Retail Accounting

Retail Accounting news – brought to you by CounterBooks – www.counterbooks.com


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Whitepaper: Retail 2020

We found this great whitepaper from IBM and New York University Stern School of Business on retailing in 2020. In this whitepaper you will learn:Retail 2020 Whitepaper

– How the industry has been affected by the change in shopper behaviour.

– How retail has been shaped by events such as the recession.

– Who will shape the industry in the future and the implications for retailers today.

– Predictions on how retail will look in 2020.

 

To access the whitepaper visit:http://www-01.ibm.com/common/ssi/cgi-bin/ssialias?infotype=SA&subtype=WH&htmlfid=REW03013USEN

 

 

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Infographic: Innovating for Convenience

A great inforgraphic from Smart Action examining what customers want from their retail experience and how cloud technology can help retailers improve business performance.

Innovating for Convenience

http://www.smartaction.com/landing-page/retail-infographic

 

 


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PRESS RELEASE: CounterBooks Launches Newly Redesigned Interface

CounterBooks' Redesigned Interface

CounterBooks, a leading Online Retail Accounting Management Suite for the fuel, convenience and general retail industry, is pleased to announce today, the launch of the redesigned graphical interface of CounterBooks.

The focus of the redesign has been to improve the user experience from daily reconciliation through to real time reporting. This follows a series of exciting developments at CounterBooks including the introduction of the Retail Management Information System and the Billing Control System.

The same great features and benefits of CounterBooks have been maintained but navigation has improved with fewer clicks, easy to follow navigation (breadcrumbs), dynamic menus and enhanced drill down. The redesign is currently being rolled out to all CounterBooks’ fuel, convenience and general retail clients in the UK and across Europe.

John Roberts, Managing Director, CounterBooks said “Having launched the first cloud based version of CounterBooks in 2003 we started on a redesign in 2013 and I am delighted to be able to roll out the new system to all of our customers this autumn. With over 1000 files and 150 pages to modify, our IT team had their hands full and I’m pleased to say, they did a great job. Enjoyment and accounting systems use probably don’t go hand in hand, but I am sure our customers will love the improvements.”

To learn more about CounterBooks please visit www.counterbooks.com

About CounterBooks
CounterBooks was developed in 2001 – 2002 and launched on 1st January 2003 as the world’s first on-line full ledger accounting system designed specifically for retailers. CounterBooks was originally developed as a Pro-Retail MS DOS system by a frustrated computer-programmer-turned-retailer who struggled with traditional accounting systems which were not developed for retail businesses. His aim was to provide an easy to use system suitable for a retailer with no accountancy experience while still providing full easily understandable data reporting.

For further information about CounterBooks, including case studies, images or interviews, please contact, Laura Shafer – Marketing Assistant:-

Telephone: +44 207 099 1050
Email: lshafer@CounterBooks.com
Website: http://www.counterbooks.com


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Integrate your POS system and focus on the more important elements of your business

EPOS

If you run a convenience store you will be entering many transactions into your POS system each day. These could be in the form of cash, cheque or credit cards.

According to the British Retail Consortium, cash payments made up only £28.93 in every £100 spent at retailers in 2012 which was down from the previous years spend of £32. That means more people are using credit cards and it is important to ensure that all these transactions (from Visa or Mastercard) are recorded correctly in your accounting system.

The problem is that your POS system does not “talk” to your accounting system and so you or your bookkeeper have to spend time every day ensuring that data from your POS is accurately entered in to your accounting system.

However, there is an alternative – linking your POS system with your accounting system. In fact, CounterBooks’ retail accounting management suite does just that. We have developed a range of imports from daily reconciliation through to wholesaler e-invoices and payroll. This not only means improved data accuracy but also that you don’t have to pay additional staff to do the data entry for you. The imports can automate as much as 80% of your daily processes, allowing you to focus on the more important elements of your business.

Why not let the computers do the hard work so you don’t have to?


