Best Retail Accounting Software

Best retail accounting software is Vyapar, Freshbooks, Xero, Brightpearl, AccountEdge Pro, Fourlane, and Output Books. Manage all the accounts, transactions, invoices, and audits with some accounting software while ensuring your business can thrive and prosper.

Pratiiek Mavani
Researched and Written by Pratiiek Mavani
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Supriya Bajaj
Reviewed and Edited by Supriya Bajaj
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Most Popular Retail Accounting Software

This listing showcases software based on user recommendations and popularity. It also highlights products from our valued client partnerships.

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List of 20 Best Retail Accounting Software

Showing 1 - 20 of 36 products
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Category Champions | 2025

Product Description

This information is provided by vendor.

This bookkeeping software makes your accounting tasks easy, fast, and secure. Start sending invoices, tracking time, and capturing expenses in minutes. We uphold a longstanding tradition of providing extraordinary customer service and building a product that helps save you time because we know you went into business... Read More About FreshBooks

FreshBooks Is Tailored For

StartUps

SMBs

Mid-Market

Enterprises

Features

  • Invoicing
  • Client Portal
  • Proposals
  • Client Management
  • Customizable Invoices
  • Payments
  • Multi Currency Support
  • Reporting
  • View all Features

Lite

$ 19

Per Month

Plus

$ 33

Per Month

Premium

$ 60

Per Month

4.6
out of 5 (57 Reviews)
Features
4.5
Ease of Use
4.5
Value for Money
4.5
Customer Support
4.5
Mz Gipo2
Account Executive

'FreshBooks is the system, simple and good. I like your program; of course, I believe in you.'

Read all 57 Reviews

FreshBooks Features and Usability-Based User Satisfaction Score

Rating Score 9.2

Rating Score

Out of 10

Review Score 10.0

Review Score

Out of 10

Freshness Score 10.0

Freshness Score

Out of 10

Social Score 9.0

Social Score

Out of 10

Visitor Score 10.0

Visitor Score

Out of 10

Category Champions | 2025

Product Description

Xero is award-winning, web-based accounting software for small business owners and their accountants. It is beautifully designed and easy-to-use online bookkeeping for expense management. Read More About Xero Accounting

Xero Accounting Is Tailored For

StartUps

SMBs

Mid-Market

Enterprises

Features

  • Sales Tax Management
  • Quotes And Estimates
  • Contact Management
  • Project Management
  • Multi Currency
  • Bill Payments
  • Invoicing
  • Expense Tracking
  • View all Features

Starter

$ 29

Per Month

Standard

$ 46

Per Month

Premium

$ 69

Per Month

4.7
out of 5 (15 Reviews)
Features
4.7
Ease of Use
4.8
Value for Money
4.9
Customer Support
4.4
Abhishek Bisht
Account Executive

As a small organization of fewer than 10 employees, Xero proves to be a cost-effective solution for our company's requirements. It is a very easy-to-use accounting tool for anyone who is a new user. Xero provides real-time insights, which overall help in making immediate actions with up-to-date financial data. The security and compliance standards ensure up-to-date accounting standards are used.

Read all 15 Reviews

Xero Accounting Features and Usability-Based User Satisfaction Score

Rating Score 9.4

Rating Score

Out of 10

Review Score 3.0

Review Score

Out of 10

Freshness Score 10.0

Freshness Score

Out of 10

Social Score 9.5

Social Score

Out of 10

Visitor Score 6.0

Visitor Score

Out of 10

Category Champions | 2025

Product Description

This information is provided by vendor.

TallyPrime simplifies retail accounting by automating inventory management and financial reporting, freeing you to focus on growing your business. Read More About TallyPrime

TallyPrime Is Tailored For

StartUps

SMBs

Mid-Market

Enterprises

Features

  • Manufacturing And Bom
  • Order Processing
  • Multi Currency Support
  • Banking
  • Inventory Management
  • Invoicing And Billing
  • Cost Centre And Cost Category
  • Tds Management
  • View all Features

TallyPrime Silver

$ 313

Full License for Single User

Get Offer

TallyPrime Silver Monthly Subscription

$ 10

Monthly License / Single User

Get Offer

TallyPrime Gold Monthly Subscription

$ 31

Full Monthly License for Multi-User (Easy Renewal)

Get Offer
4.6
out of 5 (394 Reviews)
Features
4.6
Ease of Use
4.6
Value for Money
4.6
Customer Support
4.5
Noothan Shettar
Analyst

I've been using TallyPrime for a few months now as a freelancer handling small business accounts. The software is simple to use, especially for those familiar with basic accounting or even just starting to learn. The interface is clean and straightforward, though it still looks a bit outdated compared to newer cloud-based apps. TallyPrime handles GST billing, inventory, ledgers, and payroll efficiently, and it's very useful for Indian businesses. One of the best features is the shortcut-driven workflow – once you get used to it, tasks are completed much faster. However, it still lacks full cloud access and mobile flexibility, which can be inconvenient if you want to access your books on the go. Customer support is decent, but more beginner-level video tutorials would make it easier for first-time users. Overall, it's a dependable solution for small to medium businesses and a great tool for learning real accounting.

