If you’ve recently opened a retail business and are struggling to handle accounting functions then what you need is good retail accounting software. A major part of the success of a retail business depends upon how you handle your accounts and having a smooth and consistent accounting software can pave the way for making operations streamlined.
A best retail accounting software is one that allows you to manage inventory efficiently, should be able to track sales tax ( or any other tax applicable in your country or region), should allow you to manage payrolls of employees and must cater to the genre of your business. There are plenty of options to choose from when it comes to retail accounting software.
However, it is essential that you choose the best software that caters to all your needs and contributes to the overall productivity. We have shortlisted some of the best retail accounting software that you can choose from. Refer the list below for the same:
1. QuickBooks Enterprise
QuickBooks Enterprise is undoubtedly one of the best retail accounting software owing to its features and the flexibility it offers. It is one of the most popular offerings by QuickBooks which is a famous name in the retail accounting software world.
It offers advanced inventory management tools, a payroll system, pricing management features, user roles and plenty of industry-specific features. A handy and intuitive retail-specific reporting feature of QuickBooks Enterprise makes it a notch above other accounting software as you can easily generate reports to view monthly sales, gross profit, purchase volume, etc.
Pricing: You can check the features of the software by opting for the QuickBooks Enterprise free trial. If the features suit your needs, you can purchase the subscription at $136/month that includes cloud hosting as well.
2. Sage50 Cloud
Sage50 Cloud is another popular name in retail accounting software. It combines the features of desktop software with the flexibility of cloud storage. If your retail business involves storing important data and having it your fingertips all the time, Sage50 Cloud is the software you must choose.
It offers the facility to store and backup your crucial data on the cloud. Moreover, you get features like automation of accounting process, inventory management, invoicing tools, budgeting, and a payroll management system. Sage. The company behind this retail accounting software has over 6 million customers all over the world which speaks volumes about its products and services.
Pricing: Sage Cloud50 offers three plans – Pro, Premium, and Quantum. The least expensive plan costs $44.97 per month. If you are convinced about the features of this software, you can try the Sage Cloud50 free trial before purchasing it.
3. FreshBooks
FreshBooks is an award-winning retail accounting software that comes packed with powerful features like professional invoice creation tool, project collaboration, reporting tools, expense tracking, and business analysis features. If you own an e-commerce store, FreshBooks is essential software for you.
It allows your customers to pay directly via invoices. Additionally, it also records payments in your account so that you don’t have to keep a track of every payment. FreshBooks also has a mobile app so that you can track payments and other statistics of your business on the go.
Pricing: FreshBooks has three subscription plans and their plans start from a minimal amount of $15 per month. You can also try out the free version of FreshBooks software by signing up on their website.
4. Zoho Books
Zoho Books is one of the best retail accounting software meant especially for startups and small and medium-sized businesses. Zoho Books is known for its simple and intuitive interface. The software has the capability to streamline day-to-day accounting processes like invoicing, tracking expenses, managing cash flow, processing online payments and precise estimates.
You can also manage your inventory, manage sales orders and perform online payment. With Zoho Books, you can run your retail business efficiently and increase your productivity.
Pricing: Zoho Books is available in three paid subscription plans starting from $9 per month and the plans go up to $29 per month. You can use the software for a couple of days for free by trying their free trial.
5. NetSuite ERP
NetSuite ERP is retail accounting software with a broad approach in mind. It is a software that can be deployed by big as well as small businesses to streamline accounting processes. The software is known for its automation capabilities that make it easy to automate tasks like revenue management, inventory management, billing and order management.
NetSuite ERP is popular for featuring a retail management component that transforms your business into an omnichannel-ready commerce platform. It also generates insightful reports about your business.
Pricing: NetSuite ERP has been priced conveniently as the vendor offers you the option to choose a package that suits your needs and caters to the demands of your business. There is a free trial as well.
6. Invoice Meister
If invoicing the major area for which you want a retail accounting software then there are very few better options than Invoice Meister. It is a software specially designed for startups and small businesses. The software’s features allow you to create quotes and turn them into online invoices. You can also automate your entire invoice generation process. Also, you can monitor the statistics of your business easily with the software.
Pricing: There are three subscription plans of Invoice Meister and the basic plan begins at €7.50 per month for a single user. You can also try your hand at the software by opting for the free trial.
7. Xero
Mac users often complain that the accounting software available for their platform does not feature rich and lack the capabilities one would find in a Windows accounting software. Xero successfully tries to bridge the gap between retail accounting software for Mac and Windows.
It is a cloud-based software integrated with more than 700 apps to streamline accounting tasks. You can automate your retail accounting process to boost productivity.
Pricing: Xero has three subscription plans – The Early Plan, The Growing Plan, and The Established Plan. The Early plan starts at $9 per month and includes five invoices and quotes, five bills and 20 bank transactions. The established plan is available for $60 per month and has unlimited facilities.
8. Wave
Not every retail company wants a feature rich accounting software. Some small companies can make do with simple software that performs basic functions without any bells and whistles. Wave is one such software that comes with plenty of basic features to automate your day-to-day accounting processes.
One of the prominent features of Wave is that it comes with no price tag. Wave is a free retail accounting software specially designed for small business and startups.
Pricing: Free
9. 1&1 Online Accounting
If you want to purchase a retail accounting software with the aim of eliminating the paperwork, 1&1 Online Accounting software is the ideal candidate. This software offers a flexible approach towards accounting processes and automates tasks like invoice creation, inventory management, and bookkeeping.
The software works like a charm and stands true to its tagline – “Accounting made simple.” It is a must try the software for SMBs and startups.
Pricing: 1&1 Online Accounting is a bit of costly software. However, if you want a software only for invoice creation, its invoice automating module is available at $4.99 per month. There is a free trial version of 1&1 Online accounting as well.
10. KashFlow
KashFlow is more of a bookkeeping app rather than a retail accounting software but its intuitive features and its integration with more than plenty of other external apps makes it a worthy entry in this list of best retail accounting software. KashFlow handles online payroll systems, supports multiple payment gateways, helps in creating customized invoices and detailed business reports.
With KashFlow’s mobile app, you can take your business on a tour and manage things sitting away from your office.
Pricing: KashFlow’s basic subscription costs £8 and the most expensive paid plan can be purchased for £21. The highest of the three subscription plan comes with KashFlow’s proprietary payroll software.
Bottom Line
We hope that our list of best retail accounting software must have helped you in choosing the right software for your business. If you think we have missed a software that should be included in this list, you can mention it.