Grocery Store Accounting: ReAcct
Grocery business accounting. The smart independent grocery
store applies the Retail Accounting method for inventory management
and control. It’s easier, faster, more accurate, and
it improves your bottom line.
ReAcct software automates the Retail Accounting process for
grocers. What makes ReAcct the most practical choice for the
grocery market? Simple. I mean the software is simple. So
easy to use it defies the power of the retail accounting method.
In a grocery store, gross margin varies greatly from product
to product, even within like products (generic vs. name brand).
As you probably know, this becomes a problem when you try
to calculate inventory shrinkage. Because inventory is taken
at a retail level, you have to back out cost by averaging,
which delivers a less than accurate picture of things.
ReAcct solves the problem. By tracking inventory according
to both the purchased cost and retail value, ReAcct checks
invoices for accurate pricing and monitors inventory on a
retail level.
How does ReAcct do this? As invoices are entered in accounts
payable, ReAcct prompts for a retail cost as well as an invoiced
cost. ReAcct feed this a Retail Inventory Worksheet, where
you can enter inventory and spoilage at a retail level. ReAcct
then automatically determines shrinkage based on a cost factor
calculated from your actual invoice totals.
The result? The most accurate inventory analysis you can
get. And that creates a huge advantage for grocers because,
as you’re sure to agree, inventory is one of the largest,
most important assets on your balance sheet.
What can ReAcct do for your grocery business? Following are
specific benefits of ReAcct:
General Ledger Module
- Process multiple, independent companies in unique fiscal
years, each with a unique Chart of Accounts.
- Record transactions for Fiscal Week or Month, and review
transactions by Fiscal Week, Period, Quarter, or Year.
- Define and structure your Chart of Accounts to fit your
business.
- Adjust for any prior or future accounting period. No hard
closes.
- Drill down to invoice transaction level from summary financial
view with powerful data mining of GL accounts.
Financial Reports Module
- Reduce your reliance on hunches in financial analysis
and decision making.
- Generate reports quickly and easily in your own familiar
formats. Not restricted to off-the-shelf templates.
- Create unlimited summary or detail reports customized
to your exacting needs.
- Create Balance Sheets, P & L Reports, Sub-Statements,
and Store / Department Analysis quickly and easily.
- Perform multi-level consolidations between Departments,
Stores, or Companies.
- Enter and report Budget per Week, Period, Quarter, or
Year.
- Run full range of comparisons: Period Actual, Year to
Date, Budgets, Prior Year data, Last Year, Custom Columns
and Variances, and much more.
Accounts Payable Module
- Process multiple companies and stores.
- Track your inventory at the retail cost level using the
Retail Costing Method.
- Concurrently process invoices into multiple Accounting
Periods by tracking Voucher Creations, Deletions, Check
Disbursements, and Check Voids by Accounting Period. No
need to close current month's Accounting Period before entering
invoices into next month's.
- Record all AP transactions into an Accounting Period /
Week. No required end-of-month closing procedures.
- Generate real-time data for accurate Cash Flow Analysis
through up-to-date invoice entry.
- Produce Current Open Payables Report for any Accounting
Period, past or present, so you can easily reconcile AP
Detail Data vs. General Ledger Account Balances.
If you’re a small, progressive grocer, there’s
no better way for you to stay competitive than to implement
ReAcct for true Retail Accounting.
To find out how ReAcct software can simplify your grocery
store accounting, contact
us.
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