Read all 394 Reviews

TallyPrime Features and Usability-Based User Satisfaction Score

Rating Score 9.2

Rating Score

Out of 10

Review Score 10.0

Review Score

Out of 10

Freshness Score 10.0

Freshness Score

Out of 10

Social Score 8.6

Social Score

Out of 10

Visitor Score 10.0

Visitor Score

Out of 10

Most Reviewed

Emergents | 2025

Product Description

Brightpearl is software for retailers that integrates orders, inventory, and customer data across channels. Brightpearl exists to help multi-channel retailers accelerate their growth and profits. Read More About BrightPearl

BrightPearl Is Tailored For

StartUps

SMBs

Mid-Market

Enterprises

Features

  • Returns Management
  • Purchase Order Management
  • Shipping Management
  • E Commerce Integration
  • CRM Integration
  • Dropshipping Support
  • Barcode Scanning
  • Supplier Management
  • View all Features

Basic

$ 375

Per Month

Get Pricing

BrightPearl Features and Usability-Based User Satisfaction Score

Freshness Score 6.0

Freshness Score

Out of 10

Social Score 5.0

Social Score

Out of 10

Category Champions | 2025

Product Description

This information is provided by vendor.

GOFRUGAL is the only complete digital solution provider for retail, restaurant, and distribution businesses. With over 14+ years of experience, they have acquired 25,000+ customers across 60+ countries. It has the largest product portfolio, including Desktop POS, Cloud POS, and Mobile apps. Read More About GOFRUGAL POS

GOFRUGAL POS Is Tailored For

StartUps

SMBs

Mid-Market

Enterprises

Features

  • Mobile Pos
  • Multi Store Management
  • User Access Control
  • E Commerce Integration
  • Stock Transfers
  • Expense Tracking
  • Order Management
  • Supplier Management
  • View all Features
4.1
out of 5 (24 Reviews)
Features
4.4
Ease of Use
4.4
Value for Money
4.2
Customer Support
4.5
qamar
Account manager

Overall, the experience is good. My team easily works with this software. Only basic training is required for new staff members. Highly recommended for new users.

Read all 24 Reviews

GOFRUGAL POS Features and Usability-Based User Satisfaction Score

Rating Score 8.2

Rating Score

Out of 10

Review Score 5.0

Review Score

Out of 10

Freshness Score 9.0

Freshness Score

Out of 10

Social Score 8.5

Social Score

Out of 10

Visitor Score 10.0

Visitor Score

Out of 10

Category Champions | 2025

Product Description

This information is provided by vendor.

MARG Billing is software specifically designed to provide support to individual or chain businesses like Retail, Distribution, Manufacturing, ERP, Accounting, and Payroll. Marg understands the demands of different users, so Marg decided to design billing software that is capable of meeting the requirements of users. Read More About Marg ERP9+ Billing & Invoicing

Marg ERP9+ Billing & Invoicing Is Tailored For

StartUps

SMBs

Mid-Market

Enterprises

Features

  • Mis Reports
  • Backup & Restore
  • Financial Accounting
  • Sales Management
  • User Access Control
  • Customer Management
  • Data Security
  • Inventory Management
  • View all Features

Basic Edition

$ 113

Full Licence/ Single-User

Get Offer

Silver Edition

$ 175

Full Licence/ Single-User

Get Offer

Gold Edition

$ 350

Full Licence/ Multi-User

Get Offer
4.8
out of 5 (24 Reviews)
Features
4.7
Ease of Use
4.7
Value for Money
4.7
Customer Support
4.7
Anuj kumar

Best inventory and accounting software and best service provided. This is a very good software for all trades. I am satisfied. We recommend using this software for all businesses.

Read all 24 Reviews

Marg ERP9+ Billing & Invoicing Features and Usability-Based User Satisfaction Score

Rating Score 9.6

Rating Score

Out of 10

Review Score 5.0

Review Score

Out of 10

Freshness Score 9.0

Freshness Score

Out of 10

Social Score 9.2

Social Score

Out of 10

Visitor Score 8.0

Visitor Score

Out of 10

Software by Fourlane, Inc

Product Description

FourLane is one of the best QuickBooks Solution Providers, offering a host of QuickBooks-related services such as consulting, hosting, programming, reporting, file review, training, data conversion, and much more. Contact us now for a free consultation. Read More About Fourlane

Fourlane Is Tailored For

StartUps

SMBs

Mid-Market

Enterprises

Features

  • Quickbooks Data Conversion
  • Quickbooks Troubleshooting
  • Quickbooks Enterprise Solutions
  • Quickbooks Data Migration
  • Quickbooks Payroll Services
  • Quickbooks Consulting
  • Quickbooks Setup
  • Quickbooks Data Repair
  • View all Features

Contenders | 2025

Product Description

This information is provided by vendor.

