How to Choose the Right Software for Your Business

Small business with big ambitions? In this day and age there are retail, accounting and business management software solutions available for businesses of all sizes, including the small to medium sized organisations.

Industry leading software provider, IQ Retail, will cover most, in terms of what an SME business might require from their accounting, retail or business management software. This ranges from accounting to retail and point-of-sale.

Herewith some key features or solutions that continues to grow in importance as businesses adapt and transform to modern-day demands.

Eliminate the silo approach and pull everything together

Irrespective of the industry, whether that be retail or distribution , a growing commercial entity is more likely to see results and streamlined operations  with a fully integrated retail or business management software solution. This ensures a more holistic approach, more insights, greater automation and the ability for more analyses on daily processes. It also supports improved monitoring of stock movement and sales, with an improved potential to increase revenue and profit margins.

Our core product, IQ Business, is a prime example of exactly such a solution. It acts as a fully integrated back-office system, assisting with accounting, debtors and creditor’s management, a general ledger and stock management. It also includes a point-of-sale module, making it suitable for retail environments, if required.

Alternatively, the specialist solution IQ Accounting+ provides the same level of financial management functionality without point-of-sale where it’s not required.

Integrate your Point of Sale (POS)

The IQ POS software gives storefront retailers and sales representatives the option to load and manage stock items and stock levels directly from the shop/warehouse to customer checkout. An extension is also available to the POS module to allow businesses to transact offline in case of network connectivity failure.

The IQ POS core solution can be purchased separately and integrated into pre-existing business management or accounting software. However, a more straightforward and cost-effective alternative is to rely on an all-rounded platform that already integrates the POS functionality seamlessly instead of having to purchase the point-of-sale module separately.

One-shop vendors can successfully implement IQ Business as the central system to manage operations from warehouse to till. The software integrates POS effortlessly, saving implementation time and costs with ulterior alterations.

Do you require capable management for multiple stores or franchising?

In a multi-branch environment, the most significant advantage is implementing a centralised reporting solution for warehouse, stock and ledger instead of relying on various solutions that do not communicate with each other.

IQ Enterprise is designed to manage commercial activities for multiple branches or franchises. It affords the same capabilities as IQ Business plus centralised management, e.g. transfers from individual store to main warehouse and so on. 

Implementing IQ Enterprise bypasses the usual multiple software licensing and installation issues. With IQ Business, each company branch has to purchase a separate software license and install the solution for that specific outlet. Therefore, IQ Enterprise is better equipped to handle geographical expansion without the set-up hassle and mounting costs.

Do you have to manage customer bookings in your daily operations?

In the hospitality industry, managing bookings is a vital functionality over-and-above the daily run of operations - stock, warehouse, ledger, sales. Hence, the IQ Restaurant application, a specialist software for businesses that need a solid booking management system, e.g. restaurants, hotels and salons.

IQ Restaurant provides booking functionality, menu management, and specialist point-of-sale capability. The light version is an excellent choice to integrate specific booking functionality into existing accounting or management platforms.

If you need a more integrated solution, the full software version effortlessly blends booking management with a dedicated back-end accounting system, streamlining operations.

Or perhaps an advanced specialist trade or workshop solution is required?

Some industries, particularly the automotive segment, require advanced product search capabilities and real-time stock management. Value-added applications to core IQ Retail management solutions provide that specific functionality.

The IQ Workshop module consists of add-on capabilities for running workshops in the vehicle service, tyre and fitment industries, allowing sales representatives to rapidly filter multiple variables (size, brand, vehicle make, number registration) when quoting and invoicing clients.

Similarly, adding the IQ SingleView module gives your business a boost, helping to unify product info, quotations, invoicing and customer details into one central dashboard. This has the advantage of speeding up transactions and improving client service considerably.

IQ Retail, a Kerridge Commercial Systems company, offers complete business management software and value-added solutions for small to medium-sized businesses and franchises.