The Grocery business is simple to sound but far complex in operations. A systematic approach is the only solution to encompass all the aspects of a retail business. Best Quality at best price with fine customer services require efficient cost and management practices.
Retail grocers are constantly exposed to emerging challenges posed by evolving technologies, and economies of scale by competitors. Since grocery stores operate on very low profit margin, cost-saving techniques are always needed. It’s time for retail and grocery stores to realize the need of expert partners. Holding handsome expertise, our professionals are seasoned to flawlessly conduct accounting for a retail store.
Benefits of Partnering with Alterf Services:
Opting Alterf Services to perform bookkeeping for retail stores will reap you following benefits:
Maintaining optimum inventory:
Grocery stores are equipped with both perishable and non-perishable items. Vigilance is required to order items with short shelf life, especially food items. Lesser items result in losing repute and customers. Conversely increased orders may result in cost wastage. Our experts using economic order quantity and economic batch quantity procedures will estimate the right quantity to order.
Grocery stores regularly replenish stock. Constant accounting for grocery store is therefore needed to value stock at any instant. Applying cash basis and adopting perpetual inventory method is preferably employed. Depending on customised needs LIFO and FIFO can be adopted too.
Monthly or quarterly reports:
Regular update and financial data processing are only possible with efficient bookkeeping for retail store. These operational and monetary reports timely indicate irregular fluctuations in profitability. Also, liquidity and profitability at any point can be assessed and analysed via these reports.
Cash flow management:
Many grocery stores die out due to dry cash flows. Our experts maintain a perfect balance between accounts payable and accounts receivable to squeeze maximum finances. They do so by reducing recovery time and negotiating favourable terms for credit payment. Additionally, cash flow statements will enable you to mend financial strategies as per budget constraint.
Retail industry offers various payment methods. Online, cash and credit card purchases require different accounting entries. Our experts are highly skilled both at manual accounting or using the software. Whatever you like, they will deliver accordingly.
Experts at Alterf Services know well the potential problem causing areas and how to amend them. Hiring amateur or attempting reconciliation by oneself can really mess up things.
We also help in:
- Managing fixed assets
- Controlling labour cost
- Rectifying payroll errors
- Re-allocating overheads
- Identifying inefficient and resource eating processes
- Elaborating retail store performance via ratio analysis and benchmarking comparisons