Retail management is a demanding business. Competing in today’s markets is becoming increasingly difficult for small and medium sized retailers without the marketing budgets and technological advantages of the larger enterprises.

Specialist software solutions that are suitable for retailers provide a competitive advantage which even your local store can achieve when it has been implemented correctly. A huge part to retail success is having the right systems in place. And the implementation of an integrated ERP system is increasingly becoming the solution of choice.

Choosing to manage your business’ requirements with specialist trading systems and software suitable for retail, is the single best investment retailers can make to ensure long-term operational success.

For example, financial and commercial software tailored to the retail industry will offer greater control over stock management than a standardised solution, as well as comprehensive account management, and faster and scalable integration with transacting devices and point-of-sale (POS) solutions.

The functionality of retail ERP software exceeds the minimal accounting capabilities of financial systems by integrating specific practices and controls deemed necessary in the retail environment. Main operations include but are not limited to inventory management, account management of debtors and creditors, stock tacking, cashbook, and invoicing.

Furthermore, software solutions for retailers need to be easily accessible, flexible enough to integrate with other business processes, departments or third-party solutions if necessary and made to scale according to specific management requirements.

Branching out requires an adaptable specialist retail ERP system or retail accounting software. The ability to integrate and cater to franchise retail environments with the same powerful retail accounting software is a massive advantage for growing retail businesses.

Software for retail has many significant advantages compared to traditional accounting or ERP solutions. As an SME retailer, implementing a broad-based financial and functional system that follows the latest trends and technologies and that utilises the best market practices is the first step to take control over your operations which will also help your business to grow.

Save time, reduce administrative costs and gain better control over your business processes with the IQ Accounting+ financial system tailored to the retail industry.

Contact us HERE today to find out how our retail solutions can benefit your business.