5 Reasons You Need An Accounting Software For Your Retail

You are a new retail owner excited to sell your products to the world. You have a good location, employees and a good system to manage your stocks. However, after months of managing your retail business, you became overwhelmed with the transactions and processes. You couldn’t afford an accountant because you don’t have the funds and time to train someone for your business. So why don’t you get yourself an accounting software for your retail business instead?

What is Accounting Software?

An accounting software can automate your calculation for payrolls and create invoices and bills. The software can be integrated with payroll software for easier payroll calculation and administration along with tax calculation to stay compliant to the tax law.

I know what you’re thinking: you’ll need to hire an accountant to use it anyway, so what’s the point of having a software? Besides, wouldn’t having a human doing your calculations be much more trustworthy than accounting software?

You may think that now but there are reasons why you’ll need accounting software in your retail business. Let’s take a look at some of them:

Table of Contents

  • 1. Reduces Costs
  • 2. Reduces Paperwork
  • 3. Ensuring Financial Control
  • 4. Improve Decision Making
  • 5. Improve Financial Data Security

1. Reduces Costs

By using accounting software, you get to cut costs in training and hiring an accountant. Plus, you don’t have to worry about administering payroll for your software or worrying about who’s going to do the calculations if your accountant falls sick or leaves.

2. Reduces Paperwork

Manual calculation requires stacks of paper to make even the simplest calculation or corrections. The papers are then either shredded or thrown into trash after the changes are made. What a waste! Papers aren’t cheap these days either! If you use accounting software, you don’t need to waste any more papers. You can just check your numbers on your computer or on-the-go via mobile app!

3. Ensuring Financial Control

Knowing how much you need to spend to hire and train an accountant, you might be thinking that learning on your own is a lot cheaper. But taking accounting classes not only takes out your money but also your time, the things that you could use for your business instead. With accounting software, you can manage your business’ finances even on mobile devices.

4. Improve Decision Making

Making decisions is extremely important for a business, and you must understand the position your business is in through your finances. If you’ve been calculating your finances manually, you might need to flip through stacks of files and papers just to search for the particular months or years of business finances to compare your situation.

But if you use accounting software, especially one with automated calculation, you can easily search up statements of any months or years and assist you in making decisions for your business.

5. Improve Financial Data Security

Of course, every business owner needs security regarding important data, such as their finances. If you are the type that relies on manual labor, you might have stacks of files and papers of your accounting alone. It must be satisfying to see them until disasters like flood or fire happen and destroy your documents. What’s more, someone can steal them and you’ll end up not trusting anyone after that.

If you use accounting software, especially one that is linked to a cloud service, you can save your documents from damages and theft! Not only do you save space in your office, you save yourself from worrying about them all the time!

So there you have it! If you’re thinking of finding accounting software for your business, but still not sure if it’s for you or not, maybe it’s time for you to get Info-Tech’s Accounting Software!

No more 30 day free trial, we have a PSG grant where companies can claim up to 50% for adopting digital solutions to streamline their accounting processes. Contact us at sales@info-tech.com.sg or call 6297 3398 for a free demo!

  • Jasmine Lee

    Lead of marketing, designs, develops, and promotes targeted content to the target audience.