Six things to consider for online accounting software in your retail business

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A lot of retailers are now using online accounting software for their businesses. There’s a good reason for that – it can make all the difference when it comes to managing your retail business.

But you’ve got to make sure that you choose the software that’s right for you. Here’s a quick checklist of recommendations, to make sure you’ve got the right accounting software when it counts.

  1. Does the software work well for retailers? Do some research to find out whether the online accounting software connects to other retail apps your business uses. Check the software website and make sure that it’s appropriate for retailers, and check online forums and social media to see what users are saying.
  2. Does it have multiple access levels? It’s best to have different levels of permissions – one for owners, another for managers and the ability to be able to grant others any necessary special authorisations.
  3. Can it record transactions and manage payroll? Nearly all accounting software handles transactions, but payroll might be available as an upgrade. If the same piece of software can manage transactions and payroll, you can save a lot of time!
  4. Can it track inventory? Some software does this. Some doesn’t, but can be seamlessly linked to add-on apps that’ll do the job. Others can track inventory natively and link to specialist apps. Make sure you consider this when you’re shopping around, as more options tend to be better.
  5. Is it cloud-based? In my opinion, cloud-based is a must-have. This means you’ll have access to your accounts from anywhere at any time, lower support costs, automatic backup and easy connection to other apps. Being able to see the state of your business accounts at a glance from anywhere might be the most valuable thing you stand to gain from using online accounting software.
  6. Is it scalable and extensible? Make sure you’re selecting for scalability. Scalable so that it will grow as your company does, and will let you add new users when you need to. Extensible means you can easily add new features to the software, just by purchasing new add-on business apps.

If you’re interested in finding out more about Xero or accounting software in general, let’s set up a time to chat.

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