Retail Accounting

Retail Accounting news – brought to you by CounterBooks – 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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Major Trends within Convenience Retail

Shopping wall

With an increasing number of consumers shopping little and often, the world of convenience retail has not only experienced growth but also change. There have been a number of key developments within the convenience store sector including:

  1. Expansion
  2. Food to Go
  3. Click and Collect
  4. Integrated online shopping experience

 

Expansion

The growth of convenience has not gone unnoticed by the multiples and this has meant that they have sought to expand within the convenience sector, acquiring sites in order to capitalise on the convenience industry. We have seen this in the UK with Morrison’s MLocal as well as Sainsbury’s Local (amongst others). However, this development is not just limited to the UK.  Multiples such as Reitan and Valora in Europe have also grasped this opportunity. They have expanded through acquisition, with 72.3% and 85.0% year on year uplift in store numbers respectively in the year to June 2012 [Verdict Retail ‘European Convenience Retail].

Food To Go

Increasingly consumers are turning to their convenience stores to grab a quick bite, be it for breakfast, lunch or dinner. Convenience stores have come on leaps and bounds within this category, creating stores whose sole purpose is food to go, with express check outs and in-store microwaves. There has also been a shift in competition with some c-stores viewing McDonald’s and Starbucks as the main competitors to their food to go options.

Click and Collect

Many convenience stores have taken advantage of integrating online shopping within their stores. Click and collect offers customers the opportunity to order items online but then to collect them from a locker within a c-store. There is then the possibility for them to stock up on any items they may need at home within the store.

Integrated Shopping Experiences

Further ahead, convenience stores are at looking at enticing customers through shopping walls in areas such as train stations. Customers can then choose items on the wall via an app which they can then pick up at the end of their commute. The walls are also designed to encourage customers to plan their next meal and what they need to buy.


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Petroleum retailer marries the environment with the community

Here’s a great video on how one petroleum retailer is helping the environment, boosting community spirit and using the latest EPOS technology to drive performance.

 

 


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Developing a c-store to compete against larger supermarkets

Here is a create video on how Centra (an Irish c-store) has redeveloped itself to compete against a larger supermarket:

 


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Co-op’s Clever POS

A great video on how to integrate c-store and petroleum sales into a POS:

 

 


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Interview with Tim Chalk – CEO 7 Eleven

Here’s a great video about how the CEO of 7 Eleven  effectively uses promotional strategy to  develop 7 Eleven C-Stores in Hong Kong.

 

 

 


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Gilbarco Veeder-Root working with PayPal to simplify paying at the pump – More gas stations and convenience stores around the world will now be able to offer mobile and digital payments

fuel payment technologiesGilbarco Veeder-Root announced that it is working with PayPal on digital payment and other mobile solutions to be offered to Gilbarco customers worldwide. The initial effort will launch the PayPal payment capability to retailers with Passport® point-of-sale. Future developments will bring PayPal solutions to Gilbarco’s growing suite of media and merchandising applications

“Our customers recognize PayPal as a global leader in digital payment, and we are excited to work with them on this innovative payment solution and to collaborate on a number of other retail initiatives,” said Mike Schulte, President of Gilbarco North America. “The PayPal mobile solution will be a cornerstone of our suite of retail applications.”

This collaboration enables retailers to connect more effectively with customers and simplifies the way people pay for fuel and purchase in-store items. Once fully integrated with Gilbarco’s other products, such as Applause™ TV, it has the potential to provide retailers with an unparalleled communication channel to drive loyalty and higher sales.

“PayPal wants to be where consumers shop every day and by collaborating with Gilbarco Veeder-Root, one of the leaders in the convenience store and fuel industry, it has the potential to put us into thousands of locations,” said Don Kingsborough, Vice President of Retail Services, PayPal. “We want to help consumers save time and money, while helping the convenience store industry drive loyalty in the store and at the gas pump.”

http://www.petrolplaza.com/news/industry/MiZlbiYxNDc3MSYmMQ%3D%3D