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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.

Enterprise Accounting Software

What Is Enterprise Accounting and Financials? By sheer installed applications, entry-level financial apps such as Intuit QuickBooks have the numbers when it comes to accounting software. The scales have tipped even further towards that end of the spectrum with the rash of cloud-based accounting programs such as Freshbooks entering the market. But, while QuickBooks and its ilk are excellent for a wide variety of businesses, they're most often associated with small to midsize businesses (SMBs). That's a key reason they're so popular. Another reason is that they're relatively easy to set up and use. But SMB software generally only gets you so far. Once a business reaches a certain point, especially when it starts doing business internationally, it needs more from its accounting system. Rather than relegate this review to midsize businesses only, for the purposes of this roundup, we'll use the increasingly more popular segment description "SME software"—small to midsize enterprise accounting. And the metric we'll use to determine if a particular accounting system falls into this strata is its ability to handle complex business functions.

Manufacturing Accounting Software

In manufacturing, your primary focus usually revolves around the shop floor. Other responsibilities such as financial management, while critical, occasionally take a back seat. With IQMS' Accounting and Financial Management software system manufacturers gain a comprehensive accounting and general office management program that improves visibility of the financial side of your business so you can focus on the things that matter most. IQMS' Manufacturing Accounting Software modules pick up where standalone financial packages leave off. Tight integration with all the EnterpriseIQ ERP software and manufacturing software modules allows important financial data to cross seamlessly into manufacturing, job costing, quoting, and forecasting so intelligent business decisions can be made with an eye on the bottom line. Knowing how and where you spend your money, as well as where and how you receive your income, puts you in charge of monitoring cash flow and controlling costs. The result: Improved profitability.

Personal Accounting Software

Personal finance software makes it easy to consolidate all of your financial data in one program so you can create and track a budget, examine your investments' performance and generate reports to analyze your assets. The most popular of these services work on the premise that better money management comes through centralization and visibility. If you can easily see all your accounts and spending habits in one place, you'll be better equipped to make good decisions and stay within your budget.

Retail Point of Sale (POS) System

POS or PoS is an abbreviation for Point of Sale (or Point-of-Sale, or Point of Service). The term is applicable to a retail shop or store, the checkout/cashier counter in the store, or a location where such transactions can occur in this type of environment. It can also apply to the actual Point of Sale (POS) Hardware & Software including but not limited to : electronic cash register systems, touch-screen display, barcode scanners, receipt printers, scales and pole displays. Point of Sale Systems are utilized in many different industries, ranging from restaurants, hotels & hospitality businesses, nail/beauty salons, casinos, stadiums, and let's not forget - the retail environments. In the most basic sense, if something can be exchanged for monetary value - a Point of Sale System can be used. “Modern POS systems do more than just offer flexibility when processing daily transactions,” says Grullon. “They improve a merchant’s chances of success by providing them with tools to streamline business processes.” Many of these vital processes would be overly tedious and resource exhaustive to complete without the support of a modern POS system. But exactly what features should you be looking for?