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Do all retail shops need an accounting software?
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[QUOTE="Leah Kelvin, post: 345040, member: 106815"] It is advisable that all retail shops use accounting software to monitor financial transactions, sales, expenditures, inventory and cash flow. Moreover, accurate records are crucial for decision-making, cash Flow Management and tax compliance. It increases accuracy, effectiveness, stock management, financial analysis, tax fulfillment as well as enhanced cash flow management. This tool helps in automating tasks like keeping track of orders and deliveries of goods; evaluating a store’s finances according to a balance sheet prepared by an accountant who works at or for the business; providing financial reports such as profit and Loss statements and income accounts; assisting with filing taxes such as VAT returns or corporation tax returns or both preparing for year-end accounting [/QUOTE]
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Do all retail shops need an accounting software?
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