RETAIL SUCCESS RELIES ON GOOD ACCOUNTING

There’s a lot to think about when running a retail business – especially given the wide variety of retail operations, from e-commerce to franchising. As any retailer will agree, success in retail involves far more than just exchanging goods for money. From marketing through to supplier negotiation, there are many factors to running a successful retail operation. One these important retail success factors is accounting – from cash flow and supplier liabilities through to taxes and reporting. This makes keeping good accounting records imperative to the success of your retail business.

Some questions to consider when choosing a system

Is the system a trusted accounting brand?

With the advent of the internet and the ease of marketing, it is extremely important to make sure that the accounting system you use is developed by a reputable accounting software company.

Does the software offer data security (e.g. multiple user access levels)?

In today’s age of “white-collar” crime, your accounting software must be secure. One of the security features offered should be the ability to allow different permissions for administrators, management, owners, et cetera.

Does it comply with IFRS reporting?

Being able to easily draw IFRS compliant reports from your system is a must-have. Without this you will spend large amounts of time and money massaging your records so as to provide reports that comply to IFRS.

Is it SARS compliant?

With the volumes of transactions that retailers face, keeping tracking of your VAT, and being able to split sales by vatable and non-vatable dimensions is a mammoth task. Your accounting system should simplify this and allow your SARS submissions to be a hassle-free experience.

Does it offer full debtor and creditor functionality?

With the number of suppliers retailers have to manage, your accounting system must help you manage your supplier liabilities. You should look for an accounting system that offers reputable debtor and creditor functionality.

Can it integrate with other retail systems?

In many retail environments, it is necessary to run multiple systems (for example, a dedicated stock management and ordering system). Your accounting system should offer you the option of integrating these systems.

How Can Instant Retail Accounts Help You?

Powered by Sage Pastel Evolution, Instant Retail Accounts offers retailers an extremely powerful accounting solution currently being used by Spar, Liquor City and more. With over 25 years’ experience in accounting software solutions, you can rest assured that your accounts are being handled by the leading South African accounting software solutions provider. Instant Retail Accounts offers the following exciting features:

Segmented general ledger – go beyond 2 or 3 to as many as 10 account levels.

Compare GL account movements – unlimited financial years can be stored in the system.

General ledger compliance with IFRS – including account types and reporting categories compliance.

View powerful general ledger reports – make use of visual graphs and drill-down facilities.

Pay sundry suppliers via EFT – import automated payment transactions (compatible with all banks).

SARS compliant tax modules – easily compile you SA VAT 201 report.

Full system auditability – a must have in today’s age of ‘white-collar’ crime.

System integrations – Instant Retail Accounts can easily integrate your store systems into Sage Evolution.

If you want Instant Retail Accounts which is powered by Sage Evolution and used by prestigious retailers and wholesalers such as the Spar group, Liquor City and Pick-n-Pay – contact: sales@instantretail.co.za.