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6 Reports Small retailers can extract from retail software for statutory accounting

sumesh k menon Jun-23rd , 2017 0 comments

We all know, Accounting software cannot handle the whole retail process, and hence its better to have a full fledged retail software along with an integrated accounting software.     This combination can bring in more synergy in your business.   But the biggest challenge retailers face is on how to satisfy their auditors requirement on feeding with right set of data for statutory purpose.     

Small retailers always relay more on their Auditors, when they plan to go for some enhancements with respect to implementing technology solutions.    Auditors are more concerned about how to handle the sales , purchase and inventory data, which is not been tracked directly from a typical Accounting software.

Accounting software is NOT EQUAL to Retail Business software.  Retail software usually handles the Retail process where it manage the Customer engagements, Sales , suppliers and purchases,  Smart business workflow to retain customers etc.,     Accounting software will usually be handling the statutory objective of the organisation in filing returns and declaring the details to the government.  At the same time, accountants or Auditors will be requiring some valuable data for statutory accounting purpose from your Retail software.

To satisfy the statutory needs, check if your retail software is providing these reports  and help your Accountants and Auditors to get the required data on time.

6 reports a small retailer can give it to their auditors for full filling statutory accounting purpose.  

1. Sales register  - A sales register is a report with ledger head wise details for each invoice which can be exported from a retail software.   This report can use it to feed to the accounting software as consolidated for a month or a detail customer wise.

2. Details of bank/cash receipts from customers : - This can be used for feeding into your accounting software to cash book or bank book

3. A purchase register with ledger head wise details for each Supplier invoice: A purchase register with head wise details for each supplier invoice .    With this report, you can either input the same in accounting software as consolidated for a month or a detail supplier wise

4. Details of bank/cash payments to suppliers : This can be used for inputting into your accounting software to cash book or bank book

5. Tax report in excel format which can be easily ported to any GST return filing software- This can be a  Separate report with tax breakup for submitting to your tax authorities

6. Detailed inventory report with quantity and value : Report stock valuation that the accounting software can use for preparing P&L  and Balance sheet.

Most of the retail software can give you these data.   

Retailebean – a comprehensive retail cloud solution will be able to provide you the above mentioned reports.

For more details – you can contact sumesh@retailbeanlite.com

Image courtesy - http://smejoinup.com/wp-content/uploads/2016/10/Singapore-SME-accounting-Services.jpg

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