Bookseller Implements Cloud-Based System to Handle Accounting in Multi-Location, Retail Environment
The oldest independent bookseller on the West Coast, Books Inc. struggled with manual accounting processes until the SD Mayer team integrated NetSuite into their company.
The team at SD Mayer helped to take us from early startup mode, running accounting with Excel and lump-sum journal entries, to proper audit-ready accounting practices. Highly recommended for a bootstrapping startup that needs to up their game. Great team to work with! Friendly, responsive and accurate. Just what you need.
THE CHALLENGE
With 11 stores around the Bay Area, Books Inc. relies on communication and integration amongst the stores and management. Its manual accounting processes that recorded daily sales from each store by genre took 60-90 days to close the books and finish financial statements. With the most recent financial numbers months behind the current date, the management could not use this information to make accurate decisions about purchases, payroll, and more. More largely speaking, lacking current information places organizations in the position of missing tax returns, vendor bills, or other crucial payments.
HOW SD MAYER HELPED
SD Mayer suggested for Books Inc. to use NetSuite, one of our technology partners. NetSuite allows the daily activity from each store to be recorded and uploaded to a central file server and then downloaded into NetSuite on a daily basis.
THE RESULTS
Books Inc. now closes its monthly books within 5-6 business days, maintaining accurate financial statements throughout NetSuite. With the company’s financial success depending on an integrated system, Books Inc. was the perfect candidate to adopt a cloud-based technological solution to put manual, slow accounting procedures in the past. Retail stores, as well as other companies with multiple locations, can benefit from a cloud platform like NetSuite. The streamlined internal accounting processes allow companies to get back to their expertise and customers while SD Mayer takes care of the behind-the-scenes work.
DISCLAIMER:
This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, accounting, legal or tax advice. The services of an appropriate professional should be sought regarding your individual situation.
