You need the right retail accounting software to take your business to the top.
Accounting software isn’t limited to sorting your taxes - it’ll also help you make informed decisions, stay on top of your cash flows, reduce manual efforts, manage your payments, etc.
In short, it’ll simplify all your accounting tasks.
The question is, which one should you choose out of so many options?
We’ve compiled a list of the top 10 retail accounting software to help you decide. Each has its pros and cons, but each software brings value. Let’s take a look.
List of the Top 10 Retail Accounting Software
- ZarMoney
- Xero
- Freshbooks
- QuickBooks
- Celerant
- NetSuite
- Lightspeed Retail
- Wave
- Kashoo
- AccountEdge
1- ZarMoney
Let’s start with one of the best retail accounting software available in the market - ZarMoney. It’s a cloud-based accounting solution for any business looking for a simple invoicing system.
With ZarMoney Insights, you get instant access to 1000+ customizable reports to make data-driven business decisions.
Moreover, you get a customizable dashboard, automated accounting controls, and other features like inventory management and report creation.
If you have other software like Shopify, Zapier, Mailchimp, or any other software, you can easily integrate it with ZarMoney.
Features of ZarMoney
- Create invoices
- Process credit card payments
- Facilitate ACH transfers
- Automate recurring billing
- Track inventory
- Sync bank accounts
- Customize dashboard
- Manage sales tax
- Generate P&L statements
- Manage sales quotes
- Track purchase orders
- Authorize bill payments
- Reconcile bank statements
Top 3 Features of ZarMoney
1. Automated Invoicing and Billing
ZarMoney lets you generate custom invoices anywhere, anytime. You can manually create invoices or use the auto-billing cycle. Payments can be accepted using various methods.
2. Match Bank Statements to Transactions
With the reconciliation feature, no detail goes unnoticed. The feature helps you track every transaction and spot discrepancies in your business transactions.
3. Automated Tax Calculation and Payment
With this feature, you’ll never have to worry about tax calculations or preparing tax filing reports. You can set tax zones for different customers, locations, or stores and adhere to regulations in other regions.
Pros of ZarMoney
- Great customer service.
- User-friendly interface and easy to use.
- Tutorials to help you learn the platform.
- Multiple products to help with your retail accounting needs
Cons of ZarMoney
- It has limited credit card processing options.
Pricing of ZarMoney
- Small business: $20/month for 2 users
- Enterprise: $350/month
Customer Support of ZarMoney
- Email support
- Sales support
- Tutorials
Supported Platforms of ZarMoney
- Windows
- macOS
- Linux
- iOS mobile app
- Android mobile app
Testimonials/Reviews
Rating
It’s rated as 4.7/5 on Software Advice.
Final Verdict of ZarMoney
ZarMoney provides immense value for its price. It includes all the features you are looking for in a great retail accounting software, such as automated invoicing, tax calculations, and inventory management. These features make it ideal for effective business management.
2. Xero
Xero is a cloud-based solution that connects to your bank account and helps you reconcile bank statements with just a few clicks.
This retail accounting software helps you understand each nuance in the retail market—from product merchandising to supplier negotiation and allows you to maintain structured records.
Plus, you can quickly scale your business using this software as your business needs grow. You can also add new features to the software by just purchasing a few add-ons.
List of Features of Xero
- Create invoices
- Accept credit/ACH payments
- Automate recurring billing
- Track inventory
- Sync bank transactions
- Customize dashboards/reports
- Manage sales tax
- Generate P&L statements
- Track purchase orders
- Manage payroll
- Reconcile bank statements
- Handle multi-currency
Top 3 Features of Xero
1. Real-time Financial Data Dashboard
Xero automates tasks like bank reconciliation, invoicing, quoting, and payroll. This makes it easy to manage finances daily and keep track of your cash inflows. Plus, you get access to real-time analytics to make informed decisions.
2. Inventory Management
This feature allows you to track and manage inventory levels, ensuring you always have accurate stock data and make data-driven decisions.
3. Payroll Overview
Xero also helps handle everything related to your retail businesses, including payroll calculations and tax deductions and ensures compliance with local regulations.
Pros of Xero
- Excellent customer service
- User-friendly interface
- Comprehensive tutorials
Cons of Xero
- Limited credit card processing options
- Complex pricing structure
Pricing of Xero
- Starter: $29/month
- Standard: $46/month
- Premium: $62/month
Customer Support of Xero
- 24/7 online support
- Email support
- Knowledge base
Supported Platforms of Xero
- Windows – XP SP3
- Ubuntu – 12.04 Precise Pangolin
- Debian – 8/Jessie
- macOS – 10.12.1 Sierra
Testimonials/Reviews
Rating
Xero has an average rating of 4.4/5 on Software Advice.
