5 Accounting Add-Ons Retailers Ought to Know About
By now, it has become clear to businesses, including retailers, that the cloud is not simply a fad, it is a business computing model that is here to stay.
According to a survey conducted by KPMG International, 70 percent of the respondents are confident that the cloud effectively delivers multitudinous efficiencies that ensure cost savings.
There is a great deal to gain for retailers who move their POS and accounting systems to the cloud.
With the rapid advancement of POS software and equipment, cloud based programs and add-ons have the capacity to enhance and expedite the system upgrade process. Because there are rarely any changes to hardware for cloud based upgrades, it is easier to experience a more seamless process. This has the potential to completely eliminate the need for an on-site computing and technology infrastructure — saving retailers an exceptional amount of money.
One of the challenges that retailers face is the rapid accounting process that is associated with a constantly changing inventory and pricing system. This is especially challenging when it comes to retail stores that are a part of a chain; however, cloud-based accounting technology has the capacity to allow these companies to effectively and accurately manage their accounting process.
Because these types of services are deployed as SaaS, universal access to the system is simple and easy from any location that has an internet connection. Because all of the data is stored on a remote server, there is no concern about local breaches or equipment failure.
The top accounting software providers, MYOB or Xero can be infinitely enhanced through add-ons. Because the system is cloud-based, the add-ons are a snap to add.
Below you fill find five add-ons that will make cloud-based accounting a more efficient process for retailers.
Kounta is an easy-to-use POS software that that highly intuitive. Additionally, Kounta is extremely easy to install. In fact, the retailer can set up the system themselves, as a representative from the Kounta support center walks them through the process step by step. There are also support guides and videos to help retailers set up and acclimate to the system. Retailers have the option of starting fresh with new hardware, or they can opt to use their existing equipment.
Vend is a POS software program that is remarkably versatile, providing a great deal of flexibility for the retailer. It can be integrated and used with iPad, Mac or a PC. The program simplifies the management process and supports scalability. The fact that it is cloud-based means that it will be cost efficient and proficient — allowing retailers to use their internet access and share data in real time. The fact that it is cloud-based also ensures that it will be easy to set up and launch. It is compatible with a wide range of POS software, meaning that the retailer will not have to purchase new equipment.
When it comes to dealing with payroll, Tanda helps to save time and money with one simple time and attendance system. The Time Clock provides real time attendance data synced directly with your Tanda account. This data then automatically populates timesheets and runs variance reporting to staff rosters. The reporting will help you create more efficient rosters, whilst the add-on will also help you handle your complicated staff rate calculations. Tanda integrates with MYOB and Xero.
Any retailer will tell you that having the capacity to effectively manage inventory is vital to the success of the business. RMStock is an inventory management add-on solution that is designed to be integrated with the top retail POS in Australia, MYOB RetailManager. This add-on provides the capacity to conduct a number of functions with the mobility that allows personnel to move away from the central POS terminal to perform numerous tasks, including adding new inventory items, checking the on-floor inventory, checking in shipments and more.
RM-MultiStore is an exceptional data aggregation tool that can be used with MYOB RetailManager. The software is designed to facilitate the communication and sharing of data between multiple stores and the head office. This particular software is ideal for small to mid-sized retail companies. Because RM-MultiStore is a Wide Area Network software program, retailers are able to use the internet to send data and communicate, creating a cost efficient data sharing model.
The aforementioned add-ons are by no means an exhaustive list; however, these add-ons have specific added value to the existing accounting software, which when effectively applied can decrease operational costs and improve the overall accounting process. POS systems are evolving at an extremely rapid pace, and the ability to integrate sales data with all associated accounting responsibilities creates the ideal process.
Source: KPMG Report can be found at http://www.kpmg.com/Global/en/IssuesAndInsights/ArticlesPublications/Documents/exploring-cloud.pdf