For retail store owners, accounting software is a necessity. In this post, I will help you choose the right package that suits your needs. You are bound to be pleasantly surprised by how easy it is when you know what to look for.
Keeping up with the paperwork and bookkeeping can be a daunting task. Hiring someone else to do it for you or outsource some of the processes can be very expensive and time-consuming. So here is the list of best accounting software for small retail store with their pros and cons.
Our Top 5 Accounting Software For Small Retail Store
Best Accounting Software For Small Retail Store Reviews
1. Best Overall: QuickBooks Online
QuickBooks Online is cloud-based accounting software for small businesses. It is often used by entrepreneurs who need to keep track of and manage their work finances.
Running Quickbooks Online has many benefits as it is designed to be:
- Easy to use
- Always available
And, because of its cloud-based features, you don’t have to download anything when your computer breaks either.
It is accounting software for small retail stores that becomes easier to use the more you use it. It has intuitive navigation that reduces confusion, and its powerful features will help you quickly manage your business.
It not only comes with free customer service but also email and phone support, which means you’ll have someone there to answer any questions that arise. Plus, it offers a large variety of reports as well as inventory management tools.
2. Best Easy-to-Use Features: Xero
Xero is web-based accounting software. Its features include cloud-hosted technology, mobile apps for iOS and Android, and round-the-clock customer support. It’s easy to use for small retail stores that want to manage their finances intuitively.
You can also sync your company files directly with other accounting software and its affiliated banks. Xero’s affordable pricing plans are perfect for the small business owner who wants to get their feet wet in the world of finance management without breaking the bank.
Xero’s setup is very simple. All you need to do is create an account and click the create a new company button. Then, you can either sync your bank accounts or import your transactions from the CSV file that you can save and upload on Xero.
Reconciling your bank statements can be tedious, but Xero has made it easy for small retail stores. All you have to do is import the bank statement, click on reconcile, and automatically solve any imbalance. It then adds the transaction amount under the reconciled income or expense category.
Xero has many nifty features that make running a small retail store easier.
3. Best for Creating Invoices: Freshbooks
Freshbooks is accounting software that is designed especially for small and medium businesses. This software allows you to do everything from invoicing your customers to paying your employees.
Many features are included with Freshbooks, like time tracking and easy expense tracking. Still, the most important thing is that it’s compatible with Mac OS X, Microsoft Windows, iOS, and Android devices. In addition, with a simple user interface and a no-hassle subscription pricing model, this accounting software has surprisingly affordable rates compared to other competitors on the market.
Cloud-based software is a big thing in today’s market. Freshbooks is no exception to that rule. The software runs on a cloud network that is hosted and managed by the company. With this software, you can stay connected no matter where you are. As long as you have an internet connection, then everything will be available for you to use.
Freshbooks has some of the most attractive-looking invoice designs on the market that you can use for free; they also have hundreds to choose from in their gallery. If those aren’t enough, then there are also templates available for purchase or through other subscription packages that will suit your needs just fine.
4. Best Customer Support: Lightspeed Retail
Lightspeed Retail is a complete solution for small retailers with basic bookkeeping, inventory management system, contact management, and more. This program brings convenience at its best by providing all the accounting software features that you can get from any leading brand but at an affordable monthly fee.
Looking into its features, the most notable one is the automatic creation of store or customer invoices within minutes. This feature allows you to save a lot of time if you often make sales on credit. You can also print their personalized labels for shipment. In addition, the program will enable you to create custom fields that provide flexible data entry options and process re-order items easily.
The dropshipping invoice feature allows you to choose which product should be included in the invoice and which field is available for drop shipping description, making it easier to prepare an invoice without having to go back and forth between your accounting and inventory management software.
5. Best Retail POS System: Square Point of Sale
Square Point of Sale is accounting software that can help you take payments, track sales, create reports, and more. Square is designed for small retailers with no need for extensive financial features.
Square Point of Sale Features
- Sales by day, week, month, and year.
- Quick reports that show summary information from all open transactions under each sales category.
- Support for non-standard payment methods like checks or credit cards.
- Purchase order functionality to limit the number of products purchased at a time.
- Customer notes and customer balances – add notes to customers or their account balances to help you remember specific details about them.
In this buyer’s guide, you will explore the main things to consider while choosing the best accounting software for a small retail store.
When selecting accounting software, look for these three key criteria: Cost, Availability, and Support. Let’s start with cost. There are a lot of different packages available. You may think that you don’t need the most expensive package because you are only in business part-time. But what about the costs of lost sales?
The software companies list the packages starting at $500 and up. If you decide to use the more expensive packages, don’t forget that you may need to pay an annual fee.
Another consideration when choosing an accounting software package is availability. With most programs, you will have access to the latest features and updates for one year. If your business grows, so will your accounting software requirements. If you cannot implement new features or get support on an ongoing basis, you may become a victim of diminishing returns.
Also, be sure to check out free or low-cost options for software packages that are available online. Most companies offer free trial versions that give simple access to their product line without any commitment or investment.
What Is The Best Accounting Software For Small Retail Store?
It looks like QuickBooks is a trendy option. They offer a free trial and a basic accounting service that’s available at an affordable price point. Some other options to consider are FreshBooks, Wave Accounting, and Sage 50 US. Of course, which one you pick will depend on your specific needs and preferences.
Which Accounting Software Is Used For Retail Business?
QuickBooks is the premier accounting software for retail businesses. It offers a sleek interface, easy-to-use tools, and features to help retailers manage and grow their business.
How Do I Get Into Retail Accounting?
The following are some ways to get into retail accounting:
– Earn an Associate’s Degree in Accounting.
– Work at a law firm as an auditor or bookkeeper.
– Get certified by any professional associations such as the Certified General Accountant Association or American Institute of Professional Bookkeepers.