Final Verdict of Xero
With intuitive features like payroll handling and inventory management, Xero is one of the most sought-after accounting software. Despite minor limitations, its scalability features and excellent customer support make it a good choice.
3. Freshbooks
Freshbooks helps you save time and money on your business account.
It’s an easy-to-use tool that helps you set a routine for all your accounting needs and helps you make decisions based on the latest insights.
Plus, you can track every transaction to grow your business. The software also creates detailed reports to help you see where your business stands and plan for the future.
List of Features of Freshbooks
- Custom invoices and payment tracking
- Client management
- Automated time/expense logging
- Professional invoice branding
- Secure online payments
- Recurring billing/reminders
- Integration with retail apps
- Cloud-based accessibility
- Double-entry accounting (COGS, General Ledger)
- Industry-specific retail accounting
Top 3 Features of Freshbooks
1. Accurate Double-Entry Accounting
With features like bank reconciliation, you can gain an insightful view of your business’s financial health and access the latest insights to improve it.
2. Faster Payments with ACH and Credit Cards
With integration accounting solutions, you can accept online transfers and credit card payments for faster processing.
3. Automated Financial Reports
Avoid tax stresses with this feature. You’ll get ready-to-use and data-backed reports to make critical financial decisions for your business growth.
Pros of Freshbooks
- Time-saving functionality like copying repetitive invoices and projects
- Excellent customer service
- Ability to easily send, edit, and track business activities
Cons of Freshbooks
- The mobile app isn’t the same as the desktop version
- Complex interface, challenging for users lacking precision motor skills
- An issue with duplicate contacts when FreshBooks connects to other platforms like Hubspot
- Some missing features compared to other software solutions
Pricing of Freshbooks
- Lite: $9.50/month
- Plus: $16.50/month
- Premium: $30.00/month
Customer Support of Freshbooks
- Email support
- AI-powered chatbot
- Call support
Supported Platforms of Freshbooks
- Windows
- macOS
- Android
- iOS
Testimonials/Reviews
Rating
It has an average rating of 4.5/5 on Software Advice.
Final Verdict of Freshbooks
FreshBooks is another great retail accounting software that offers accounting tools to increase the pace of your business operations. With features like double-entry accounting and fast payment processing, it is a reliable option for retail accounting needs.
4. QuickBooks
QuickBooks is the go-to retail accounting software to customize invoices and run reports, all from one place.
It offers safe and secure accounting solutions tailored for your retail business. That means you can invite your bookkeeper or accountant to share your books.
The dashboards help you take data-driven actions to grow your business and provide more value to your customers.
List of Features of QuickBooks
- Track income & expenses
- Send custom invoices & quotes
- Connect your bank
- Track GST and VAT
- Insights & reports
- Progress invoicing
- Manage bills & payments
- Track employee time
- Multi-currency support
- Secure cloud storage
Top 3 Features of QuickBooks
1. Track Income & Expenses
Quickly look after your business finances by tracking all income and expenses in one place. The feature also lets you overview your cash inflows and outflows.
2. Send Custom Invoices & Quotes
Create personalized invoices and quotes that meet your business needs. QuickBooks creates professional invoices that can be automatically sent to clients and help you manage operations effectively.
3. Connect Your Bank
Link your bank accounts to QuickBooks to automatically import transactions and reconcile accounts. The automation helps you save time and manual errors.
Pros of QuickBooks
- It sets all your accounting tasks in order
- Manages finances with minimal supervision
- It helps you access data securely from anywhere
- Simplifies financial tracking and reporting
Cons of QuickBooks
- Lacks some advanced functionalities
- Higher pricing compared to others
- Sometimes, it gets glitches and errors
Pricing of QuickBooks
- Simple Start: $20 per month
- Essentials: $40 per month
- Plus: $70 per month
- Advanced: $150 per month
Customer Support of QuickBooks
- Online support
- Glossary and other resources
- Email support
Supported Platforms of QuickBooks
- Windows
- macOS
- Android
- iOS
Testimonials/Reviews
Rating
It has an average rating of 4.0/5 on G2.
Final Verdict of QuickBooks
With QuickBooks, you can track expenses, send customized invoices, connect to your bank, and manage your cash flows. It’s a great platform if you’re willing to invest a higher price and get access to a secure accounting solution. However, this platform isn’t the right choice if you're looking for advanced functions.
