Managing Your Business Finances

Accounting is the process of maintaining records of all financial dealings pertaining to an individual or a company. Accounting forms an important part of any business because it is essential in the management of funds. Especially in the case of small scale business firms, where even a small loss could drastically affect the working of the company, accounting is very much essential to keep the company running without any hurdles. For such companies, the use of accounting software to manage accounts makes accounting simple and easy to perform instead of having an accountant toil behind bundles of paperwork. Working with accounts on a computer makes it easier to manage records since it is faster, more accurate and more efficient. For this reason, accounting software was introduces that could be run on a computer as a standalone application to manage accounting. Retail accounting software is basic software that is designed for small organizations like restaurants that don't deal in huge volumes of data or monetary accounts. There are several versions of retail accounting software available all over the Internet. Some of them contain a trial version that is can be downloaded so that users can get a feel of how the software would be like.

Let us now look at a few retail accounting software packages.

The 'Everest Point of Sale' is a retail accounting software developed by Everest Softwares. It is a complete retail management system that allows account management. It supports barcode management, credit card transactions and pole displays. The software is easy to learn. The interface is a user friendly environment that supports touch screen processing with intuitive guidelines that help employees master the software easily. The barcode scanning and inventory tracking feature of the software allows easy management of inventory items by using a barcode scanner to identify items in a split second and record them into the database. Sales at each employee terminal are recorded separately into unique cash drawers so that they can be easily and effectively identified. The customer history and account management feature allows the company to maintain a customer's profile, thus enhancing customer relations. Also, the barcode scanner allows the price and product code of the item to be instantly displayed on the computer screen when the product is held before the scanner. These details can be manually overridden by personnel to facilitate price hikes or technical failures.

RetailiQ is another retail accounting software that has been introduced primarily for the cellular and electronic industry. The functionalities of this software include Point of Sale, Customer Relations Management, Inventory and Accounting. The special feature of this software is that it builds on the existing scenario and gives incentives for improving the position of the company. There are four versions of this software - RetailiQ Core, RetailiQ Grow, RetailiQ Accelerate and RetailiQ Flex. RetailiQ Core has the four basic functionalities described above. It is ideal for cellular companies for maintaining accounts and inventory details. It allows streamlining of cellular POS process, optimizing and monitoring inventory levels and reducing churn. The other three versions of the software have a few additional features like incentives to increase productivity, automating manual and redundant processing, increasing upgrade and accessory sales, maximizing competitive advantage, etc. The RetailiQ Flex is a premium software designed to be customized to the style of the organization.

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