Output Books is the smart GST-ready accounting and invoicing management software for small business owners. Create professional invoices, track dues, and manage your accounts effortlessly. Read More About Output Books

Output Books Is Tailored For

StartUps

SMBs

Mid-Market

Enterprises

Features

  • Vendor Management
  • Expense Tracking
  • Multi Currency Support
  • Data Import/export
  • Budgeting
  • Sales Orders
  • Invoicing
  • Bank Reconciliation
  • View all Features

Lifetime Plan

$ 135

Lifetime/Multi-User

Get Offer
4.0
out of 5 (4 Reviews)
Features
4.8
Ease of Use
4.0
Value for Money
4.0
Customer Support
4.8
pradeep reddy
Managing Director

I highly recommend this software for all types of businesses because it has a ton of features and integrations. With the help of Output Books, I can manage my textile business more profitably. After utilizing Output Books, I am in a comfortable position to manage my business without any difficulties or shortages. Before purchasing Output Books, I tried a number of software demos. With Output Books, I discovered a wealth of features, including the ability to integrate your online store with active inventory.

Read all 4 Reviews

Output Books Features and Usability-Based User Satisfaction Score

Rating Score 8.0

Rating Score

Out of 10

Review Score 1.0

Review Score

Out of 10

Freshness Score 7.0

Freshness Score

Out of 10

Social Score 10.0

Social Score

Out of 10

Visitor Score 8.0

Visitor Score

Out of 10

Emergents | 2025

Product Description

Flare Accounting is a comprehensive financial management tool designed to streamline bookkeeping, automate invoicing, and provide real-time financial insights. Ideal for small businesses, it enhances efficiency, ensures accuracy, and simplifies tax preparation, empowering users to make informed financial decisions. Read More About Flare Accounting

Flare Accounting Is Tailored For

StartUps

SMBs

Mid-Market

Enterprises

Features

  • Purchase Order Management
  • Expense Management
  • Audit Trail
  • Payroll Management
  • General Ledger
  • Accounts Payable
  • User Access Controls
  • Budgeting And Forecasting
  • View all Features

Business

$ 9

Per Month

Get Pricing

Flare Accounting Features and Usability-Based User Satisfaction Score

Freshness Score 5.5

Freshness Score

Out of 10

Social Score 5.0

Social Score

Out of 10

Contenders | 2025

Product Description

This information is provided by vendor.

HostBooks, an automated all-in-one accounting & compliance software, provides you with a comprehensive platform for GST, TDS, eWay Bill, Accounting, Tax & Payroll. Read More About HostBooks Accounting

HostBooks Accounting Is Tailored For

StartUps

SMBs

Mid-Market

Enterprises

Features

  • Financial Reporting
  • Customizable Dashboards
  • Bank Reconciliation
  • Customer Management
  • Vendor Management
  • E Invoicing
  • Multi Currency Support
  • Integration With Other Software
  • View all Features

All-in-One Single Sign Up

$ 76

Per Year

Get Offer
4.3
out of 5 (8 Reviews)
Features
3.8
Ease of Use
4.0
Value for Money
4.1
Customer Support
4.5
Irfan
Proprieter

Good software with consistent support from customer service for any issues. I recommend using this software in the future. I am happy with this software and it saves me money.

Read all 8 Reviews

HostBooks Accounting Features and Usability-Based User Satisfaction Score

Rating Score 8.6

Rating Score

Out of 10

Review Score 2.0

Review Score

Out of 10

Freshness Score 8.0

Freshness Score

Out of 10

Social Score 8.2

Social Score

Out of 10

Visitor Score 8.0

Visitor Score

Out of 10

Software by Epicor

Product Description

This information is provided by vendor.

Epicor's POS system for the retail industry streamlines and simplifies each task with its new features - new navigation and a new Support bar. You can consider it the best POS system for retail that increases productivity by tracking sales more efficiently. You will find... Read More About Epicor Retail

Epicor Retail Is Tailored For

StartUps

SMBs

Mid-Market

Enterprises

Features

  • Sales Processing
  • Barcode Scanning
  • Order Management
  • Inventory Management
  • Employee Management
  • Payment Processing
  • Supplier Management
  • Gift Card Management
  • View all Features

Category Champions | 2025

Product Description

This information is provided by vendor.

QuickBooks is an online accounting software for business owners to stay on top of their finances. Easy-to-use interface, 100% data security, and features such as online bank connect and WhatsApp integration help business owners focus on growing their business. Read More About QuickBooks Online

QuickBooks Online Is Tailored For

StartUps

SMBs

Mid-Market

Enterprises

Features

  • Receipt Capture
  • Estimates
  • Financial Reporting
  • Payroll Management
  • Invoicing
  • Mobile App
  • Cash Flow Management
  • Third Party Integrations
  • View all Features

Simple Start

$ 30

Per Month

Get Offer

Essentials

$ 60

Per Month

Get Offer

Plus

$ 90

Per Month

Get Offer
4.4
out of 5 (69 Reviews)
Features
4.3
Ease of Use
4.4
Value for Money
4.2
Customer Support
4.1
Muyonjo Nicholas
Committee Member

QuickBooks Online is a nice software that helps manage sales tax and finances. I have also automated my tasks.

