There are many small businesses which deal with retail. If you run such a small business, there is a very strong chance that you will have to keep track of inventory and finances. And that’s where accounting software will help you the most. On the market today, there are numerous available free accounting software for retail and even some paid which provides more than enough value and will save you thousands of dollars over time.
Do you have a retail business? Then you are likely to have to handle your books manually which is certainly time consuming. So, what are the best accounting software for small retail business? Please continue reading, I will show you.
Quickbooks Online
Quickbooks Online comes equipped with a host of benefits. For one, it’s available at a relatively low cost ($7 a month for one user) and its wide array of tools are designed for small businesses. Like many accounting software providers, Quickbooks Online is cloud-based, meaning you can log in from your PC, Mac or mobile device.
Track your income and expenses, accept online payments, send estimates, create invoices, manage bills, run reports, prepare for your taxes and more. Additionally, Quickbooks has versions specifically for retail businesses.
Pricing: Simple Start, $7/month for one user; Essentials, $17/month for up to three users; Plus, $30/month for five users or more.
Why choose Quickbooks Online?
- Inventory management: Keep an eye on inventory on hand, which gets automatically updated whenever a product or service is purchased or sold. Get real-time inventory values that are automatically adjusted in your balance sheet and keep track of purchase orders from suppliers.
- Sales tracking: Track each item you sell both online and in-store. Get daily sales, the creation and sending of invoices and sales receipts.
- Consolidated financial data: Consolidate and store your financial data in a centralized location that you can access anywhere, anytime. Also, set up permissions so that only the right people have access to that data.
NetSuite ERP
Cloud ERP system NetSuite ERP is an end-to-end, highly scalable platform that can be used by all types of businesses regardless of size and industry. One of the best features of this software is its capabilities to combine financial management operations and business intelligence so as to help companies make data-driven and well-informed decisions. It also excels in accelerating order-to-cash processes with a robust and well-connected order management suite. Each sale and fulfillment operation is tied to pricing.
NetSuite ERP specializes in automating business processes such as financial management, order management, revenue management, inventory management, billing, and fixed assets. It has a retail management component designed to transform your business into an omnichannel-ready commerce platform.
You’ll also benefit from quote-based pricing. The vendor can come up with a custom package of features for your specific needs and budget. If you want to further explore its capabilities, just sign up for NetSuite ERP free demo. NetSuite ERP is a developer hosted, cloud-based ERP platform that is offered as a software-as-a-service (SaaS). The platform enjoys the recognition of being “the world’s most deployed cloud ERP solution” as it is used by more than 16,000 enterprises in more than 160 nations.
Sage50 Cloud
Sage50 cloud is intended for SMBs and combines the power of a desktop with the convenience of the cloud. Users access the software from their desktop but can store their data on the cloud and access it anytime.
Equipped with core accounting features, tools to automate accounting processes and cash flow, budgeting and invoicing capabilities, Sage50 Cloud subscriptions start at $44.97 per month.
Pricing: Pro Accounting, $51.67/month; Premium Accounting, $75.00/month;
Why choose Sage50 Cloud?
- Dashboards: Sage50 Cloud offers a host of useful dashboards where you can get insight on key metrics: receivables, expenses, available cash, revenue trends, sales performance and more.
- Automatic syncing: Automatically sync your Sage50 Cloud contacts with Microsoft Outlook. This way, you can easily access customer contact information and details like credit limit, balance and order history.
- Sales-optimized: Accelerate your sales process by instantly transforming quotes and proposals into invoices and sales orders.
QuickBooks Desktop
Best for brick-and-mortar retail shops
As you search for the right retail shop accounting software, there’s no doubt you’ll come across the QuickBooks suite of products. QuickBooks is one of the most popular accounting solutions for small businesses out there — and for good reason.
In particular, the more traditional QuickBooks Desktop is a great option for brick-and-mortar retailers.
With QuickBooks Desktop, you can:
- Track income and expenses
- Create and send invoices
- Run over 100 reports
- Track sales tax
- Manage bills and accounts payable
- Track inventory with up to 14,500 items
- Pay 1099 contractors.
