Custom-made outsourced accounting services
Pillarcraft Accounting provides custom-made outsourced accounting services to businesses in the retail sector, specifically those using Vend cloud point of sale and inventory management software, Hikeup Cloud point of sale and inventory management software, or other leading cloud Point of sale and inventory management software integrated into Xero cloud accounting software.
Financial statement preparation
Our daily review of point-of-sale operations, weekly reconciliations of payments, supervision of continuous stock counts, monthly financial statement preparation, outsourced payroll, and monthly tax compliance, especially VAT accounting for retail businesses, will take the burden off your shoulders and allow you to focus on what you do best – running your business.
Cloud software we use for retail business
Xero/Usawa/Vend/Hike up/Shopify
Solutions for retail businesses
- Daily sales and cash reconciliation
- Inventory movement reconciliation and supervision
- Reconciliation of sales across sales channels
- Account receivable and payable management
- Monthly tax compliance and VAT accounting
- Sectorial KPI advisory
- Implementing standard operating procedures
- Budget and variance analysis
- Payroll management
Benefit of accounting software for Retail & E-commerce business
Enhanced financial visibility
Accounting software can provide real-time financial data, allowing businesses to track sales, expenses, and profits in near real-time, which can help with decision-making and financial planning.
Improved inventory management
Accounting software can help retail and e-commerce businesses keep track of inventory levels, and generate reports on inventory levels and sales trends, which can be used to optimize stock levels and reduce waste.
Enhanced security
Retail and e-commerce businesses often handle sensitive financial and personal data, and accounting software can help to secure this data and protect it from unauthorized access or tampering.
Case study
Drinks.ng
Introduction:
Drinks.ng is an online drinks retailer with a large e-commerce site and physical outlets in Lagos, Abuja, and Oyo. The company is a growing business that continues to expand its presence and distribution across Nigeria.
Background:
One of the critical challenges faced by Drinks.ng was managing its accounting and inventory management effectively. To address this challenge, the company implemented Xero Cloud Accounting Software to manage its accounting and Vend Cloud Point of Sale and Inventory management software to manage its sales outlets, customer relationships, and inventory management.
Challenge:
However, the company still needed additional support to ensure the smooth operation of its financial and accounting processes.
Solution 1:
That’s where Pillarcraft came in. Pillarcraft provided Drinks.ng with a hybrid outsourced service that complemented the company’s in-house accounting capabilities.
Solution 2 :
While Drinks.ng maintained an Account officer to manage its bank statement, Pillarcraft provided the company with outsourced bookkeeping services, specifically to handle the various payment reconciliations between the Point of Sale and the Bank account, ensuring that all payments made by customers are adequately reported in the bank. Additionally, Pillarcraft provided the company with outsourced accounting services, which ensured that management reports were ready before the 10th of the following month. The live Monthly Management report This helped Drinks.ng management to have a clear picture of the business performance and take the necessary actions. Furthermore, Pillarcraft also provided Drinks.ng with an outsourced CFO service that included regular meetings with the management team to review strategy and performance with KPI.
Outcome:
This support from Pillarcraft helped Drinks.ng to focus on growing the business across Nigeria while the company’s accounting