Read all 69 Reviews

QuickBooks Online Features and Usability-Based User Satisfaction Score

Rating Score 8.8

Rating Score

Out of 10

Review Score 10.0

Review Score

Out of 10

Freshness Score 9.5

Freshness Score

Out of 10

Social Score 8.4

Social Score

Out of 10

Visitor Score 10.0

Visitor Score

Out of 10

Category Champions | 2025

Product Description

This information is provided by vendor.

Sage offers complete desktop accounting software that helps you spend less time managing your accounts and more time developing your business. With its easy-to-use interface, Sage 50cloud Accounting has aided small businesses and entrepreneurs in operating efficiently and effectively. Special Offer: 40% off Sage 50cloud... Read More About Sage 50cloud

Sage 50cloud Is Tailored For

StartUps

SMBs

Mid-Market

Enterprises

Features

  • Fixed Asset Management
  • Project Management
  • Audit Trail
  • Bank Reconciliation
  • Mobile Access
  • Expense Tracking
  • Integration With Microsoft 365
  • Multi Currency Support
  • View all Features

Pro Accounting

$ 51

Per Month

Get Offer

Premium Accounting

$ 78

Per Month

Get Offer

Quantum Accounting

$ 198

Per Month

Get Offer
4.6
out of 5 (12 Reviews)
Features
4.7
Ease of Use
4.6
Value for Money
4.3
Customer Support
4.8
Lynne Smit

Been using it since the start. Makes things a lot quicker to process. No more trial balances that do not balance. The report is nice and easy to understand.

Read all 12 Reviews

Sage 50cloud Features and Usability-Based User Satisfaction Score

Rating Score 9.2

Rating Score

Out of 10

Review Score 3.0

Review Score

Out of 10

Freshness Score 8.5

Freshness Score

Out of 10

Social Score 9.0

Social Score

Out of 10

Visitor Score 8.0

Visitor Score

Out of 10

Contenders | 2025

Product Description

This information is provided by vendor.

Lightspeed OnSite does a lot more than just let you take payments. It’s built for the realities of running a retail business day-to-day, like managing your inventory, keeping track of your customers, and understanding your store’s sales results. Read More About LightSpeed

LightSpeed Is Tailored For

StartUps

SMBs

Mid-Market

Enterprises

Features

  • Table Management
  • Sales Reporting
  • Discount Management
  • Customer Management
  • Multi Store Management
  • E Commerce Integration
  • Employee Management
  • Barcode Scanning
  • View all Features

Lean

$ 139

Per Month

Get Offer

Standard

$ 199

Per Month

Get Offer

Advanced

$ 319

Per Month

Get Offer
4.6
out of 5 (5 Reviews)
Features
4.6
Ease of Use
4.8
Value for Money
4.8
Customer Support
4.6
Roly Srivastava

With Lightspeed, we are successfully able to run multiple shops at once and solve problems quickly, such as inventory or customer database issues. Very little training was required for the staff to learn how to use Lightspeed. The responsiveness to changing technologies is excellent. SEO is very important, and Lightspeed addresses this aspect of the website, aiming to raise the standings of the companies that use it. Lightspeed also provides us with a large amount of reliable data for tracking, planning, and goal-setting. The simplicity of the entire system is almost self-explanatory. Being able to log on to the system on multiple computers solved an issue we had previously with big sale nights. This way, we could look up inventory and check out customers on multiple computers, increasing efficiency.

Read all 5 Reviews

LightSpeed Features and Usability-Based User Satisfaction Score

Rating Score 9.2

Rating Score

Out of 10

Review Score 1.0

Review Score

Out of 10

Freshness Score 7.5

Freshness Score

Out of 10

Social Score 8.5

Social Score

Out of 10

Visitor Score 8.0

Visitor Score

Out of 10

Emergents | 2025

Product Description

This information is provided by vendor.

Pabbly Subscriptions is a recurring billing and subscription management software that automates the entire subscription lifecycle. Moreover, it provides you with an effortless dashboard where you can easily manage all transactions, plans, products, etc. under one roof. Read More About Pabbly Subscriptions

Pabbly Subscriptions Is Tailored For

StartUps

SMBs

Mid-Market

Enterprises

Features

  • Affiliate Management
  • Custom Fields
  • Subscription Management
  • Zapier Integration
  • Coupon Management
  • Api Access
  • Analytics And Reporting
  • Trial Management
  • View all Features

Starter

$ 7

User/Month

Get Offer

Rookie

$ 29

User/Month

Get Offer

Pro

$ 59

User/Month

Get Offer
4.9
out of 5 (7 Reviews)
Features
4.6
Ease of Use
4.6
Value for Money
4.9
Customer Support
4.6
Gary V. Bryson
CEO

Once the subscription is created, it's automatically taken care of. I don't have to worry about each and every customer and their billing. Now I can just focus on growing my business.

