Inventory Accounting & The Links to Accounts Systems

Are important parts of a modern EPOS system integration.

“For someone using a ‘general (non-size/colour) system’ like we used to, I’d certainly recommend that they move over to Top to Toe”

Mr Cricket (Sportswear)

“5 stars all round, great product and you couldn’t ask to speak to friendlier people.”

Eccleshall Saddlery (Equestrian)

“Even the new sales assistants can adapt to Top to Toe within minutes.”

Pie Clothing (Fashion)

“Top to Toe have greatly helped us manage & develop our stock system over the last few years. Their helpful & knowledgeable staff are always on hand to help.”

Tacklebag (Sportswear)

“Once the products are on Top to Toe, it’s very easy to then put those products onto a website.”

Angels Uniforms (Schoolwear)

“Friendly EPOS, insightful reporting facilities, seamless website integration and a friendly customer care & training team.”

RunPod (Footwear)

“Cannot praise the technical team enough, whenever we have issues they are always on hand, efficient, quick and get the problem resolved quickly! Excellent service.”

Sheen Sports (Sportswear)

“We used to do stock management manually. Top to Toe came to make such a big difference to all of our staff.”

Uniform 4 Kids (Schoolwear)

“Top to Toe has a really easy way of spotting trends – I’m able to identify what sizes, colours and styles are selling best. It’s intuitive, anyone can use it”

Claudio Lugli (Fashion)

“Incredibly easy to use, saving me hours upon hours per week. It’s both transformed my business and my day-to-day tasks.”

Michael Leigh Menswear (Fashion)

“Top to Toe was a revelation – we run much more efficiently now. We couldn’t run our business in the current climate without it”

Burrs Shoes (Footwear)

“Within seconds you can find things incredibly quickly using Top to Toe’s filter. Previously, we were trawling through lines and lines of data”

Uniform 4 Kids (Schoolwear)

Benefits of the Top to Toe EPOS Stock System accounting integrations

Top to Toe enables clothing and footwear retailers to manage their stock and sales easily and quickly, providing all the financial information they need and linking their retail turnover into their accounting systems

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Many times faster to operate for clothing and footwear than a more general system

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Fully supports Making Tax Digital (MTD)

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Automated stock, sales and financial links to web sites

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Auto setting of accounts data selection/formatting

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VAT analysis

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Clear financial analysis of stock, sales and purchase order information

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Individual customer accounts

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Links to many accounts’ packages including Sage, Xero and QuickBooks.

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Individual customer layaways tracked

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Cash flow forecast’s

Accounting

Inventory Accounting

A good EPOS stock management system will primarily focus on clearly and easily tracking your stock – allowing quick data entry and meaningful reports. As part of this process it will also allow you to see and report on the financial numbers you need, the financial numbers that ‘hang off’ your stock, sales and purchase orders.

Your stock system however is not an accounting system. A stock system only goes so far and then its up to the accounts system to pull the whole financial picture together – including elements that have no place in an EPOS system such as rent, rates, staff salaries etc. So your accounting system needs the financial information from your stock system so that it can present the complete picture.

A good EPOS stock management system will primarily focus on clearly and easily tracking your stock – allowing quick data entry and meaningful reports. As part of this process it will also allow you to see and report on the financial numbers you need, the financial numbers that ‘hang off’ your stock, sales and purchase orders.

Your stock system however is not an accounting system. A stock system only goes so far and then its up to the accounts system to pull the whole financial picture together – including elements that have no place in an EPOS system such as rent, rates, staff salaries etc. So your accounting system needs the financial information from your stock system so that it can present the complete picture.

The link between your stock management data and accounts systems is usually best done by an integrated link, but has also been done historically by the fairly simply process of manually transcribing the main figures between the two systems once a week or once a month (eg such as sales value, stock value, VAT etc).

Historically both processes had their positive and negative points, but with the advent of the governments Making Tax Digital (MTD) requirements, which needs detailed sales information, the full digital integration has become far more preferable.

The link between your stock management data and accounts systems is usually best done by an integrated link, but has also been done historically by the fairly simply process of manually transcribing the main figures between the two systems once a week or once a month (eg such as sales value, stock value, VAT etc).

Historically both processes had their positive and negative points, but with the advent of the governments Making Tax Digital (MTD) requirements, which needs detailed sales information, the full digital integration has become far more preferable.

Financials (EPOS Stock System)

But on a day-to-day basis you probably already know most of the headline accounting costs, they are fairly consistent. On a day to day basis it’s the financials that come from your EPOS stock system that tell you whether you are making or losing money; numbers such as:

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Price point analysis (to assess the best price point in each category)

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Value of credit notes, deposits, gift vouchers etc

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Customer value

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Mark-up

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Margin, mark-up by Department, Type, Brand or supplier

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Stock value, sales value and purchase order value

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Customer value

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VAT reporting

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Profitability by Department, Type, Brand or supplier

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Profitability by Department, Type, Brand or supplier

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Margin

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…and many more

Note: For clothing and footwear retailers financial accounting for depreciation is generally done via your accounts system and not via the stock system. Your stock system is generally viewed as reflecting the actual money which was exchanged for purchases and sales in the real world and any adjustments to this made via your bookkeeper/accountant’s

Widely used UK accounting systems

QuickBooks EPOS integration

QuickBooks

Widely used by smaller independent traders but not used as widely by established independent businesses/retailers

QuickBooks ecommerce integration

Highly Desirable

May be linked to a web site including your own, Amazon or ebay

Sage background

Sage

Historically Sage was the predominant package for most independent businesses/retailers but the move to the web has produced new competitors who have made significant inroads into its marketplace, most notably Xero

Sage EPOS integration

Sage

Used extensively by independent retailers with good data links for integration to an appropriate EPOS stock management system

Sage 50 ecommerce integration (now Sage 50 Cloud)

Sage

May be linked to a web site including your own, Amazon or ebay

Xero background

Xero

Used by many independent businesses/retailers, Xero has gained a reputation as the easiest to use accounts package. Being amongst the first web-based accounts packages it has made considerable inroads into a market historically dominated by Sage desktop packages.

Xero EPOS integration

Xero

Used extensively by independent retailers with good data links for integration to an appropriate EPOS stock management system

Xero web site integration

Xero

May be linked to a web site including your own, Amazon or ebay

Xero QuickBooks integration

Xero

These packages can exchange data; detailed integration requires some thought as to what you wish to achieve. Generally using one package is the best approach but there may be some circumstances where you have chosen your own accounts system but still need to link with another accounting package.

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