Accounting software for e-commerce helps you manage the financial aspects of your retail business; streamlining processes like purchase order management, tax calculation, cash flow calculation, and many others.
This system works by automating and streamlining the accounting processes that are associated with online sales. Such software can automatically collect data on your sales, expenses, and inventory, and turn it into comprehensive reports. Even the smallest e-commerce business has to deal with different kinds of financials and reports. By using this system, you can quickly generate your required quantity of standard and customizable reports.
An additional key feature is the tax calculation capability. This tool can automatically complete all your tax forms, saving you a considerable amount of time. This feature is particularly advantageous if your business operates across multiple countries and navigates various tax systems as several legal entities.
When you make a sale online, retail accounting software automatically records the transaction and updates your financial records. It will also calculate taxes, fees, and shipping costs, and generate invoices for your customers. These capabilities reduce the need for manual data entry and lower the likelihood of errors. Also, accounting software for e-commerce businesses can manage inventory.
Overall, accounting software for retail helps make the accounting process more efficient and accurate. It gives owners time to focus on growing their business. You can integrate this tool with your website, order management, and inventory management systems.
Features
Accounting software for retail businesses
Vendor records management
Manage supplier information
Payment date calculation
Determine due dates for payments
Purchase order management
Create and track purchase orders
Report generation
Create customized reports
Sales attributions
Assign sales to specific individuals or teams
Cash flow analysis
Track cash inflows and outflows
Profit and loss
Calculate overall financial performance
Fund accounting
Manage specific funds or budgets
Product movement history
Record the history of product movements
Tips, vacation pays, commissions
Calculate and process employee pay
Data export and import
Transfer data between systems
Customizable cost breakdowns
Break down costs into specific categories
Financial reports
Generate various financial reports
Order management
Process and track customer orders
Sales tax calculation
Compute and apply sales taxes
Role-based access and view
Limit user access to specific data
Search tools
Find specific information quickly
Progress billing
Bill customers based on project progress
Bank reconciliation
Match bank statements to internal records
Multiple deprecation formulas
Use various depreciation methods
SKU tracking and stock counts
Track inventory by SKU and physical count
Tax withholding calculation
Calculate and withhold taxes from payments
Audit trails
Record user activity for auditing purposes
Third-party software integration
Connect to other software systems
Inter-company transfers
Transfer goods or services between related companies
Profit calculation for goods, departments, and company
Calculate profits at different levels
Inventory management
Control stock levels and movements
Payment processing
Handle customer payments
Pricing and discount management
Set and apply pricing rules
Suspicious payment alerts
Flag unusual payment activity
Multi-currency support
Handle multiple currencies
Sales forecasts
Predict future sales
Departmental tracking
Monitor financial performance by department
Serial number tracking
Track individual items with serial numbers
Electronic tax filing
Submit tax returns electronically
Purchase requisitions
Create and process requests for purchases
Stock level alerts
Notify users of low stock levels
Bank integrations
Connect to bank accounts for automated transactions
EBITDA calculation
Calculate earnings before interest, taxes, depreciation, and amortization
Work Process
Accounting software development encompasses multiple stages. For each one, you will need a dedicated team. As a rule, integrations with other software require special focus.
1
Project planning
We analyze and prioritize tasks, and set priorities.
Team:
Project Manager
2
Business analysis
We analyze the client’s current infrastructure, develop task specifications, and search for solutions for customers’ problems.
Team:
Project Manager
Business Analyst
3
UI/UX design
We design convenient and appealing interfaces for different groups of users.
Team:
Project Manager
Business Analyst
UI/UX Designer
4
Back-end development
We work on the web app’s server side.
Team:
Project Manager
Business Analyst
UI/UX Designer
Back-end Engineers
Manual QA Engineers
5
Front-end development
We work on the web app’s user side.
Team:
Project Manager
Business Analyst
UI/UX Designer
Front-end Engineers
Manual QA Engineers
6
Integrations
We analyze the software to be integrated and complete two-side integrations.
Team:
Project Manager
Business Analyst
UI/UX Designer
Front-end Engineers
Back-end Engineers
DevOps Engineers
7
Testing
We test the product by performing manual, automated, unit, and integration testing.