Read all 7 Reviews

Pabbly Subscriptions Features and Usability-Based User Satisfaction Score

Rating Score 9.8

Rating Score

Out of 10

Review Score 2.0

Review Score

Out of 10

Freshness Score 8.0

Freshness Score

Out of 10

Social Score 9.3

Social Score

Out of 10

Visitor Score 6.0

Visitor Score

Out of 10

Contenders | 2025

Product Description

This information is provided by vendor.

Waves accounting tool is 100% free, secure, and accountant-approved. Use Wave Accounting to connect your bank accounts, sync your expenses, and balance your books to ensure youre ready for tax time. Read More About Wave Accounting

Wave Accounting Is Tailored For

StartUps

SMBs

Mid-Market

Enterprises

Features

  • Bank Reconciliation
  • Recurring Billing
  • Mobile App
  • Multi Currency Support
  • Dashboard
  • Payroll Management
  • Data Import/export
  • Accountant Access
  • View all Features

Accounting Software

$ 0

Forever

Get Offer
4.4
out of 5 (8 Reviews)
Features
4.3
Ease of Use
4.5
Value for Money
4.4
Customer Support
4.3
Vishit Chhatrapati

I have been using this application for 1.5 years, and it's very user-friendly. The UI is seamless and really easy to understand. It covers all the important features that help manage your accounts. They provide an automated email template if you want to send an invoice directly to your clients.

Read all 8 Reviews

Wave Accounting Features and Usability-Based User Satisfaction Score

Rating Score 8.8

Rating Score

Out of 10

Review Score 2.0

Review Score

Out of 10

Freshness Score 8.5

Freshness Score

Out of 10

Social Score 9.7

Social Score

Out of 10

Visitor Score 6.0

Visitor Score

Out of 10

Emergents | 2025

Product Description

Kashoo is the easiest online software at an affordable cost for accounting. It is designed to manage the entire system of small to medium businesses. It updates all the finances in real-time and manages cash flow. Read More About Kashoo

Kashoo Is Tailored For

StartUps

SMBs

Mid-Market

Enterprises

Features

  • Financial Reporting
  • Multi Currency Support
  • Sales Tax Management
  • Mobile Access
  • Bank Reconciliation
  • Project Tracking
  • Time Tracking
  • Vendor Management
  • View all Features
4.4
out of 5 (5 Reviews)
Features
4.4
Ease of Use
4.6
Value for Money
4.6
Customer Support
4.4
Gaurima Yadav

We asked for the free trial and were impressed with its performance. The software was able to handle the entire accounting task with minimal input. In addition, the training provided was also very useful. They explained all its features in a simple manner. To operate it, you do not need to be an accounting expert. Anyone can operate it with practice.

Read all 5 Reviews

Kashoo Features and Usability-Based User Satisfaction Score

Rating Score 8.8

Rating Score

Out of 10

Review Score 1.0

Review Score

Out of 10

Freshness Score 7.5

Freshness Score

Out of 10

Social Score 9.6

Social Score

Out of 10

Visitor Score 4.0

Visitor Score

Out of 10

Software by OneUp

Product Description

OneUp is the most trusted and experienced solution for small businesses for accounting. Seamlessly provides invoices, inventory, and CRM. Supports with a mobile-based solution to manage any features anytime, anywhere. Also has facilities to create/get a relevant quote. Read More About OneUp

OneUp Is Tailored For

StartUps

SMBs

Mid-Market

Enterprises

Features

  • Customizable Dashboards
  • Multi Currency Support
  • Bank Reconciliation
  • Automated Bookkeeping
  • Audit Trail
  • Sales Orders
  • Tax Management
  • Time Tracking
  • View all Features

Contenders | 2025

Product Description

This information is provided by vendor.

Tipalti is the leading company in Accounting Software for launching new payments technology. It has a nice user interface. It serves the way of advanced modules, i.e., scaling rapidly, reducing financial and compliance risk, producing income, and building a strong relationship with suppliers. Read More About Tipalti

Tipalti Is Tailored For

StartUps

SMBs

Mid-Market

Enterprises

Features

  • Payment Reconciliation
  • Supplier Portal
  • Invoice Automation
  • Payment Status Tracking
  • Payment Approval Workflow
  • Currency Conversion
  • Tax Compliance
  • Customizable Payment Rules
  • View all Features
5.0
out of 5 (2 Reviews)
Features
5.0
Ease of Use
5.0
Value for Money
5.0
Customer Support
5.0
Sandra
CEO (Chief Executive Officer)

Tipalti has revolutionized our payment processes with its seamless automation. Managing global payments, compliance, and financial operations has never been easier. The platform’s user-friendly interface, robust fraud prevention tools, and real-time reporting save us time and reduce errors. The ability to handle multiple currencies and tax compliance is a game-changer for international businesses. Tipalti offers exceptional customer support, ensuring every query is resolved promptly. It’s a reliable solution for businesses looking to scale operations without financial headaches. Highly recommend Tipalti for streamlining payment workflows and ensuring compliance.

