Financials reported by retailers must be a true reflection of the state of their business. There are five areas of concern that retailers need to address in order to comply and thrive:
- The auditing and verifying of inventory values
- Employee security
- Data checks and procedures
- Vendor payment terms and received/returned merchandise
- Integrated POS/back office
Technology plays a great role in alleviating these problems. Retail Pro—a leading retail management solution—contains features that address the five issues above and give company officers the confidence they need to certify financial reports. The features allow finance staff to:
- Track inventory from the moment it arrives until it leaves the store, resulting in precise inventory counts, and facilitated record adjustments when necessary.
- Control employee access to specific features and functions, reducing employee theft and transaction fraud.
- Reduce data entry errors at point of sale through error checking and automation of much of the transaction process.
- Track payment terms for vendors and provide a means to reconcile differences between the invoice sent by the vendor and the Retail Pro receiving vouchers.
- Have a completely integrated POS and back office system to ensure data is up to date and eliminate discrepancies.