As an Internet retailer your path to larger profits is clear: more orders. How do you acquire more orders? The simple answer is through increased traffic. This traffic building takes time, and a lot of it. An accounting system designed for Internet retailers will streamline your operations. This will free up your time so that you can build your product lists and work on increasing traffic. Find out more about the components of a complete accounting system tailored to the Internet retail environment in this article.
The major advantage an Internet retailer has over any other type of company is that all of your sales related information is natively digital. Whereas other companies will gather information verbally and then hand enter it into their management system, an Internet retailer receives information in a digital format from the start. This provides an excellent opportunity to automate your processes. Too often though disparate, disconnected systems will stand in the way of efficiency.
An integrated accounting system designed for Internet retailers will take orders placed on your website, adjust inventory counts, and use the sales data for accounting purposes. Some systems will have built-in eCommerce modules that will manage your entire web-store. Other packages are able to integrate with third-party eCommerce software to automate. Regardless of the setup, a system designed specifically for Internet retailers will completely eliminate the need for manually entering data. This will in-turn save labor costs and maximize your profitability.
Processing orders is one of the most time consuming tasks for an Internet retailer. Preparing shipments, adjusting inventory levels, and accounting for payment received. Each step in this process takes several minutes. When this must be done for each individual order, it becomes clear that automating this workflow will save many hours. Accounting & ERP software packages are designed to do just that.
The last thing your Internet retail company can afford to do is re-enter orders from an eCommerce shopping cart to an inventory package. Why spend hours simply reentering data when an accounting system can perform this automatically? Whether you have a custom-built web-store or are using an eCommerce software package, there are many accounting & inventory systems can integrate with your eCommerce platform.
You have the option of setting up real-time integration or batch order imports. Either method will automatically populate your inventory or accounting package with orders received. The inventory package can then automatically print inventory pick & pack slips, adjust inventory levels, and print a shipping label. A system with integrated accounting functionality will then automatically book the revenue to the appropriate accounts. This integration will effectively eliminate a majority of the tasks associated with order processing. You will then be freed to spend your time focusing on driving traffic to your sites and creating more business.
One of the most frequent issues facing Internet retailers is the listing of new products. If you have disconnected eCommerce and inventory management packages you will be required to setup each inventory item twice. Need to update product pricing? Without an integrated solution this will need to be performed twice.
Finding an accounting system with an inventory application that communicates with your eCommerce system will give you a single point of entry for all items. These systems will allow you to turn products on/off on any number of websites. You will be able to adjust pricing, list new items, and remove items at a single point. No time will be wasted duplicating tasks already performed.
Ensuring inventory availability for your customers can be very difficult without the proper controls in place. An accounting/ERP package that is integrated with your web stores will ensure that you don’t accept orders for items that are out of stock. An ERP package will also give you the ability to forecast projected demand based on historical data. This will maximize your profitability by guaranteeing you have items in stock when they are needed.
Having one seamless system from customer-facing eCommerce to back-office accounting will ensure that you don’t waste time with tasks that could be automated. This seamless system can be accomplished through a number of setups. There are fully integrated accounting packages that contain eCommerce functionality. This eCommerce functionality will contain everything from the product listing functionality to the shopping cart. The eCommerce functionality will then integrate with all the other modules in the package.
If you already have an eCommerce application in place there is no need to change systems. Many accounting or inventory systems are capable of communicating with eCommerce applications. The use of open databases by accounting software will give you the option of setting up real-time integration. Whether you’ve developed a system from scratch or are using third-party eCommerce software, you will be able to create the seamless solution that will save you time and money.
We can help you identify solutions that will optimize your financial management. Through a brief phone call, our software specialists will look to better understand your business and software needs to help you locate a handful of solutions that can address the issues you are currently experiencing. Get started today!