Financial reporting is one of the bedrocks of modern business and successful decision making in smaller businesses require the availability of up to date and accurate financial information.
Keeping accurate records of the trading capital in a business is vital for every business, and some aspects of retail sets it apart from other industries when it comes to accounting. Some of the challenges in retail include the daunting, but necessary task, of tracking inventory and gross profits. Tracking gross profits and operating costs, as well as monitoring the store’s profitability, are essential pieces of accurate accounting in an environment where pressure on margins are at the order of the day.
Above are just some of the drivers behind the exceptional growth in demand for the services offered by Arch’s Financial Integration division (AFI). AFI integrates vital information from Arch Retail systems into ERP systems, such as Sage Evolution, which is then utilized for the overall financial management and statutory reporting requirements of such a business. Each month more retail stores, single as well as multi-branch operations, are subscribing to this service.
The following video presents an overview of the AFI product offering in relation to Arch Retail (in-store management solution):