Retail is a fast-paced world and making sure you can accurately monitor stock and turnover is crucial to stop you having expensive stock left that you can’t sell. You’ve also got important decisions to make about what discounts to put in place for bulk-buying - for example understanding the cost of storage and the risk of having obsolete stock.
The sector has loads of opportunities for financial automation. You can link your point of sales systems to a cloud accounting package such as Xero – saving you time and giving you fantastic data back about your business. You can also look at taking automation even further by creating suggested order reports from your warehouse management software. This sends out purchase orders to your suppliers automatically and these can then be converted to purchase orders once you have your goods.
Managing cash flow can be hard when you have a large amount of your working capital tied up in stock. We can help you plan for this by using the data held in Xero to run regular forecasts. From these we can look at spotting shortages, helping you to raise finance or suggest ways to spread your outgoings.
This is a dynamic and demanding sector, so businesses should have an experienced finance director to make sure they’re making the best financial decisions possible. Data is everything for businesses in this sector, so they need to be working from real time, accurate accounting information.