8.3
Editor’s Rating:
Best Overall
NetSuite ERP: Home Screen
NetSuite ERP
  • Hundreds of third-party add-ons available
  • Feature sets for multiple industries
  • Highly customizable
7.8
Editor’s Rating:
Best for Online Retailers
QuickBooks Online: Sales Dashboard
QuickBooks Online
  • Widely used by most accountants
  • Tons of integrations available
  • Customizable invoicing
7.8
Editor’s Rating:
Best for Grocery Stores
Acumatica Cloud ERP: Data Analysis Receivables
Acumatica Cloud ERP
  • Open architecture for rapid integrations
  • Multi-entity support
  • Mobile accessibility

Retail accounting software helps streamline and automate back-office accounting tasks, inventory management, CRM, and reporting. We used our advanced review methodology to pick the top options for all types of retail businesses, from specialty stores to wholesalers.

1 NetSuite - Best Overall

Why We Chose It: NetSuite Retail is our best overall for retailers because of its industry-specific features tailored for medium to large big box chains. Specifically, we like its omnichannel capability, which allows businesses to sell from several brick-and-mortar stores, online websites, and call centers all in one system. This versatility enables companies to have one unified solution to generate accurate sales reports across all marketplaces, helping owners and management make more informed decisions based on real-time data.

We also like NetSuite Retail because of its in-store mobile POS system, which can save companies the hassle of integrating third-party software. This works with the CRM module, helping retailers gain customer information to provide better service and identify trends. These insights allow retailers to draw new customers and keep regulars, boosting overall sales and traffic.

One drawback of NetSuite is that the system is expensive due to all the extensive features, though no public pricing is available. Because of the price, single-location retailers and small specialty stores are more suited for a smaller accounting system.

Best Overall:
NetSuite ERP

NetSuite ERP: Home Screen
NetSuite ERP: Income Statement
NetSuite ERP: Journal
NetSuite ERP: Unrealized Exchange Rate Gains and Losses
NetSuite ERP: Ecommerce Customer Statistics
NetSuite ERP: Sales Orders
NetSuite ERP: Revenue Recognition
What We Like
Hundreds of third-party add-ons available
Feature sets for multiple industries
Highly customizable
What We Don’t Like
Must schedule a consult for pricing details
Tedious setup
Difficult to build reports
Overview
Price Range: $$$$
Starting Price: $99/user/month
Client OS: Web
Deployment: Cloud Hosted

2 QuickBooks Online - Best for Online Retailers

Why We Chose It: QuickBooks Online is the best option for online retailers because it can integrate with many popular platforms, such as Shopify and Amazon. We like that it supports over 150 currencies, allowing businesses to sell to international customers. This is ideal for online retailers selling globally, as the system automatically handles all the conversions once the transactions are added.

After our product demo, we found its inventory module effective. It allows owners to track products and access real-time stock levels. Physical inventory also syncs with the business’s online platform to display accurate levels in the store. However, the inventory module is only available in the Plus plan at $90/month, which can be expensive for startups.

Best for Online Retailers:
QuickBooks Online

QuickBooks Online: Sales Dashboard
QuickBooks Online: Find an Accountant
QuickBooks Online: Track Mileleage
QuickBooks Online: Mobile Cash Flow
QuickBooks Online: Bank Reconciliation
QuickBooks Online: Dashboard
QuickBooks Online: Mobile Dashboard
QuickBooks Online: Customers
QuickBooks Online: Mobile Shortcuts
QuickBooks Online: Create Invoice
QuickBooks Online: Sales Vendors
QuickBooks Online: Bill Pay
QuickBooks Online: Banking
QuickBooks Online: Expense Dashboard
QuickBooks Online: Payroll Dashboard
What We Like
Widely used by most accountants
Tons of integrations available
Customizable invoicing
What We Don’t Like
Comparatively expensive
Few industry-specific features
Limited users per plan
Overview
Price Range: $
Starting Price: $30/month
Client OS: Web
Deployment: Cloud Hosted

3 Acumatica ERP - Best for Grocery Stores

Why We Chose It: We found Acumatica best for grocery retailers because of its strong warehouse management module. This module supports multiple warehouses and includes lot and serial tracking, which helps find recalled and expired products. Management can use stock turnover data to track inventory fluctuations like fast-moving and obsolete products.

