In today’s retail world, data surrounds you. Every transaction, every returned item, every move of stock creates data. However, a lot of retail managers face “The Decision-Making Problem”. Even with all the great technologies such as Retail Management Hero (RMH) at the sales desk and QuickBooks in the office, they have a hard time making any effective business decision.
Why? Because of the data silo problem.
To make any strategically correct decisions, executives need an integrated picture of both operational and financial performance. Without integration of POS and accounting solutions, managers must make important decisions based only on hunches and old Excel sheets.
The Risk of Running Your Business with Your Eyes in the Rear-view Mirror
RMH and QuickBooks being out-of-sync means that information exchange is slowed down by manual entries. Store managers are aware of what sells in-store; however, the finance department only gets this information after days, or even weeks.
It means that the executive team runs its business from the rear-view mirror. By the time the finance department finishes reconciling the data manually at the end of the month, the market environment is already different. You react to the old information instead of actively guiding your retail strategy.
If there is no one source of truth for your company, then it becomes impossible to answer such essential questions like whether our promotional activities lead to profits or not; which of the store locations is costly to operate; or whether we have enough money to purchase new inventory next quarter.
Making Data Work for You
For solving the decision-making issue, the retail organization needs to connect its front-office and back-office operations. x2x RMH for QuickBooks Integration was made for that. With automation of data flows provided by x2x, the retailers convert transactional information into real-time financial story.
Each transaction, returns, layaways, stock changes made in RMH are automatically reflected in QuickBooks in real time. The retailers get an automated solution which provides the executives with a single source of truth.
Here is how the integration of RMH and QuickBooks with the help of x2x will benefit you and help you make better decisions:
Optimal Inventory Procurement
Knowing about Cost of Goods Sold and current stocks in real time, the buyers will be able to spot emerging trends at once. You will know where you must invest more and which SKUs are losers that will tie up cash flow.
Profitable Pricing and Promotions
But are your weekend promotions really making money, or simply selling off stock at a loss? By linking up your RMH discount data with QuickBooks sales information, the management team will be able to see immediately how profitable the promotion was, thus helping them make decisions about future pricing.
Accurate Performance Comparison of Different Locations
If you have several store locations, then financial consolidation might change everything for you. With x2x, you can consolidate RMH data from all your stores in a single QuickBooks file. Now the management team can analyse each individual location to determine what stores need changes, and which ones should receive investments.
Precise Cash Flow Prediction
To grow, money is required. CFOs can now forecast cash flows with absolute precision thanks to automated daily sales reports that feed directly into QuickBooks.
Conclusion
In an increasingly competitive environment, guesswork will not get you ahead of the competition. The winners of tomorrow will be those who are able to harness their data.
The x2x RMH for QuickBooks Integration provides the solution to the decision making problem by eliminating data silos, automating financial processes, and providing business intelligence in real time to your executives. Stop guessing and start deciding. Turn your RMH and QuickBooks data into your biggest asset.