Additionally, QuickBooks Desktop can integrate seamlessly with QuickBooks Payroll, as well as QuickBooks POS, Payments and TSheets.
With this in mind, there are three versions of QuickBooks Desktop — Pro, Premier and Enterprise — which each offer an increasing level of functionality (with associated costs).
For retail shops just starting out, QuickBooks Pro will likely be the most affordable and suitable option, with a one-time cost of $399.99. On the other hand, businesses with more complex needs will find that Enterprise is one of the most powerful retail accounting software solutions out there.
All of this being said, it’s important to remember that QuickBooks Desktop is a locally hosted product — meaning you download it and run it on a specific computer. Therefore, if you operate multiple stores or an online business and want to be able to manage your finances wherever you go, you might instead choose to explore cloud-based retail accounting software.
Rossum
Rossum is an all-in-one document gateway that is ideal for retail businesses looking to improve the way they handle their transaction files. It offers unified mail channels where you can collect all your transaction data. It then uses its self-learning AI and cognitive data capture to automate data entry. From there, you can also set custom approval and processing workflows to ensure that your transactions are being forwarded and archived the way you intend them to be.
One of the nifty things about Rossum is that it has a built-in usage reporting dashboard and notification system. With this, you get instant updates on transaction status as well as get detailed metrics on the usage and changes of the different documents in your repository. It also compliant with data security standards so you can be sure that the information you store in the platform is safe from unauthorized personnel.
Aside from the abovementioned, Rossum is also hassle-free to set up. It supports numerous out-of-the-box integrations, making the system highly configurable. For pricing, Rossum is available by quote. Be sure to get in touch with the vendor for more information.
Wave
Best free accounting software for small retail businesses
If you’re just starting your retail business, whether online or with a brick-and-mortar store, you may not have the budget to invest in accounting software. In this case, Wave accounting may be the best accounting software for your small retail business.
With Wave, you can sign up for an account and use their web-based software with no subscription fees. You’ll only pay associated fees if you choose to utilize their online payment processing services or integrated payroll. All of your bookkeeping and accounting tasks, however, you’ll be able to manage for free.
This being said, on the whole, Wave includes features like:
- Bank and credit card connections
- Income and expense tracking
- Customizable invoicing and receipt scanning
- Unlimited guest collaborators
- Customizable sales taxes
- Financial reporting
- Bill and invoice reminders, and more.
In addition, Wave offers a mobile app for their invoicing software, as well as one for mobile receipt capture.
FreshBooks for Retail
FreshBooks is our number one pick for retail accounting. It’s a great low-cost option for ecommerce businesses.
Why Is FreshBooks Good for Retail?
Two pivotal inclusions are inventory management on its lowest tier, and the ability to integrate with our top rated ecommerce builders, including but not limited to Shopify, Big Commerce, and Squarespace.
FreshBooks’ biggest letdown is its lack of integration with any EPOS systems. This would give it additional appeal to brick and mortar stores, as opposed to leaning heavily toward ecommerce businesses.
FreshBooks Pricing
FreshBooks has four paid tiers, one of which is a bespoke plan, wherein the price is based on the features you choose. Otherwise, you can choose the Lite plan ($13.50 per month), the Plus plan ($22.50 per month), and the Premium plan ($45.00 per month).
While the only difference between the lower two tiers comes in the form of increased client limits and automatic bank reconciliation, the difference between the Premium and Plus tiers is significant, with the Premium tier including various accounts payable and project accounting options, like project profitability and multi-currency payment.
Pros
- Great profit and loss comparisons
- Easy import and export for data
- Automated invoicing
- 30-day free trial
Cons
- The $10/user upcharge adds up fast
- No native support for payroll processing
Pricing
- Price from: $4.50/Month
- 30-Day Free Trial
- Deal: 50% off the first 3 mos
Conclusion:
As a small business owner, you are forced to keep up with all the financial tasks, including accounting. If you are working in retail business, you are constantly shipping products to customers. While most software can help you with inventory management, it is vital to have an option that will give you reports on customer orders and sales.