Team:
Project Manager
Manual QA Engineer
QA Automation Engineer
Back-end Engineers
8
Implementation and training
We create training materials and add the solution to the client’s tech stack.
Team:
Project Manager
Technical Writer
DevOps Engineers
Support Engineers
Our Clients
We develop large projects for clients across 27 countries, a significant number of which are featured on the Fortune 500 list.
Our company specializes in projects for Retail & E-commerce
When do you need Retail Accounting Software?
Running an e-commerce store involves a great deal of work with payroll, taxes, invoices, and bills, and you will most often need a tool to automate all this work. Accounting software for retail shop can be beneficial in the following cases.
Different sales channels
Your retail business uses multiple sales channels
Wide range of products
Your shop offers a broad product line
Diverse collaboration
You work with different suppliers and partners
Vast online sales
Your online sales volumes are large
International operation
Your store operates in countries with different taxing systems
Many inventories
You have multiple inventories
Complex discount system
Your store offers different levels of discounts
Limited data on budgeting
You need more financial data for efficient operation
Large current assets
You have a large accounts receivable
Metrics calculation
You need to calculate EBITDA and other financials
Absence of analysis
You lack financial analytics on goods or departments
Untimely payouts
You deal with payment delays
Hard to track payments
Part of payments are lost
Poor tax management
You have problems with tax calculation
Inefficient employee work
Your accountants are overloaded or there are too many of them
In our work, we follow international approaches and standards such as:
Management:
PMP
Design:
ISO 9241-210
Programming:
Coding conventions, MDN Web Docs, Naming convention
Python:
PEP 8
JS/TS:
ECMA, JavaScript Standard Style, Google TypeScript Style Guide, ESLint
PHP:
PSR
С#:
ReSharper
HTML/CSS:
W3C
Security:
GDPR
Testing:
ISTQB
Why Choose SECL Group for Accounting Software Development?
With extensive experience in building internal corporate solutions for retail and e-commerce, our team can help you build an effective, secure, and feature-rich accounting solution.
Corporate platforms
Our company focuses on building internal corporate solutions
AI integration
We can automate manual processes and improve analytics with AI integration
Enterprise clients
We have developed internal corporate solutions for Kia, BAT, and Tennet
Retail and e-commerce
We specialize in developing retail and e-commerce systems
Accounting software
We have built or integrated accounting systems in almost all retail projects
10+ million users monthly
We have developed e-commerce projects with over 10 million users
Vast portfolio
More than 50% of our projects are in retail/e-commerce
Out-of-the-box platforms
We have built or adjusted accounting solutions based on out-of-the-box platforms
Team of 70+ engineers
We have a team of 70+ full-time software engineers
Integrations
We can integrate accounting software with other internal systems needed
Third-party systems
We have experience integrating systems like SAP and Salesforce
Fortune 500 clients
We have worked with Fortune 500 companies
Presence since 2005
We have been active in the software development market since 2005
82% senior engineers
We have an 82% seniority level in our team
Tech stack selection
Having experience in many technologies, we can help you choose the most suitable
Software integration
We have integrated Xero, Zoho Books, and QuickBooks
30+ million SKUs
We have completed e-commerce projects with 30+ million SKUs
Our Awards
Authoritative Design Award
Behance Interaction Award
Technologies
We specialize in specific technologies, with the technology stack chosen based on the project’s purpose and requirements
Here are our answers to some frequently asked questions about the development of accounting software. If you have another question on this topic, please get in touch with us and we’ll be happy to discuss it with you.
How can accounting software improve business decision-making?
Accounting software allows you to make informed decisions empowered by real-time financial data. It can generate insightful reports, identify trends, and forecast future performance. This helps in essential business activities like strategic planning, resource allocation, and risk management.
What internal solutions can accounting software be integrated with?
Accounting software can generally be integrated with CRM, ERP systems, HR, POS software, and inventory management platforms. However, integrating other internal corporate systems may vary depending on specific project needs.
What are the security considerations for accounting solutions?
Data security is an essential aspect of accounting software development. Robust security measures for such systems include strong encryption, access controls, regular data backups, and compliance with international data privacy regulations (e.g., GDPR, HIPAA).
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