The speed of business is fast. Things change at the drop of a hat. Being able to take advantage of and adapt to these changes is what separates successful businesses from those that go out of business. One such tool that helps businesses keep pace with this ever changing world is retail accounting software. Retail companies typically have a wide variety of customers and a large number of transactions ? both debits and credits. For most businesses with more than just a few clients, keeping track of this information can be time consuming and mistakes can be made in the short run. That is where modern technology is helping businesses. Software is able to perform some accounting tasks in real time that once required a delay and a CPA to be done accurately. Here are the top 5 ways that retail accounting software can help your business:
* Improved Internal Controls ? It is easy for money to slip through the cracks, both through incompetence and unethical behavior. Finding and correcting these mistakes in a timely manner are near impossible without a team of accountants working around the clock. But with software, mistakes and outlying numbers that do not add up can be automated to raise red flags immediately ? when the errors are still easy to fix.
* Improved Profitability and Cash Flows ? Time is money. Mistakes cost money and time (which is more money). The quicker reliable information can be compiled and used, the greater advantage a business has against its competitors. The quicker and more accurately that cash can be attributed and located to the proper category, the greater flexibility and versatility that a business has with its capital.
* Elimination of Third Parties ? Most businesses have to use third party accounting in some way, shape, or form. Whether that relates to bookkeeping, auditing, or managerial consulting varies from business to business. These third parties have constant expenses. Software licenses typically are a one time (or annual) purchase.
* Administrative Reports ? The best managers operate on information. The reputation of a guy going with his gut makes for great anecdotes. But any manager who operates by the seat of his pants on a regular basis is not going to be a manager for very long. The best decision makers make the best decisions because they consistently have the best information that shows them which path is the best. Software provides the opportunity to compile custom reports in a quick and efficient manner, changing aspects on a whim. Reports from human accountants need to be specified out in advance and are restricted typically to the data asked for.
* Be Green ? Old school accounting processes are done on paper. Paper receipts are not only cluttery, but also bad for the environment. Do not scoff at this notion. Retail accounting by paper is only a minor environmental bane for a single business, but if one takes the retail industry as a whole ? that is a lot of a trees that died needless deaths. Accounting software removes this from the equation while providing the user with the advantages listed above. It is a win-win.
By Felix Chesterfield III
For information about accounting standards ? FASB
For software to help with retail accounting ? APEX Analytix
Source: http://foryuren.com/5-reasons-your-business-needs-retail-accounting-software/
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