Manage your transactions better and make it more seamless to ensure quality customer experience and keep all necessary documentation by going digital with your accounting processes. Get robust retail accounting software to aid you with your accounting tasks as early as now. Go ahead and choose yours from the key players in this software category featured in this article.


11+ Retail Accounting Software

1. Freshbooks

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Rating: 4.5/5

Price: $6/month

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2. Xero

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Rating: 5/5

Price: Custom

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3. Brightpearl

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Rating: 4.5/5

Price: Custom

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4. AccountEdge

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Rating: 4.4/5

Price: $499/month

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5. LightspeedHQ

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Rating: 5/5

Price: FREE

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6. Quickbooks

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Rating: 4.3/5

Price: $4.34/month

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7. Zoho Books

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Rating: 4.5/5

Price: FREE

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8. Netsuite ERP

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Rating: 4.5/5

Price: FREE

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9. Sage

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Rating: 4.6/5

Price: FREE

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10. Wavess

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Rating: 5/5

Price: FREE

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11. Tipalti

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Rating: 4.7/5

Price: Custom

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12. Expensify

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Rating: 4.5/5

Price: Custom

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What Is Retail Accounting Software?

Retail accounting software is a digital solution that helps retail businesses to manage the money that comes in and out of their business. It integrates the functionalities necessary to complete retail accounting operations in one interface and centralizes essential information under one roof. With this technology, you can gain control of your financial accounts with just a few clicks and swipes from your digital devices whenever you like and wherever you are.

Also, it has digital tools for inventory costing and allows you to offer multiple payment processing options. In addition, it gathers data analytics and converts them into visual reports to make them more digestible and give better insights. 

Benefits

Taking advantage of this software will make your processes more efficient. Also, another one of its benefits is, it comes with workflow automation capabilities for streamlining repetitive tasks and eliminating the need for manual data entry for your record keeping activities. That said, it lightens workload, improves employee productivity, and minimizes input.

Features

There are plenty of digital solutions in the software market designed to help businesses in the retail industry with their accounting needs. Having numerous choices is better, but considering their overlapping service offerings and other similarities, it also makes it challenging for you. Although, there are factors that you can focus on to help you in filtering your choices. Some of these elements include their compatibility with your business size, the aspects they specialize in, the pricing structures they offer, and their supported digital devices. Also, the following are crucial features that should take weight in your decision-making process:

  • POS software integration
  • Financial reporting tools
  • Expense tracking capabilities
  • Budgeting and forecasting tools
  • Billing and invoicing system
  • Inventory management features
  • Financial CRM software integration

Top 10 Retail Accounting Software

1. Netsuite ERP

Netsuite ERP provides its users with manufacturing accounting and sales order management features. They have a generated revenue of 2 billion dollars and have 10,000 employees. 

2. Zoho Books

Zoho Books is an accounting system with functionalities for cash management and compliance management. Zoho has 7,500 employees in their team and has a generated revenue of 1 billion dollars.

3. Xero

This accounting practice management solution has asset tracking and retail inventory management tools. They have 848 million dollars in generated revenue and have 3,642 employees. 

4. LightSpeedHQ

When you use this software, you can access a retail POS system and pricing management capabilities. They have employed 1,800 people and have 301.4 million dollars in generated revenue.

5. Expensify

Functionalities for receipt management and spend control are accessible in this time and expense software. They have generated a revenue of 100 million dollars and have employed 159 people.

6. Tipalti

Audit management and transaction management capabilities are examples of features in this software. They have 643 people working for them and have 52.8 million dollars in generated revenue.

7. Freshbooks

This accounts payable software has tools for automatic billing and recurring invoicing. They have a generated revenue of 50 million dollars and have 303 people in their team. 

8. Quickbooks

Quickbooks is a bookkeeping software with general ledger and payroll reporting tools. They have 50 million dollars in generated revenue and have 200 people on their team.

9. Brightpearl

With this inventory control solution, you can use cost tracking and supply chain management functionalities. They have 142 people working for them and have 20.6 million dollars in generated revenue.

10. AccountEdge

With this software, you can streamline back reconciliation and spend management. AccountEdge has 50 employees in their team and has a revenue of 5 million dollars.

FAQs

What is retail accounting, and what does it involve?

The term retail accounting involves processes for tracking inventory costs rather than incorporating a specific discipline of accounting. This practice entails valuing your inventory based on its retail price rather than the acquisition process. It involves keeping accurate records, running an inventory tracking process, detecting losses, and curating essential reports and financial statements.

Why is accounting essential in the retail industry?

Retail accounting is essential because it ensures that you have an updated inventory in real-time. Also, this activity helps you detect theft and identify damage in your stock. In addition, employing an effective retail accounting strategy also ultimately impacts the profitability of your business and establishes a positive reputation for your brand.

How does retail auditing work?

Retail auditing refers to the process of identifying the effectiveness of your retail management processes and your overall operational efficiency. Also, it measures the quality of your customer services and how well you can meet the demands of your clients. Running a retail audit also includes managing and measuring compliance to organizational standards.

Break through the limitations of conventional accounting strategies and ensure accurate results devoid of human errors and inconsistencies by leveraging modern solutions. Keep up with the changes and innovations in the retail industry and gain a sharp edge in the competitive landscape by securing the best retail accounting software for you. 


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