5. Celerant
Celerant, or Stratus Enterprise, is an innovative software that provides an all-in-one solution for managing store locations, online sales, ERP, and more.
It offers real-time data, an omnichannel retail system across all channels, and simplifies workflows. Moreover, the software can be customized based on your business needs.
List of Features of Celerant
- Real-time data for faster decisions
- Enhanced customer experience with integrations
- Hybrid cloud POS
- Automates retail workflows
- Powerful analytics from POS, ERP, eCommerce data
- Customizable software
Top 3 Features of Celerant
1. Access to Real-time Data
With real-time data, you can access up-to-date information from a database. This improves your decisions, helps you make decisions faster, and improves overall efficiency.
2. Omnichannel Retail
This feature improves customer satisfaction by offering a great shopping experience across all retail platforms. Better customer service means more brand loyalty and more sales.
3. Hybrid Cloud POS
This feature syncs data between retail stores and the main servers, so your service never goes down - even during internet outages.
Pros of Celerant
- Creative and responsive in-person sales team
- Quick and easy sales and inventory tracking
Cons of Celerant
- Metrics have different labels that cause a lot of confusion
- Critical issues like sales syncing failures
Pricing of Celerant
- Custom: Contact for pricing
- Stratus Enterprise: Contact for pricing
- Cumulus Retail Point of Sale: $125/mo
- Cumulus Retail eCommerce: $250/mo
- Cumulus Retail All-In-One: $350/mo
Customer Support of Celerant
- Call support
- Email support
Supported Platforms of Celerant
- Windows
- macOS
Testimonials/Reviews
Rating
It has an overall rating of 4.1/5 on Software Advice.
Final Verdict of Celerant
Celerant is a good solution that offers better pricing compared to competitors. Despite some drawbacks, good retail accounting software comes with a reliable hybrid cloud POS system and some retail-focused capabilities.
6. NetSuite
NetSuite is an integrated system that offers much more than just retail accounting.
It enables you to grow your business effectively by automating core processes and providing real-time insights into your business's performance.
Plus, it’s a cloud-based business management solution that streamlines your cash flow and ensures you can make informed decisions with data-driven insights.
List of Features of NetSuite
- Customize financial transactions
- Maintain cash flow and liquidity
- Manage invoicing and collections
- Automate vendor payments
- Reconcile balance sheets effortlessly
- Ensure tax regulation compliance
- Expedite month-end and year-end closing
- Track and manage fixed assets
- Simplify payment processing tasks
Top 3 Features of NetSuite
1. Customize and Record Financial Transactions
This feature helps you record financial transactions and use that data to create specific financial reporting systems for your business needs.
2. Keep Your Liquidity in Check
Manage your cash inflows and liquidity with real-time cash positions and cash optimization to help you maintain a healthy financial status.
3. Speed Up Processes
With NetSuite, you can crank up a notch and improve your workflows, close processes faster, and reduce the time and effort required to close books using insightful reports.
Pros of NetSuite
- Great inventory management
- Easier to navigate than its competitors
- Centralized storage for all company information
- Easy to find customer details
Cons of NetSuite
- High prices
- Defects can impact business processes and users
- Errors can be severe and slow to fix, disrupting daily operations
Pricing of NetSuite
- Price: N/A
Customer Support of NetSuite
- Product demo
- Call support
- Email support
Supported Platforms of NetSuite
- Windows
- macOS
- Android
- iOS
- Linux
Testimonials/Reviews
Rating
It has an average review of 4.2/5 on Software Advice.
Final Verdict of NetSuite
A cloud-based solution that streamlines financial processes, NetSuite is a great platform. It offers real-time insights, has a friendly mobile app, and helps with business growth. However, the high pricing and occasional defects can hinder its performance.
7. Lightspeed Retail
Lightspeed offers timesaving POS tools that provide insights into planning your next move. It’s an intuitive platform with reports and other integrations configured according to your business needs.
Plus, with the customizable reports of your inventory, sales, and customers, you can make impactful decisions to boost your growth.
List of Features of Lightspeed Retail
- Inventory and supplier management
- Integrated hardware
- Multiple payment solutions
- Integrations with leading retail applications
- Enterprise-level scalability
- Flexible pricing options
- Consistent experience
Top 3 Features of Lightspeed Retail
1. Omnichannel Experience
2. Advanced Inventory Management
Lightspeed’s retail POS system improves inventory accuracy. It closes loopholes, highlights discrepancies, and helps ensure optimal inventory levels across all locations.
3. Real-Time Insights
With this feature, you can get insights into how your product performs and how sales are going and promote excellent team productivity with customizable reports. With capabilities like trend-spotting, this platform is great for driving growth for your business.
