While the virtual world of eCommerce has expanded the opportunities for traditional and online retailers, the unique challenges of accounting for retail and integrating front and back office systems/management can be a daunting task.
Intelligent planning and technical proficiency are required as each retail bookkeeping/eCommerce bookkeeping solution must be custom-designed for the specific needs of each business configuration.
Our extensive history with the brick-and-mortar and online retail industries allows us to analyze your current processes and recommend thoughtful technologies that increase efficiency and accuracy. Once we understand how the various segments of your business relate to one another and build an integrated retail bookkeeping/ecommerce accounting for retail system to provide the necessary operational details, we can further consult on how to make the most of what the data is telling us.
Because virtual and physical inventories can have varying margins and origins, it is important to properly classify and track the performance of each product to identify winners. Our sales data entry focuses on analyzing relative performance for maximum profitability. Through the use of custom segmentation, retailers are able to quickly identify and feature high volume and high profit items and minimize or remove items from their inventory that aren’t selling.
In addition, our sales systems deliver instant feedback on the various marketing efforts. The faster you learn the metrics of what’s working and what’s not, the faster you are able to push on successful campaigns and cut non-performers.
Lescault and Walderman recognizes the importance of sales and marketing data entry. We consult with our clients to create the unique classifications and track the categorical details that ensure the most efficient use of the data itself.
Accounts Payable Management for Retailers
Considering the significant number and variety of sources for your retail business, maintaining an efficient and accurate accounts payable system is critical to the health of your ongoing business relationships. This starts with an organized system of entry, involves diligent oversight and ends with a system of checks and balances.
A solid AP system with proper oversight is highly effective at preventing common mistakes and errors. This can quietly represent significant savings for your business. In addition, checks and balances are instrumental in raising red flags that alert owners to problem activity. The earlier this activity is identified and rectified, the lower the cost and impact to your business.
Because of our experience with both physical and virtual retail businesses, Lescault and Walderman is able to build proven accounts payable systems, while offering unique shortcuts and time-savers that will help to streamline the accounts payable management in your retail/eCommerce business.
Account Reconciliation for Retailers
Employing an impartial third party to provide account reconciliation can be one of the most insightful and beneficial decisions you can make for your business. From increased visibility to more efficient risk management, account reconciliation offers an abundance of benefits.
Oftentimes, a fresh set of eyes can identify obvious issues that don’t stand out to daily users who might be too familiar with the workflow and data passing through their system. The reconciliation process, when properly implemented, can provide a wealth of useful information on the true health of your business. Using a consultant to perform the account reconciliation, retailers are able to focus on implementing appropriate management methods.
We’ve found that experience is truly the greatest teacher when it comes to account reconciliation, and we lean heavily on ours to share what we’ve learned with our clients. We’ve encountered a wide variety of unique and interesting issues in the performance of our reconciliation processes and are ready to help serve and protect your business.
Financial Reporting for Retailers
Financial statements (balance sheets, profit and loss statements) are one of the most essential components of your retail/eCommerce bookkeeping system. They are the primary method for communicating the financial health of your retail business to outside parties.
When financial reporting is timely, business owners are able to focus on current issues and make the most of their financial information systems. In addition, they are able to more effectively plan for the future. The higher the quality of the financial reports and the information contained therein, the greater the effectiveness of the plans that result from them.
We see financial reporting as one of the most important services that we offer our customers. When built on accurate data and prepared for simple but thorough analysis, these prepared documents can become the difference between success and failure.
Whatever your current accounting system or needs, LWI can help. Call us today at 866-496-2042 to schedule your free consultation.