Another feature we found suited for grocery retailers is its ability to manage discount policies and complex pricing. These features are important for grocery stores, as there are always new discounts and price fluctuations. It also includes business intelligence tools so companies can analyze sales metrics to see their performance. However, Acumatica is a modular ERP system that allows businesses to choose which features to add. This can inconvenience some who are looking for an all-in-one package.

Best for Grocery Stores:
Acumatica Cloud ERP

Acumatica Cloud ERP: Data Analysis Receivables
Acumatica Cloud ERP: Support Manager Dashboard
Acumatica Cloud ERP: Project Dashboard
Acumatica Cloud ERP: Staff Appointments on Map
Acumatica Cloud ERP: Field Services Tech Dashboard
Acumatica Cloud ERP: Production Manager Dashboard
Acumatica Cloud ERP: Warehouse Manager Mobile Dashboard
Acumatica Cloud ERP: Controller Dashboard
What We Like
Open architecture for rapid integrations
Multi-entity support
Mobile accessibility
What We Don’t Like
Must schedule a consult for pricing calls
High learning curve
Tedious setup
Overview
Price Range: $$$$
Starting Price: $1,800/month
Client OS: iOS, Android, Web
Deployment: Cloud or On-Premises

4 Xero - Best for Specialty Shops

Why We Chose It: Xero is a good option for small to midsize specialty retailers, like florists or bookstores, because of its streamlined accounting processes. It features bill tracking, expense claims, and omnichannel integration for all sales channels. Its inventory module has a limit of 4000 products but is effective for specialty retailers with less than that, as users can add items to invoices, track product performance, and see an item’s total stock value on hand.

We like its user-friendly interface, as its clear navigation can make it easy for owners unfamiliar with accounting software to learn. Also, Xero’s payroll add-on, Gusto, allows retailers to pay employees and automatically file W-2s and 1099s, though it tacks on an extra $40/month plus $6/user/month. It integrates with Xero, storing all the data on one platform for fast payroll reconciliation.

Best for Specialty Shops:
Xero

Xero: Dashboard
Xero: Expenses
What We Like
Basic inventory management capabilities
Free trial available and no setup fees
Large number of add ons and integrations
What We Don’t Like
Big learning curve
Hard to get phone support (email is more frequent)
Limited to 2,000 transactions per month
Overview
Price Range: $$
Starting Price: $13/month
Client OS: Web
Deployment: Cloud Hosted

5 Odoo - Best for Convenience Stores

Why We Chose It: We found Odoo best for convenience store retailers because its modular structure allows stores to add more features as needed. Small independent stores looking for standalone financial software can buy Odoo Accounting, which includes invoicing, a double-entry system, and bank synchronization.

Odoo offers many additional apps that expanding stores with multiple locations can use, such as inventory, purchasing, POS, and eCommerce, creating a light ERP system. We like that businesses can choose which apps to add, which is ideal for convenience retailers that don’t require a full suite of modules from an ERP package. Odoo also has an open-source structure, making it highly customizable so businesses can tailor it to their needs. However, users will need technical expertise to perform these customizations, which can be a drawback for some.

Best for Convenience Stores:
Odoo

Odoo: CRM Pipeline
Odoo: Project Tasks
Odoo: Invoicing
What We Like
Community version is free
Heavy customization options
Double entry inventory system
What We Don’t Like
May have to build specific modules yourself
No centralized support
Upgrades not free
Overview
Price Range: $$$
Starting Price: $25/user/month
Client OS: Web
Deployment: Cloud or On-Premises

6 SAP Business One - Best for Discount Stores

Why We Chose It: We found SAP Business One best for discount retail stores because of its flexibility and multi-location support. The system is a complete ERP solution with POS integration and inventory management. Specifically, we like its strong financial management module, including customized reporting, analytics, automated accounting, and cash flow management features. This is critical for discount stores working with thin profit margins to ensure that all bookkeeping is accurate and that stores operate efficiently.

We also found its purchasing and inventory management modules effective for large chains because they can support a large volume of data. It also caters well to brick-and-mortar and online stores, syncing the inventory for both channels. Owners can generate reports that include multiple channels, which can help identify trends and comparisons between them.

SAP Business One is one of the few systems that stores can deploy on-premise or web-based, suiting companies that don’t want a cloud-based solution. However, their pricing is only available when requesting a quote.

