Retail businesses have unique needs that need to be considered when setting up QuickBooks for use in their business. In this episode of MissionBusinessPodcast.com Bernard Roesch shares insights for retailers interested in using QuickBooks to better manage their business.
If you have any questions about this podcast episode, please feel free to contact us.
Retail businesses have unique needs that need to be considered when setting up QuickBooks for use in their business. For example, you need to be able to track your sales on a daily basis. In addition, you also want to be able to track inventory so you know when to reorder certain items.
There are a number of features that can be used within QuickBooks to help your retail business.
Integrate Your Point-Of-Sale System
Integrating your point-of-sale system makes it easier to get the sales and inventory information into QuickBooks.
Depending on your specific needs;
- You can either integrate the POS system to automatically send information to QuickBooks, or
- You can put a process together of manually taking data from the POS system into QuickBooks.
Avoid Cash Loss and Theft
By having an efficient reconciliation process in place, you can help ensure that you’re not losing cash in your retail business.
- For example, your retail business might have 50% or more of the transactions that are cash-based.
- By documenting cash transactions within QuickBooks and going through a daily reconciliation process, you can identify loss and theft issues quickly.
Keep Track of Inventory
Different retail stores have different levels of complexity in their inventory tracking needs.
- By integrating your POS system, as we talked about above, you can track what’s being sold and what’s left in inventory for specific items.
So, in addition to tracking your sales and expenses within QuickBooks, you can also keep track of inventory levels.
Additional Resources And Next Actions
If you’re not sure whether or not QuickBooks is a good solution for your business, reach out to Bernard today. You can visit MissionBusinessPodcast.com where Bernard has a lot of other content that talks about various QuickBooks features that can benefit retail businesses.
If you are a retail business interested in using QuickBooks to better manage your business, contact Bernard today.