Pros of LightSpeed Retail
- Intuitive and user-friendly interface
- Inventory management capabilities
- Convenient cloud-based point-of-sale system
- Comprehensive reporting functionalities
Cons of Lightspeed Retail
- Subpar customer support experience
- High fees may not be suitable for everyone
- Considered expensive compared to other alternatives
- The limited feature set may not meet all needs
Pricing of Lightspeed Retail
- Basic: $89/month
- Core: $149/month
- Plus: $239/month
Customer Support of Lightspeed Retail
- 24/7 support
- Call support
- Email support
Supported Platforms of Lightspeed Retail
- Windows
- macOS
- iOS
Testimonials/Reviews
Rating
It has an average rating of 4.0/5 on Lightspeed Retail.
Final Verdict of Lightspeed Retail
With tools like timesaving POS that provide insightful information for your business, this retail accounting software is a good use. With features like inventory management, multilocation, and real-time reports, this platform offers much value to help you reach all the right touchpoints for your business.
8. Wave
Wave isn’t your generic retail accounting software. It designs customized and attractive invoices for your business, gives you peace of mind so you always stay ahead of your taxes, and helps you assess your financial health properly.
The platform is great for small business owners. It makes taxing a breeze, allows you to retrieve customer payments immediately, and secures your finances.
List of Features of Wave
- Branded invoices
- Online payment
- Easy accounting tools
- Bookkeeping support
- Payroll system
- BI Dashboard for business insights
Top 3 Features of Wave
1. Customized and Attractive Invoices
Perfect for small business owners, this feature customizes all your invoices, sets up recurring bills, and ensures timely payments while maintaining your brand identity.
2. Fast Online Payments
Wave promotes faster payments. It allows your customers to pay instantly by credit card or any other method, which results in improved cash flow.
3. Effective Accounting Tools
Wave’s accounting tools promote recurring billing systems, help track income, expenses, and invoices, and simplify tax processes.
Pros of Wave
- Super easy navigation and usability
- Seamless integration with Stripe for credit card payments
- Effective for tracking spending and budgeting
- Convenient categorization of transactions
Cons of Wave
- Occasional synchronization problems
- Payment processing issues
Pricing of Wave
- Starter: $0/month
- Pro: $16/month
Customer Support of Wave
- Help Center
- Call Support
Supported Platforms of Wave
- Windows
- macOS
- iOS
Testimonials/Reviews
Rating
It has an average rating of 4.4/5 on Software Advice.
Final Verdict of Wave
Wave is a perfect platform for small businesses. It differs from competitors in offering invoices that resonate with your branding and other accounting details. Its affordability and focus on small businesses make it a great choice despite issues like synchronization.
9. Kashoo
Kashoo is a simple platform that helps you scale by adding more solutions, provides detailed reports, and simplifies all your accounting needs. Plus, you don’t need to categorize anything with this software - you get a dashboard with all the updated information and reports. This makes filing your taxes easier and simplifies all your accounting needs.
List of Features of Kashoo
- Cloud-based accounting
- Financial reports
- Invoicing system
- Double-entry accounting software
- Customization
- Simple user interface
Top 3 Features
1. Track Your Income
Get detailed insights on revenue streams and cash inflows. This feature helps you assess your business’s financial health and identify opportunities to maximize income.
2. Invoicing Systems
Invoicing is a huge part of running your business. This feature allows you to focus on important tasks instead of worrying about billing processes.
3. Financial Reports
Get access to financial reports that highlight the weak areas of your business, analyze trends, and make data-driven decisions for your business.
Pros of Kashoo
- It’s cloud-based
- It has an easy setup
Cons of Kashoo
- Relies on the internet
- Invoicing Issues
- Lack of some functions
Pricing of Kashoo
- Starting Price: $20.00 per month
- Free Trial: Available for 14 days
- Free Version: Not Available
Customer Support of Kashoo
- Email support
- Call support
Supported Platforms of Kashoo
- Windows
- macOS
- iOS
- Linux
Testimonials/Reviews
Rating
It has an average rating of 4.5/5 on Software Advice.
Final Verdict of Kashoo
Kashoo is a great choice if you’re looking for an easy-to-use, cloud-based accounting solution. It has features that support small-to-medium businesses and fulfill all their accounting needs. Plus, it’s an affordable tool, so it's worth considering.
10. AccountEdge
AccountEdge is a powerful and easy-to-use retail accounting software. It’s specifically developed for small businesses and offers a 30-day free trial. It focuses on companies that sell, manage, and build inventory items. Plus, its automated features help you bill on time for projects.