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What to consider when investing in a franchise

Investing in a Franchise

1.    Define your investment
Before you start to investigate franchising, you must establish the level of investment you can comfortably afford to make. One of the biggest reasons for business failure in the UK is the proprietor not having the correct levels of funding. Some banks specialise in franchising and are listed on the BFA website (www.thebfa.org), you may want to speak to them for advice.

2.    Does it suit you?
Far too many people forget to judge their own stability for a franchise opportunity, yet this mistake can lead to years of unhappiness for you and your family. You must consider whether a franchise suits you, your needs, your wants and your family. For example, if you are looking at the convenience retail industry then you may need to invest a lot of hours on evenings or weekends to meet the needs of your customers.

3.    Choose the industry sector
Carry out some market research, looking at what business model best suits you. Try to avoid fad industries, consider the boom/bust cycle and address any market or statutory changes. This form of commercial investigation is the easiest and cheapest exercise to conduct but far too many potential franchisees overlook it when investing in a franchise.

4.    Seek professional advice
Advice will come in three forms:
– Legal: From BFA approved solicitors
– Financial:  From BFA approved accountants and banks
– Commercial: From existing franchisees, the franchisor, the British Franchise Association and other industry bodies.

5.    Understand the franchise
Thoroughly research the franchise opportunity you are considering and try and get as much information as possible. Speak to the franchisor and franchisees and find out as much about the franchise as you can. They should be open and honest and will help you to make an informed decision.

6.    Evaluate the information
Objectively compare your options on paper using the standard questions and a formatted system. It often helps to seek outside assistance at this stage from someone who has not become emotionally involved in the research.
Remember: Franchises can be more successful than other business models but it takes a lot of hard work a determination to succeed.

Remember: Franchises can be more successful than other business models but it takes a lot of hard work a determination to succeed.


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CounterBooks launches Billing Control System at 2014 NACS Insight Convenience Summit – Europe

CounterBooks' retail accounting management suiteCounterBooks, a leading retail accounting management suite for oil companies and convenience retailers, launched the Billing Control System as a new module of the CounterBooks suite at the 2014 NACS Insight Convenience Summit – Europe in London, UK.

The Billing Control System has been developed after working closely with leading brand owners such as major oil companies and convenience retailers, which operate distribution channels such as franchises, dealers and other partnership variations.

John Roberts, managing director, said: “Many brand owners operate complicated and highly multifaceted financial models with their channel partners, which involve thousands of transactions throughout the year. It is business critical for both the brand owners and the channel partners to ensure that all necessary transactions have been executed, on time, to the correct party, for the correct amount, for the correct items under the correct terms. One small error can become highly material if replicated over a large retail network.

“Due to the nature of the deployment of CounterBooks, the database holds both sides of the transaction, which allows CounterBooks to reconcile and match each transaction so that exceptions can be reported for further investigation. We have been working with several brand owners and already identified numerous areas which require enhanced controls within their billing processes and procedures – these initial trials already demonstrate scope for substantial cost savings which would deliver a high return on investment.”

The Billing Control System is an extension of the powerful CounterBooks’ Retail Management Information System, which provides in-depth and accurate management reporting for brand owners across their channel partners to improve performance and manage risk.

To learn more about retail accounting, please visit http://www.CounterBooks.com

 

 


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Pop ups and convenience retailers helping high street recovery

Pop up shops

According to data from the Local Data Company, the high street is finally starting to show signs of recovery. In 2012 and 2013 we saw the closure of many independent retailers but vacant shops on the high street are starting to become a thing of the past. In fact, shop vacancy rates decreased to 13.6% from 14.1% a year ago. This change is largely due to pop up shops and convenience retailers occupying the empty space. This is great news for the high street but how will these new stores fair as the omni channel environment grows?

For the full article see:  http://www.retailgazette.co.uk/articles/31404-shop-vacancy-rate-falls-05-in-february-as-convenience-stores-and-popup-shops-help-fill-empty-premises