If you are a business owner and rely on your stores to bring in the money, then the best retail accounting software can seem vital. However, for many owners, the complex and expensive nature of these systems can be prohibitive.
Thankfully, there are also some options out there that are both easy-to-use but have all the features that even some of the most expensive programs offer. With so many choices available to choose from nowadays, it is important to make sure your business has the right tool for its needs.
This article will guide you through which retail accounting software should be best suited for your needs.
Whether you are looking to purchase a new accounting program or need some assistance as you are currently shopping for one, there is likely something useful for you in our guide.
To learn more about the various features of these programs, we have provided a list of popular retail accounting software features below. This will help to give you an idea of how they compare.
Our Top 5 Best Retail Accounting Software
Best Retail Accounting Software Reviews
1. Best Overall: QuickBooks Desktop Enterprise
The QuickBooks Desktop Enterprise is the premier retail accounting software for small and medium businesses. With this product, owners will get expert assistance with essential tasks such as inventory management, sales tax collection and reporting, payroll processing, and payment reconciliation.
Features:
- Create invoices.
- Manage credit card payments.
- Manage expenses with a budget forecast feature that estimates projected expenses for up to 10 years.
- Collect taxes by sales region or state.
- Aggregate transactions across multiple stores or locations to maximize efficiency in storing data and tracking costs.
2. Best Retail POS System: Square Point of Sale
Square Point of Sale is an accounting app from Square, Inc. It allows business users to track sales, customer information, inventory, and more online in real-time.
This software was developed by a team with experience in the retail industry and understood the needs of small businesses. This is a great way to manage your expenses or grow your revenue without any prior experience with accounting software.
Square Point of Sale is compatible with Mac, Windows, and iOS. It allows you to accept credit and debit cards through a swiper device or manually enter payment information right from your phone. In addition, business owners can run promotions, collect tips, manage inventory, and much more as soon as an order is placed on Square Point of Sale.
3. Best for Online Retail Businesses: Xero
If you are looking for an easy way to keep track of financial transactions and give your business a boost, Xero is the perfect software solution. This retail accounting software can help you increase company productivity, boost profits, keep track of company operations, give employees access to an easier way to report expenses.
What is Xero accounting software?
Xero is a fast, simple, and smart way for small businesses to manage their finances. It’s been designed for the cloud and provides business owners with the tools they need to run their company more efficiently.
You can connect Xero to your bank accounts and integrate it with other business services you use. You can also enable employees and others who have access to view financial data and use it for reporting purposes. It has a simple dashboard that provides key financial insights at a glance, so you’re always in control of your business finances. In addition, a handy search tool makes it easy to find information when you need it.
How does Xero work?
Xero allows you to enter transactions manually or enter them automatically via templates. You can also integrate with many other online and offline banking services, which means you can use it as a backup for your company’s accounting system. You can use the online tool to create invoices, create banking transactions and send emails.
All of these features are integrated with Xero’s financial management tools, so you get the assistance you need to keep your business finances in order. And if you need more help, Xero’s comprehensive knowledge base is there to offer advice on different topics related to all types of business financing.
4. Best for Secure and Grow Your Business: Lightspeed Retail
When you think about retail software, there are a few key features that come to mind: data collection, checkout processes, and customer satisfaction feedback. However, with the advent of technology over the years, there are many more ways that retailers can use their software to improve their efficiency and reduce their overhead costs.
One example is Lightspeed Retail. This website has an interactive platform where shoppers can find out how they’re doing compared to other brands on social media like Facebook and Twitter. There will also be up-to-date information for how vendors feel about specific products throughout the day and influencer insights so retailers can stay on top of what’s talked about within the retail community.
5. Best for e-Commerce Businesses: FreshBooks
Do you keep your business books and finances in a shoebox under your bed? Do you wish there was a more efficient way of tracking customer payments, invoices, and taxes? If the answer is yes, then FreshBooks is for you!
FreshBooks is online accounting software that makes it easy for freelancers or small businesses to create professional invoices and expense reports. g, FreshBooks includes email notifications to remind users to pay their bills on t for those who would rather speak than reading. There are also personalized dashboards that make your financial information instantly accessible.
Buyer’s Guide
This article is written primarily for small business owners searching online for the best retail accounting software for their needs. After all, with the amount of retail accounting software available these days, there are bound to be some good programs out there. However, there can be a lot of noise and confusion involved in online shopping. With so many options to choose from, it can be hard to select the one that will work best for your company.
This article aims to provide honest, practical advice for small business owners who are considering purchasing retail accounting software. By taking all the information that we have gathered together and organized it in an easy-to-use format, we hope to point you towards the right solution for your company’s needs.
What Is Retail Accounting Software?
While it may seem simple on the surface, retail accounting software is not just a glorified calculator. Instead, it is a complex program that has been designed to help you keep track of your day-to-day business operations. For some companies, this can seem like overkill, but they are often surprised at how much more control they feel once they have implemented one of these programs.
That is because retail accounting software was designed specifically for small businesses with simple needs. Traditionally, only larger companies would need to rely on such programs to handle their finances and inventory management needs. However, as technology becomes more powerful and affordable, it is now possible for smaller businesses to implement them.
To help you understand just how retail accounting software works, let’s take a look at an example.
Let’s say that one of your stores recently experienced theft of inventory. Unfortunately, you have been working with this particular store for quite some time, and therefore you are unable to determine exactly which items were stolen. Therefore, in addition to moving on from this incident, it is important that you also figure out which things for sale still have the appropriate taxable status on hand.
With retail accounting software, you can track both issues in a single program. The program will automatically input information about your inventory and sales transactions and help you keep track of the appropriate tax rates on any items that have changed status.
Retail Accounting Software Features
Over the past few years, there has been a lot of press about retail accounting software and how users report that it is making their lives easier. Of course, with so many different programs available, this is entirely possible. However, as you will see shortly, many of these programs are also quite similar regarding their features and functionality.
That is why we have decided to offer a condensed list of retail accounting software features below to help you find the right solution for your needs quickly and easily.
Inventory Management
Retail accounting software is designed to help keep track of your inventory and sales transactions quickly and efficiently. As a result, you can track almost every aspect of your business with just one program.
Some retail accounting software programs will also include features that allow you to track items in transit and those that move between different store locations. This makes it easier for you to keep tabs on the things distributed across all of your stores and make sure you have everything under control.
Sales Tax Tools
In addition to helping you keep an eye on your inventory and tax status, there are retail accounting software programs that can also help manage sales taxes for you as well. This is helpful for businesses that sell taxable items that have different tax rates applied to them. As a result, you will need to make sure to keep track of the appropriate tax rate on all of your sales transactions.
Payroll Capabilities
Depending on the type of retail accounting software you use, some programs can also help you take care of payroll issues. This can be very useful for small businesses that do not have a dedicated payroll manager. It can be beneficial for those who are just getting started and lack the in-house resources necessary to handle this situation.
FAQ
Do Retail Stores Use Accounting Software?
Retail stores typically use a specialized type of accounting software to track money flow through their customer’s point-of-sale terminal, or P.O.S., which can be found in all retail locations, including malls and grocery stores.
Which Software Is Used In Shopping Malls?
Many different accounting software systems can be used in shopping malls. Some of the most common systems are Intuit’s Quickbooks, Microsoft’s Dynamics GP, Sage.
How Do You Bill In A Shopping Mall?
The way you’re billed in a mall may differ depending on the store you shop at or the restaurant you visit, but these will predominantly be credit card transactions. Usually, shopping malls use different POS and accounting software to proceed with Additionally, itpayments.