Read all 2 Reviews

Tipalti Features and Usability-Based User Satisfaction Score

Rating Score 10.0

Rating Score

Out of 10

Review Score 1.0

Review Score

Out of 10

Freshness Score 6.5

Freshness Score

Out of 10

Social Score 8.0

Social Score

Out of 10

Visitor Score 8.0

Visitor Score

Out of 10

Contenders | 2025

Product Description

FreeAgent accounting software automatically builds real-time business accounts from the bank statements, invoices, and expenses that you enter throughout the year. You just take care of the daily admin, and FreeAgent handles the rest. Read More About FreeAgent

FreeAgent Is Tailored For

StartUps

SMBs

Mid-Market

Enterprises

Features

  • Customizable Invoices
  • Recurring Invoices
  • Payroll Integration
  • Data Import/export
  • Vat Filing
  • Bank Feeds
  • Multi Currency Support
  • Invoicing
  • View all Features

Basic

$ 10

Per Month

Get Pricing
5.0
out of 5 (1 Review)
Features
5.0
Ease of Use
5.0
Value for Money
5.0
Customer Support
5.0
Raunaq Sharma

My experience with this software is good. I will write some pros and cons for it.**PROS**- Excellent dashboard.- Understandable navigation.- Thorough contact records.- Appropriate feature set for small businesses and freelancers.**CONS**- Few connections to external payment account providers and e-commerce sites.- User interface and navigation are not state-of-the-art.- Non-standard inventory tracking.- Few add-ons.- Doesn't project estimated tax amounts.- Few reports.

Read Review

FreeAgent Features and Usability-Based User Satisfaction Score

Rating Score 10.0

Rating Score

Out of 10

Review Score 1.0

Review Score

Out of 10

Freshness Score 6.0

Freshness Score

Out of 10

Social Score 5.0

Social Score

Out of 10

Visitor Score 4.0

Visitor Score

Out of 10

Retail accounting software guide

What Is Retail Accounting Software?

Retail accounting software is designed to support retailers in handling their retail business by providing several corresponding tools. Since these systems offer many services in one place and simplify the operation of a store, accounting software for retailers may benefit shop owners.

You can use a retail accounting software program to perform daily tasks like checking out clients, handling and purchasing inventory, and keeping track of finances quickly. For example, a retail accounting software program might include inventory management, POS (Point of Sale), CRM, etc.

Benefits Of Retail Accounting Software For Retail Businesses

Benefits Of Retail Accounting Software

A retail business owner must manage inventory, sales tax, payroll, and POS. You must know how to merchandise goods, advertise and promote, manage stocks, provide customer service, analyze the market, and so on. You can get the most out of your retail store accounting software if you implement it frequently in your daily business activities. Here are some possible advantages:

  1. Increases Efficiency

    Consumer data can be gathered and stored using retail accounting software, which you can use for advertisements, offers, and many other purposes. Moreover, retail accounting software organizes, streamlines, and optimizes everyday business operations, reducing the need to repeat manual processes.

  2. Enhances Inventory Management

    Retail accounting software allows retailers to keep a record of current inventory & define additional lists they need to function smoothly. This will enable them to place the correct purchase orders and eliminate surpluses.

  3. Automates Reporting

    Almost all accounting programs include standard reports and the capability to build custom ones if needed. This enables buyers to make critical decisions rapidly without spending time manually gathering information.

  4. Handles Promotion

    A retail management software system enables companies to schedule promotions, forecast, and analyze the results. This allows them to give discounts and incentives to their customers while monitoring their effects on brand productivity.

Who Can Buy Retail Accounting Software?

There are three major classifications of buyers that most businesses generally fall into, so you'll want to focus on programs that cater to your category:

  1. Small Buyers

    This is typically the case for retailers with fewer than five locations, but if they run a few large stores, they may fall into one of the other two categories. These small buyers typically need an affordable accounting solution that integrates with their point-of-sale system. They usually have specific accounting needs.

  2. Enterprise Integrated Suite Buyers

    In contrast to the best-of-breed buyer, these buyers prefer a system with fully integrated point-of-sale, inventory control, and accounting functions in one place.

    Further, you may use modules for storage management, inventory planning, or multi-channel administration. Since accounting functionality does not vary much from system to system, many purchasing decisions will be driven by POS and inventory control needs

  3. Enterprise Best-Of-Breed Buyers

    In addition to having substantial investments in inventory control and point-of-sale systems, these larger retailers are looking for standalone accounting programs rather than replacing their existing systems.

    Integration, flexibility, and scalability are usually requirements for these buyers, who typically have many smaller stores or more than five locations.

Key Features Of Retail Accounting Software

Most retail accounting software platforms offer a wide range of valuable features, but what should you look for in accounting software for a retail business? The following are some convenient features you should consider:

Features Of Retail Accounting Software

  1. Inventory Management

    The best accounting software that can track inventory will allow you to increase profitability and reduce overhead expenses by seamlessly managing inventory and costs across companies and channels

  2. Multi-Channel Selling

    There should be immediate updates to the online retail accounting software about the items available through each distribution channel. This is particularly true when the technology can hold inventory on new orders immediately, as you won't risk selling the same commodity to more than one person or running out of inventory simultaneously.

