Currently, a surge of businesses are heading towards online retail. It makes sense. The high street has taken hit after hit and the overheads of a physical location could instead be spent on diversifying their product range.
There is one issue, however. These businesses are bringing outdated attitudes to a modern economy. For example, a significant number of companies still use archaic methods for managing their finances.
Online businesses can generate interest and engagement – and cloud software is behind it. Cloud accounting software alone has allowed them to sync finances, track inventory and easily record transactions.
To illustrate the influence the cloud has had, we break down ways enterprise accounting software further stimulates online retail.
Switching between your bank and online platform takes time and as you grow, this manual data entry begins to add up. Thankfully, accounting software allows you to do this from one location, naturally elevating you from independent seller to small enterprise.
Cloud software allows for complete integration, unifying your tax affairs and making accounting effortless. Whether using Shopify, eBay, Magneto or PayPal, your account will log purchases across platforms. Also, you’ll be able to accurately track earnings without having to move from site-to-site.
As you scale-up you’ll need to be able to regularly update your inventory. With accounting software, this is made easy by conducting a Bill of Materials, tracking stock and filing reports – all from one place. No more manually investigating the number of products sold and materials used – your time can now be entirely focused on selling.
Before accounting systems, online retailers were bound to paper reports that restricted growth. It was the accessibility and versatility of enterprise accounting software which allowed retailers the scope to launch their offering, develop products and have a firm understanding of real-time finances.
Traditionally, managing foreign currencies could dramatically slow down expansion. It’s difficult enough keeping track of your earnings, let alone working out what the dollar currently is to the pound. Cloud accounting software makes businesses fluent in every language.
In addition, with bank mapping features enabled, money of all nations can be imported straight into your bank account without any need for manual entry. Online retailers won’t be limited by borders and can easily add shipping costs to all relevant orders.
At Liquid Accounts, we believe accounting systems enable retailers to maximise earnings by offering self-sufficiency. No need to rely on an accountant, instead retailers can monitor cashflow and accurately forecast finances – from anywhere.
As well as the above, we’re also proud to partner with SumUp and Tilgo. With all payments linked to your bank, no paperwork and all cards accepted, taking payments has never been easier. Plus, the data also integrates directly into Liquid Accounts so there’s no need for data rekeying.
If you’re interested in scaling up your retail operation, look no further. Our service is flexible and will allow your retail business the bespoke approach it needs to thrive. Get in touch today by calling 0161 413 5050 or emailing email@example.com.