Best for Discount Stores:
SAP Business One

SAP Business One: Sales Analysis
SAP Business One: Enterprise Search
SAP Business One: Cash Flow
What We Like
Highly customizable
Improved decision-making capabilities via extensive BI
Multi-currency/multi-language support
What We Don’t Like
Requires phone consult for pricing
Setup usually requires help from a Value Added Reseller (VAR)
No payroll module
Overview
Price Range: $$$$
Starting Price: $410/user/year
Client OS: Windows
Deployment: Cloud or On-Premises

7 Oracle Retail - Best for Wholesale Retailers

Why We Chose It: We like Oracle Retail for wholesale stores, like fashion and superstores, because of its comprehensive supply chain management module that fits the needs of large warehouses and inventories. The system includes logistics and allocation, providing management with complete control over the distribution and procurement processes. This ensures that products are delivered nationally and globally on time and to the correct place.

We also like Oracle Retail’s marketing features, which allow companies to launch digital marketing campaigns, create customer loyalty programs, and provide customer data insights. These features fit well for wholesale stores because, due to their vast infrastructure, they need to reach as many customers as possible.

Best for Wholesale Retailers:
Oracle ERP Cloud

Oracle ERP Cloud: Home Screen
Oracle ERP Cloud: Navigator
Oracle ERP Cloud: Transactions
Oracle ERP Cloud: Asset Tracking
Oracle ERP Cloud: Task Management
Oracle ERP Cloud: Project Plan
What We Like
100% online services
Automated and controlled financial planning and reporting
Bundles financials with a robust accounting engine
What We Don’t Like
Additional costs for integrated products
Basic reporting tools
High implementation costs
Overview
Price Range: $$$$$
Starting Price: $175/user/month
Client OS: Web
Deployment: Cloud Hosted

What is Retail Accounting Software?

Retail accounting software is a system that aims to streamline and optimize key business processes like cash flow tracking, inventory management, and CRM. These features ensure that the bookkeeping is efficient, accurate, and compliant across multiple stores and sales channels.

Midsized and large retailers, like wholesale and grocery chains, can implement an ERP system to provide an all-in-one solution. Smaller retailers, like single-location and convenience stores, may look for a smaller accounting software that is cheaper but includes fewer features.

NetSuite eCommerce Customer Statistics
Evaluate eCommerce customer statistics using NetSuite.

Key Features

  • Invoicing and Billing: Generate invoices to ensure accurate and fast payments. Manage outgoing payments for vendors, building management, and utilities.
  • Inventory Management: Manage stock levels, set maximums and minimums, and track batch orders in one system. With automatic ordering for popular products, ensure levels are always where they need to be.
  • POS integration: Full ERPs can include a POS system to streamline the checkout process. Smaller accounting software can integrate with existing systems to automatically sync data.
  • Supply Chain Management: Manage end-to-end supply chain processes, from procurement to delivery. Ensure operational efficiency and extract data from processes.
  • OmniChannel Support: Collect data and revenues from all sales channels including all store locations, websites, and call centers.
  • CRM: Set up loyalty programs and gather customer feedback to provide better service in-store and online.
  • Reporting: Generate reports on key sales metrics like revenues, expenses, and productivity.
QuickBooks Online Sales Dashboard
View sales and invoices on QuickBooks Online’s dashboard.

Primary Benefits

Streamlined Back-Office Tasks

Retail accounting software can save businesses several hours a week by automating back-office tasks like invoicing, payment processing, and updating the general ledger. Moving these accounting tasks from manual spreadsheets to a streamlined system makes processes easier, more efficient, and more accurate because of the double-entry system. It also keeps all essential files organized, making it easy to pull up files and past transactions.

Optimized Inventory Control

Having control of inventory is essential for retailers, as too much can cause backstock overflows, and too little can leave customers unsatisfied. Retail accounting software can allow owners to view accurate real-time inventory data from their desktop or mobile devices. Each product can have maximum and minimum levels, ensuring no product goes out of stock and not too many are ordered.

Customer Satisfaction

Retail accounting systems allow wholesalers and other retailers to track distribution to ensure on-time shipment and accurate delivery. This will ensure a positive customer experience which keeps them coming back. Also, CRM modules can help set up loyalty programs for regulars to reward them for being consistent customers. Systems can easily adjust prices for discounts and create coupons, helping drive more sales.

