewelry, pet, sporting goods and home decor. The solution offers retailers tools including inventory management,... Read more
Recent recommendations: 22 recommendations
AIM is a secure end-to-end point of sale (POS) business solution that can be used in any retail environment. This retail management solution features customizable menus and screens, inventory management, complete POS activity and customer... Read more
Recent recommendations: 22 recommendations
Revel is a cloud-based business platform that integrates operations and customer channels with point-of-sale (POS) functionality in a single dashboard. It is suitable for stores and restaurants of all sizes and provides users with... Read more
Recent recommendations: 21 recommendations
COMCASH ERP is a cloud-based retail management solution that caters to multi-channel and multi-location retailers. The point of sale module utilizes multi-touch capabilities allowing users to navigate the menu similarly to the iPad.... Read more
Recent recommendations: 20 recommendations
Retail Pro is a specialty retail management software platform featuring POS, replenishment, inventory management, promotions, customer management, back office, performance, and KPI reporting capabilities. Retailers can use Retail... Read more
Recent recommendations: 17 recommendations
BPA Restaurant Pro is a retail management solution designed to help small to large enterprises manage accounting processes and streamline point-of-sale operations. Key features include time tracking, reporting, inventory management,... Read more
Recent recommendations: 17 recommendations
BottlePOS is a cloud-based POS system built specifically for liquor stores. Primarily, this solution aims to help store managers automate inventory management. BottlePos can integrate with several distributors across many states,... Read more
Recent recommendations: 16 recommendations
ACCEO Smart Vendor is a retail point of sale (POS) and inventory management system that helps small and midsize retailers to manage stocks and process customers’ orders. It serves a variety of single and multi-locations retailers... Read more
Recent recommendations: 10 recommendations
With its flexible, simple solution, Liberty Consignment by Resaleworld.com offers retailers in the consignment, thrift and resale industries a comprehensive system to manage point of sale, inventory management, CRM and accounting.... Read more
Recent recommendations: 9 recommendations
HelmBot is a cloud-based solution designed to help small to midsize businesses manage various administrative operations, such as appointment scheduling, project management, marketing automation, inventory tracking and more on a centralized... Read more
Recent recommendations: 8 recommendations
STORIS provides integrated retail software solutions for furniture, bedding, and appliance retailers. STORIS has been serving the home furnishings industry for 30 years. STORIS’ technology platform enables retailers to implement... Read more
Recent recommendations: 7 recommendations
RunIt RealTime is a cloud-based point of sale (POS) and inventory management solution that caters to businesses in industries like multi-store apparel, footwear, sports and gift and merchandizes. Key features include business intelligence,... Read more
Recent recommendations: 6 recommendations
Heartland Retail, formerly Springboard Retail, is a web-based retail solution designed for multi-channel and multi-store retailers. Heartland's point of sale system is fully accessible through any modern web browser on any device.... Read more
Recent recommendations: 5 recommendations
Smartwerks_USA is a point of sale and accounting software application. It is best suited to small and midsize specialty retailers like mattress stores, gift shops, patio stores, and jewelry stores. Key features include point of sale... Read more
Recent recommendations: 5 recommendations
The accounting market for retail is surprisingly complex for such a straightforward application. The primary reason for the complexity is due to vendor saturation among both vertically oriented software vendors and horizontally oriented accounting vendors.
Companies approaching the market from both angles have developed a large number of programs for every type and size of business, creating a complex and confusing market for buyers. This guide should help buyers understand how best to approach the retail accounting market and identify the right vendors for their needs.
Here’s what we’ll cover:
What Is Retail Accounting Software?
“How much money is this business making?” is a difficult question to answer for a surprising number of retailers. This is especially true for the 64 percent of single-store retailers operating without a point of sale (POS) system in place.
If you’re operating or working in a retail business that’s not taking advantage of affordable, intuitive retail software, ask yourself why? Between QuickBooks and retail POS systems, there’s tons of easy-to-use software options to automate if not at least qualm the pains of retail accounting tasks.
On the most basic level, retail accounting software offers the following features:
Track payables and receivables—manage outgoing payments for vendors and other operating costs (i.e bills, rent) and incoming payments such as credited purchases.
