With all of today’s advanced technologies and point-of-sale (POS) systems, many small convenience stores still don’t have modern methods of accounting for store receipts and balancing their books. These internal controls are necessary to prevent mishandling of money and to safeguard assets against loss or theft.
Not only do IT systems promote operational efficiency, but they also ensure reliable accounting records, help streamline store closing processes, and can be useful for documenting sales, profits, and all sorts of line items needed come tax time.
One of the most common causes of shrinkage and loss in a small store is through the mishandling of cash or the sale of cigarettes, lottery tickets, gum, and candy. This loss usually is attributed to a lack of proper procedures, processes, or controls. With all the amazing technologies that exist today, payment reconciliation shouldn’t have to be done manually due to the negative impact it can have on in-store operations, inventory, and resources.
So what is the answer? Automation. The use of automation can increase efficiency, destress the account team, streamline processes, and free up more time to deal with other areas of financial concern.
Automation also allows store operators to know whether their cash deposits were dropped off every night. Automated solutions would tally up how many lottery tickets were sold each day. Automation would allow management or cashiers to pull a sales report at any time during a shift.
In addition, automation would help operators to avoid keeping too much cash on the sales floor or preventing situations where a customer complains about too little change. Automation would prevent frequent overages or shortages for particular cashiers and remove the temptation of taking cash without documentation from the cash drawer.
Automation can do all of this. But, at the end of the day, it would allow retailers to have more accurate and timely financials along with the ability to address issues as they occur in real time. In times of labor shortages, automation would allow a retailer to assign workers different sets of tasks throughout the day, eliminating the tedious tasks of manual entry and accounting.
As retailers have expanded their offerings this year and established interesting partnerships with companies such as DoorDash or UberEats, automation could also seamlessly account for these outsourced services in real time—balancing new and traditional store revenue.
As retailers focus on budgeting, automation should be at the top of the technology list. It offers numerous benefits for small stores—from streamlining financial close to bridging the gap between operations and accounting teams. Balancing the books every day shouldn’t be a major undertaking—and with automation it doesn’t have to be.
To learn how automation could work for your business, visit https://www.pditechnologies.com/erp-back-office/