  3. Receipt/ Barcode Scanning

    You can scan and catalog any receipt as income or expense. Also, with barcode scanning, inventory management programs can print barcodes to keep their products conveniently identified and discoverable. This enables an inventory management system to track the position of objects.

  4. Time-Tracking

    Tracking your employees' hours can help you calculate their wages, which helps if you have several employees.

  5. Project Profitability Tracking

    Analyzing product profits can help you know if a project should be cut loose, so you can use this tool to determine if it's a good idea to continue.

  6. Multi-Currency Payments

    It may be optional for some, but receiving payments in multiple currencies is highly critical if you serve globally.

  7. Point-of-Sale (POS)

    The right Point-of-Sale (POS) software can assist your customers with a seamless buying process and provide your sales associates with the necessary information to engage them.

  8. Supply Chain Management (SCM)

    Retail store accounting software should provide features like order management, fulfillment, warehouse management, returns, and other built-in functions for managing supply chains.

Tips For Using Retail Accounting Software

You will get the most out of your online retail accounting software if you regularly use it. Here are a few beneficial suggestions to assist you in maximizing your retail business accounting software:

Tips For Using Retail Accounting Software

  1. Record Every Transaction

    Register every deal, investment, employee payment, and tax bill to make a clear picture of your industry.

  2. Reconcile & Verify

    You must check your trades regularly (at least twice a week).

  3. Gather Vital Tax Info

    Ensure that your payroll and tax information is securely stored, and check local laws to ensure you must maintain it for tax and payroll purposes.

  4. Maintain a Properly Defined Ledger

    Get help setting up ledgers in your accounting software for the shop - an accountant can assist you here.

  5. Update Ledgers

    You will want to avoid falling behind if the business is brisk, so move your sales and purchase receipts into your ledger daily or at least 3/4 times a week.

  6. Weekly/Monthly Checks

    Have your financial consultant or accountant review your ledger at least once/twice a week to avoid discrepancies and detect cash flow shortages as soon as they arise.

  7. Regular Reporting

    Make the most of your retail business accounting software’s powerful features. The best accounting software for retail businesses can construct valuable statements to assist you in gaining better knowledge of your company and its implementation.

  8. Document Everything

    Invoices, receipts, and payment notifications for Inventory or payroll should all be kept in order.

  9. Separate Your Personal From Business

    Preserve distinct bank accounts for individual and company finances. Also, set up separate funds for payments and incoming earnings. It may appear like additional work, but it can support you in catching disparities earlier.

  10. File Tax Returns Regularly

    It will help if you stay up-to-date on all the government deadlines, including tax returns, employee returns, and all other required reporting. You can visit the government's website for a list of critical dates.

  11. Keep an Eye On The Cash Flow

    Make sure you keep a close eye on your cash flow regularly. Share this information with someone you trust, such as your accountant, so you don't get caught off guard by a cash crisis.

How To Select The Right Retail Accounting Software?

Today's accounting software is not just for accounting; it's also connected to other apps, giving you access to hundreds of tools that help you run your retail business. Here are some things to remember when selecting accounting software for retail business:

  1. Does it function on the cloud?

    You will be able to access your accounts from anywhere at any time. You will reduce support costs, back up your account automatically, and connect it to other apps easily.

  2. Is it intended for retail?

    Research the online platforms and characteristics carefully to decide whether the retail accounting system works.

  3. How extensible & scalable is it?

    Extensible means adding new elements to the accounting software for the shop by buying renewed add-on enterprise apps as your firm expands. Scalable means it can grow as your organization does, allowing you to add new users whenever required.

  4. Is it capable of recording transactions & managing payroll?

    Many accounting software handles transactions. However, payroll may require an upgrade. Make sure you check before buying.

  5. Does it track inventory?

    Some do, and others don't. But it can be effortlessly attached to third-party apps that can. Do your investigation before putting your money in, as this is valuable for retailers.

    If you ever intend to use retail accounting software, ensure all your essential information is safely archived. It includes sales records, loan statements, bank information, and tax records. You'll require it for your tax returns and in the circumstance of an audit.

5 Best Retail Accounting Software

ERP software providers offer a complete package of retail accounting software. ERP solutions contain a robust accounting and financial management module with all different enterprise and practical tools to address inventory, product planning, trade, etc.

Here are 5 of the best accounting apps for retail to help you get started:

1. QuickBooks Online

QuickBooks Online

QuickBooks Online is one of the most widely used for retail business accounting. With QuickBooks Online, you can track revenue, develop invoices, handle bills, and track inventory. Online accounting software for retail shops allows you to oversee your inventory and sales from one location.