Inventory management—monitor the current value of inventory on hand, accounting for immediate and long-term depreciation of assets.
Reporting and analytics—determine product margins and monitor sales performance at various levels, including product, employee, location, date and time.
The primary goal of this accounting software is to centralize all accounting-related data in one system and provide owners with accurate figures. On one hand, this is an absolute necessity from a legal/tax auditing standpoint. And on the other hand, it’s a baseline business practice to help even the score between your store(s) and the competition. By truly knowing key metrics, businesses can make data-driven decisions to improve inventory and customer retention and increase sales.
Retailers will have two primary choices when implementing a retail accounting system for their store:
Standalone accounting program like QuickBooks to tie into your point of sale system.
Accounting capabilities, such as sales reporting and analytics, that are enabled by/included within a POS system.
The decision will be based primarily on the size of the business and the extensiveness of the company’s needs.
What Type of Buyer Are You?
You will want to focus on programs that are designed for the buyer category you fall into. We have found that almost all businesses belong in one of the following three categories:
Small buyers. Most retailers with fewer than five locations will fall into this category. However, if a retailer operates one or a handful of large stores, they may be in one of the other two categories. These small buyers have straightforward accounting needs. They typically require an affordable option that can integrate with their POS system.
Enterprise best-of-breed buyers. These larger retailers have already made substantial investments in point of sale and inventory control systems. They typically do not want to replace these existing systems and are looking for a standalone accounting program. Integration, flexibility and scalability are usually key requirements. These buyers typically have more than five locations or a smaller number of large stores.
Enterprise integrated suite buyers. Contrary to the best-of-breed buyers, these buyers are looking for one system that offers fully integrated applications for point of sale, inventory control and accounting. They may also opt for modules for warehouse management, merchandise planning or multi-channel management. Many of these buying decisions will be dictated by POS and inventory control needs since accounting functionality typically does not vary much from system to system.
Benefits, Potential Issues and Costs
The benefits of implementing a formal accounting system are fairly straightforward but surprisingly difficult to attain without a proper system. Most adopters should expect the following benefits:
Organization and efficiency. If you have ever tried to prepare a tax return without a formal accounting system or process in place, you know how much more organized a program will make your business. Having all of your data managed in one place saves a surprising amount of time when trying to determine performance of the business.
Automated reporting. Most accounting programs come with a number of standard reports, as well as the ability to build custom reports if necessary. Buyers should find it very beneficial to make key decisions quickly without having to spend a lot of time manually pulling together information.
When selecting a system, buyers should ensure that the system will integrate with their existing POS or inventory control software. Many buyers will find that simply exporting sales data into a .CSV file and then uploading it to the accounting package is sufficient. Bigger buyers with more data will likely require true integration though.
Buyers should note that there is a large price difference between smaller packages such as QuickBooks or Peachtree and larger tools like Microsoft Dynamics GP. As a result, most buyers will stick with a small program until the business has grown large or complex enough to justify the investment.
Market Trends to Understand
Various software trends are impacting the retail accounting software market. The primary trends include the following:
ERP vendors as retail vendors. Software companies such as SAP, Microsoft Dynamics and Epicor have traditionally offered horizontal accounting or enterprise resource planning (ERP) programs. Users of these packages for accounting would use a separate system for operations. Over time, these providers have developed extensive functionality to enable retailers to use them for point of sale, inventory control, warehouse management and accounting.
Software as a Service (SaaS). Many accounting programs have transitioned to SaaS. We typically encourage buyers to consider this model with an open mind as SaaS accounting solutions can ease the IT burden and help them avoid large upfront costs.
The Vendor Landscape
Buyers should find the retail accounting software market much more navigable when approaching it with their buyer category in mind.
|This type of buyer...||Should evaluate these systems|
|Small buyers||Peachtree, QuickBooks|
|Enterprise best-of-breed buyers||Microsoft Dynamics, SAP, NetSuite, Sage MAS 90/200/500|
|Enterprise integrated suite buyers||Epicor, Cybex, Jesta Vision|