Sales Insights

The retail market is constantly shifting, requiring businesses to adapt and change with it constantly. Accounting software can help retailers be proactive by generating reports on key metrics like revenues and expenses. Visualizing product performance and overall cash flow can help see where different stores are succeeding and where improvements can be made.

SAP Business One
Use SAP Business One to view in-depth sales analysis.

Pricing

For small to midsize businesses, the cost for ERP monthly subscriptions typically ranges between $1,700 to $10,000. However, this is determined based on a number of variables like business size, number of locations, and additional features.

Regular accounting software costs between $0 and $300 monthly. This is for systems like QuickBooks Online and Xero, which lack advanced features like supply chain management but are effective for accounting and inventory control. These are generally used by smaller retailers with fewer than five locations.

All Products

No products found
NetSuite ERP Screenshot

NetSuite ERP

★★★★★
★★★★★
(25)
Oracle’s NetSuite is well-known in the ERP world for its customization and scalability. It’s a multi-tenant ERP software supporting finance, operations, sales, service, and HR needs.
Price Range
   $     $     $     $     $   
   $     $     $     $     $   
Starting Price
$99/user/month
Client OS
Web
Deployment
Cloud Hosted
QuickBooks Online Screenshot

QuickBooks Online

★★★★★
★★★★★
(49)
QuickBooks Online is the most popular financial software on the market. This cloud-based accounting solution enables tracking of sales and expenses, generating estimates, customer management, and seamless collaboration with external accountants.
Price Range
   $     $     $     $     $   
   $     $     $     $     $   
Starting Price
$30/month
Client OS
Web
Deployment
Cloud Hosted
Acumatica Cloud ERP Screenshot

Acumatica Cloud ERP

★★★★★
★★★★★
(22)
Acumatica is a renowned platform in the ERP world. It offers accounting, distribution management, CRM, manufacturing, and more modules. Acumatica supports unlimited users, with pricing based on the resources and modules your company uses.
Price Range
   $     $     $     $     $   
   $     $     $     $     $   
Starting Price
$1,800/month
Client OS
iOS, Android, Web
Deployment
Cloud or On-Premises
Xero Screenshot

Xero

★★★★★
★★★★★
(3)
A contender against QuickBooks Online, Xero is a popular solution for its user-friendly interface, affordability, and unlimited users per subscription. It’s a cloud-based, double-entry accounting software that offers bank reconciliation, financial reporting, and basic invoicing and billing.
Price Range
   $     $     $     $     $   
   $     $     $     $     $   
Starting Price
$13/month
Client OS
Web
Deployment
Cloud Hosted
Odoo Screenshot

Odoo

★★★★★
★★★★★
(21)
Odoo is an open-source ERP software that integrates CRM, manufacturing, eCommerce, and more. Odoo’s accounting module offers functionality in accounts payables and receivables, bank synchronization, and reporting. You can extend the accounting app’s functionality with the tax report module.
Price Range
   $     $     $     $     $   
   $     $     $     $     $   
Starting Price
$25/user/month
Client OS
Web
Deployment
Cloud or On-Premises
SAP Business One Screenshot

SAP Business One

★★★★★
★★★★★
(12)
SAP Business One provides comprehensive business management capabilities for small and medium-sized companies. This system provides integrated departmental support for finance, sales, supply chain management, production, project management, and production processes. This software can be deployed on-premise or on the cloud, and accessed from any mobile device through iOS and Android apps. The SAP API Business Hub allows for a wide range of partner integrations.
Price Range
   $     $     $     $     $   
   $     $     $     $     $   
Starting Price
$410/user/year
Client OS
Windows
Deployment
Cloud or On-Premises
Oracle ERP Cloud Screenshot

Oracle ERP Cloud

★★★★★
★★★★★
(4)
Oracle ERP Cloud is a cloud-based, comprehensive ERP suite offering advanced capabilities like AI automation, real-time analytics, and regular updates. It covers various business functions including financial, project, and supply chain management. This software is designed for businesses looking to streamline operations, enhance efficiency, and reduce IT costs.
Price Range
   $     $     $     $     $   
   $     $     $     $     $   
Starting Price
$175/user/month
Client OS
Web
Deployment
Cloud Hosted

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