List of Features of AccountEdge
- Invoicing and payment tracking
- Handles purchases, vendors, and expenses
- Automates bank account reconciliation
- Accurate payroll processing
- Manages inventory levels
- Maintains financial records
- Insightful reports
- Customer relationship management
- Tracks billable hours
Top 3 Features of AccountEdge
1. Improved Invoicing
It simplifies invoicing and tracks payments without causing you any hassle, improving cash inflows and outflows.
2. Efficient Expense Management
This feature also manages purchases, vendors, and other expenses. The entire management system helps to promote business operations.
3. Automated Bank Integration
To acquire accurate financial reports, you can integrate the platform with your bank account, automate reconciliation, and apply more operations.
Pros of AccountEdge
- Adapts to various business models
- It has a highly customizable interface and responsive customer support
- It offers an intuitive user experience
Cons of AccountEdge
- It has limited error-handling capabilities
- It comes with insufficient reporting options
- The performance is sluggish, with frequent glitches
Pricing of AccountEdge
- AccountEdge Pro: $20/month
- AccountEdge Network Edition: $30/month
- AccountEdge Hosted: $50/month
Supported Platforms of AccountEdge
- Windows
- macOS
- iOS
Customer Support of AccountEdge
- Chat support
- Email support
- Intro support
- Phone support
- Knowledge base
- AccountEdge university
Testimonials/Reviews
Rating
It has an average rating of 4.3/5 on Software Advice.
Final Verdict of AccountEdge
This user-friendly retail accounting solution is a good choice for small businesses. It simplifies your invoicing system, automates your branch integration system, and manages your financial operations. Overall, it’s a great platform for small business owners who require several accounting solutions.
Table Comparison - Top 3 Retail Accounting Software
|
Feature |
ZarMoney |
Xero |
Freshbooks |
|
Automated Invoicing and Billing |
✅ |
❌ |
❌ |
|
Bank Reconciliation |
✅ |
❌ |
❌ |
|
Automated Tax Calculation and Payment |
✅ |
❌ |
❌ |
|
Great Customer Service |
✅ |
✅ |
✅ |
|
User-Friendly Interface |
✅ |
✅ |
✅ |
|
Multiple Products |
✅ |
❌ |
✅ |
|
Mobile App Available |
✅ |
✅ |
✅ |
Best of the Best - Top 3 Retail Accounting Software
1- ZarMoney
ZarMoney provides great value-for-money built-in features to help businesses stay ahead of their financial operations.
It’s the most powerful all-in-one accounting invoicing solution that manages your business’s finances on a single platform.
The software also helps you manage, prepare, and locate invoices with just one click.
2 - Xero
Xero is a platform for managing everyday accounting solutions. It’s good for small business owners, bookkeepers, and accountants to manage their workflows and more.
They have different plans to match your business needs and help you scale as you grow. Features like invoicing, payroll management, and automated bookkeeping make it a suitable choice for your accounting needs.
3 - FreshBooks
The next-best option is FreshBooks. It’s an accounting software that helps accountants and retail business owners manage their finances easily.
It offers exceptional customer service and efficient accounting tools. Plus, it caters to various industries. It’s a suitable tool for a small business looking to scale and structure its operations.
Conclusion
If you don't have a valuable retail accounting tool to manage your operations, you’ll face a lot of problems down the line.
These platforms help you focus on core problems, automate monotonous workflows, and streamline all your processes.
Each tool offers different values, but the one that stands out the most is ZarMoney. It includes every accounting solution you need to organize your retail business’s operations and help it grow.
Frequently Asked Questions (FAQs)
1. What features should I look for in retail accounting software?
While several features are important, you have to look at features like forecasts, invoicing, managing payroll systems, automated tax calculations, and customer service.
2. Can retail accounting software be used with other business tools?
It depends on the retail accounting software you choose. However, most can be used in conjunction with other business tools.
3. How does retail accounting software simplify tax processes?
It structures the monotonous accounting tasks. That means it imports financial data from sources and generates reports based on that data.
4. What are the benefits of using retail accounting software?
Retail accounting software has many benefits that aren’t limited to invoicing. It structures your entire financial data, integrates with other tools, manages your cash flow system, and automates reports.
5. How do I choose the right retail accounting software?
If you have a bookkeeper or accountant, a major chunk of this decision will depend on them. However, you should look at your budget for the add-on features and see whether or not they align with your needs.
6. Is customer support available for retail accounting software users?
Yes, many software companies offer several forms of customer support. Some even have knowledge bases to help solve frequent problems and answer the most frequently asked questions.
