The primary goal of retail accounting software is to centralize all accounting-related data in one system and provide owners with accurate figures.
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.
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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 th...Read more
Iridium Retail Manager is designed for retailers of all sizes. This system is best for users that specialize in items that require delivery or service. Includes inventory management, POS, accounting, and employee management....Read more
Tylernet Retail is a cloud-based point of sale, inventory and accounting management solution that helps retailers improve profits and grow business. The application does employee management for retailers by automating payroll as w...Read more
MultiFlex RMS General Merchandise is a cloud-based retail management solution for single and multi-location retail stores. Key features include point of sale management, accounting, inventory, staff management, CRM and marketing. ...Read more
RetailSTAR POS Software by CAM is an on-premise POS solution for specialty retail shops such as clothing stores, shoe stores, sporting goods retailers, gift and hobby shops, and health food stores. RetailSTAR targets small to mids...Read more
Stratus Retail by Celerant Technology provides tools for point of sale (POS), inventory and order management, enterprise resource management (ERP), e-commerce, business intelligence, marketplace integrations (Amazon, eBay, Walmart...Read more
The NCR Counterpoint solution includes an e-mail marketing tool, integrated e-commerce, mobile alerting, built-in gift card and customer loyalty programs and hardware specifically designed for the retail environment.
The NCR ...Read more
ProphetLine is an on-premise point of sale (POS) solution that caters to small and midsize businesses across industries such as footwear and apparel, electronics and appliances, furniture and home decor, sporting goods, general me...Read more
POS Prophet Systems (PPS) offers a point of sale solution for retailers and small businesses. POS Prophet Systems is compatible with most brand-name POS peripherals and can be further integrated with Quickbooks or Peachtree to ass...Read more
Founded in 1986, the retail software suite from Cybex includes point of sale, inventory management, distribution and replenishment, warehouse management, CRM, and e-commerce.
The Cybex Enterprise Retail Suite focuses on infor...Read more
VAI’s is an independent software developer and the author of S2K Enterprise, an award winning cloud-based ERP solution utilized by customers operating across the distribution, manufacturing, specialty retail, and service sectors, ...Read more
The Assistant Manager (TAM) is a fully integrated POS solution that provides a point of sale, inventory management, CRM, e-commerce, accounting, WMS and merchandising functionality in one application suite.
It provides an int...Read more
Wireless Standard by B2B Soft is a cloud-based point-of-sale system specifically designed for the wireless industry. Wireless Standard is fully integrated with added-value products like bill payment services, handset insurance pro...Read more
Aptos is a provider of cloud-based retail management solutions, offering small and midsize retailers tools to manage their business operations and customer engagements. Their solutions are suitable for wide range of retail busines...Read more
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 inte...Read more
Start getting your back office to work for you. Our solution can be accessed from anywhere and gives you insight like you've never had before. ePB is a cloud-based solution with features including real-time loss prevention, back...Read more
Advanced Retail Management Systems (ARMS) provides business development and software technology for retail jewelers and wholesalers. ARMS features include repair tracker, a tool that tracks items throughout the repair process and ...Read more
JewelMate place power at our clients' fingertips! It’s a program that enables you to create and customize many aspects of your business from your own desktop. From creating custom receipts, job envelopes, barcode tags, and apprais...Read more
GoldTech Retail Manager is a retail management and point of sale system designed for small and midsize retail businesses. It offers inventory management, work order management, purchasing, receiving and CRM within a suite. The pro...Read more
ChainDrive is an omni-channel retail management solution designed for retailers, e-tailers, and wholesalers. The solution is designed for apparel, footwear, sporting goods, jewelry, home goods, department store and specialty retai...Read more
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.
“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
Enterprise best-of-breed buyers
Microsoft Dynamics, SAP, NetSuite, Sage MAS 90/200/500