Features

Pros

  • It is effortless to send invoices
  • QuickBooks online is relatively easy to use and user-friendly
  • Easy to use reports for taxes at the end of the year
  • It ensures transparency by enabling accountants and auditors to access the data at any time

Cons

  • QuickBooks Online needs to be faster to resolve tech issues
  • Customer service needs improvement
  • While the premise of bookkeeping cleanup is excellent, the implementation could be better

Pricing

  • Self-Employed - $15 per month
  • Simple Start - $25 per month
  • Plus - $75 per month

2. Sage 50Cloud

Sage 50Cloud

Among the best accounting software for small businesses is Sage 50cloud. This software is made for small business owners, including most retail companies. It incorporates core accounting features & tools for automating accounting processes, managing inventory, time and expense tracking, budgeting, invoicing, and billing. You can add office and communication tools, payroll systems, and credit card processing to your platform.

Features

  • Cash flow and invoicing
  • Payments & Banking
  • Advanced inventory management
  • Job costing
  • Sage Security Shield

Pros

  • Effortless and straightforward to use
  • Easy invoice entry & reporting
  • Sage 50 delivers exceptional month-end reporting
  • Easy payroll system

Cons

  • Remote access can occasionally fall over
  • The help desk has exceptionally long wait times
  • The application is sometimes slow to load

Pricing

  • Sage 50 Pro Accounting - $299 per year
  • Sage 50 Premium Accounting - $449 per year
  • Sage 50 Quantum Accounting 3 User - $1,499 per year

3. Lightspeed Accounting

Lightspeed Accounting

Lightspeed accounting is among the leading retail accounting software options for your retail business. Among the tools offered by the solution are inventory management, retail store management, time and expense tracking, payment processing, purchase order management, customer profiles, integration of accounting software, and integration of point-of-sale devices like barcode scanners and receipt printers.

Features

  • Inventory management
  • Customer relationship management
  • Employee management
  • Payment processing
  • Payroll integrations

Pros

  • It's easy to keep track of the inventory & editing
  • 24/7 maintenance and support
  • The system links objects, deals, customers, and sales teams seamlessly
  • POS is easy to use and learn, customizable, and cost-effective

Cons

  • It can only handle a few orders at a time
  • A few bugs are there, and it crashes often
  • The interface needs improvement

Pricing

  • Starts from $60 per month billed monthly

4. Wave

Wave

Wave is the best free accounting software for small retail businesses. Besides supporting double-entry bookkeeping, it offers unlimited access to records and financial reports that are always available, along with unlimited invoicing and expense management.

Invoice, receipt scanning, payment processing, and payroll apps are integrated into Wave Accounting solution, which is integrated with Shoeboxed expense tracking software.

Features

  • Customizable invoices
  • Invoice Scheduling
  • Recurring billing
  • Finance management
  • Online client portal for invoices

Pros

  • Invoices with automated reminders
  • Simple categorized transaction records
  • Wave is effortless to use and comprehend
  • Reporting features are excellent

Cons

  • Customer service needs improvement
  • Wave will revise/revoke payment services without forewarning
  • Reconciliation could be better

Pricing

  • It is free to use.

5. NetSuite ERP

NetSuite ERP

Whatever your business size or industry, NetSuite ERP is one of the best accounting software for small retail businesses that provide a fully integrated, highly scalable solution. In addition to combining financial management operations with business intelligence, this software also helps companies make informed decisions based on data.

With NetSuite ERP, you can automate several accounting tasks, including financials, inventory tracking, orders, revenue, Inventory, billing, and sales tax. It also includes a retail management component that enables you to transform your business into a seamless omnichannel commerce platform.

Features

  • Automate financial processes
  • Gain Inventory Visibility
  • Supply Chain Optimization
  • Flawless Order Management
  • Global Business Management

Pros

  • NetSuite is great at tracking financials and budgeting
  • Customizable reports & forms
  • It can manage numerous business units & support multi-currencies
  • NetSuite has highly knowledgeable customer support

Cons

  • Managing numerous profiles for end users can be challenging
  • Some reporting components take time to navigate
  • Implementation is complex for users, and there is no free trial

Pricing

  • Custom pricing

Market Trends Related To Retail Accounting Software

Retail accounting software is affected by several software trends. Here are a few of the primary trends:

Trends Related To Retail Accounting Software

  1. Software As A Service (SaaS)

    It is usual for accounting programs to migrate to SaaS. We usually encourage customers to view this model open-mindedly since SaaS accounting systems can ease IT burdens and reduce upfront costs.

  2. ERP Vendors As Retail Vendors

    For decades, software corporations like Microsoft have supplied accounting programs or ERP solutions. Users would have to use a separate operating system for every accounting package.

    Over the years, these providers have developed extensive capabilities so that people in the retail business can use them for accounting, inventory control, warehouse management, and point of sale

Conclusion

It is essential to choose retail accounting software capable of handling and meeting the unique needs of your business. In addition to accounting, tracking payments, and developing financial statements, it must control inventory, expenses, investment orders, traders, consumers, multi-channel deals, and global operations.

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Last Updated: August 20, 2024