Top Best Accounting Software for Retail Business: Guide for Retailers

Running a business in the retail industry can be overwhelming, because of specific tasks, such as inventory management or sales tracking. And when you add bookkeeping into the mix, it’s easy to feel burned out. But fear not—retail accounting software is here to help lighten the load.

That’s why about 58% of businesses use cloud accounting solutions to simplify their workflow. So, automation can make a big difference. But how does it work? And what should you consider when choosing the right software? Don’t worry. In this guide, we’ll review these software and help you find the best options for your business.

Contents

How to choose retail accounting software for your business

Finding the right retail business accounting software can be a challenge when you need a tool that covers all the necessary functions. Where do you start? What features matter most? We’ve put together a list of essential features you won’t want to miss:

• Inventory management;
• Tax tracking;
• COGS tracking;
• P&L reporting;
• Multicurrency support.

This list could go on, but these features are a must. Different software may bundle them together or add even more, depending on the plan. We’ve handpicked the top software options to pack in as many features as possible—making retail accounting easier than ever.

Here’s a quick look at the most popular software out there. We’ve put together a side-by-side comparison of the key features, so you can see right from the start how they stack up and dive straight into the tools that catch your eye:

As you can see, every software on our list covers the essentials. Now, let’s dive deeper into each one to see exactly how it can benefit your business.

1. Synder: Best accounting software for multichannel integration and automated financial reporting

Source: Synder

Synder is a great accounting software for businesses of different sizes, that enhances the functionality of the next four top accounting software—QuickBooks Online, QuickBooks Desktop, Xero, and Sage Intacct—giving you exactly what you need, where you need it. 

With Synder, you’re in complete control of your financial data across every channel and report, bringing all your retail accounting into one easy-to-manage place. Imagine over 30 integrations—connecting directly with platforms like Shopify, Amazon, and more—so you can skip the extra apps and manual data entry. Synder does the heavy lifting, keeping everything organized and accurate, ready for instant insights whenever you need them. 

Key features for retailers: 

• Automated data sync: Synder syncs all your multichannel data with QuickBooks, Sage Intacct, or Xero, letting you choose between Summary Sync or Per Transaction for the level of detail you need. It captures all the important details—cost, client, product, taxes, and more—keeping your records organized without the extra work.
• Inventory and COGS tracking: With Synder your accounting system becomes your single source of truth for inventory. Synder organizes income by product accounts in your books, so even if you’re selling the same or different items across multiple channels, QuickBooks or Xero will always show accurate, up-to-date COGS and quantities on hand.
• Automated invoicing: You can send one-time or recurring invoices—whether it’s weekly, monthly, or yearly—and even set up automatic reminders to keep things on track. It allows you to keep all your customer communication in one place.
• Accurate tax calculating: Synder takes care of your tax calculations, using your sales and tax rates to get it right, then matching everything up with the right tax codes in your accounting system. Its accuracy is made easy, so you’re always in sync.
• Automated reconciliation: Synder simplifies the bank reconciliation process, ensuring all your financial data lines up perfectly. No need to dig through every detail for errors—Synder automates it all, keeping your workflow smooth and efficient.
• Detailed Profit & Loss report: With Synder, creating P&L statements is simple—just pick the time frame you need. Need a report for this month, last year, or any custom period? No problem. You can even break down your statement by location, contact, ecommerce store, product, tags, tax, payment processor, or month to get the exact insights you’re looking for.
• Multicurrency support: Synder records all your multicurrency transactions in the currency you choose, by taking rates from the payment platform where the transaction was recorded. It’s all about accuracy and smooth reconciliation, so you can trust your numbers are spot-on, no matter where your sales come from.

If you want to learn more, test drive Synder with a 15-day free trial (no credit card required) or explore its features on a Weekly Public Demo.

2. Xero: Accounting software for the retail business industry with extensive inventory management

Source: Xero Accounting Software – YouTube channel

Xero is a cloud-based accounting software solution that also offers a convenient mobile app. It’s perfect for small business owners who want to streamline their financial processes. It automates everyday tasks like invoicing and reporting, freeing up time for what matters most. Xero connects directly to your bank, pulling in transactions from multiple accounts for easy, daily reconciliation. However, there are more features that Xero can offer to retail business owners.

Key features for retailers:

• Real-time financial insights: Get live updates on sales and expenses right on your dashboard, letting you keep a close eye on financial changes as they happen.
• Extensive integration options: Xero connects with top retail apps like Shopify, automatically syncing sales and saving you from manual data entry.
• Automated transactions: Xero connects to your bank and automatically imports and categorizes daily sales and expenses.
• Inventory management: Set reorder alerts for popular items, and Xero will notify you to restock when inventory dips, so you can avoid those out-of-stock moments during peak sales.
• Multicurrency support: Xero’s multicurrency feature makes international purchases easier by converting transactions to your home currency automatically.

3. QuickBooks Online: Retail business accounting software for tax management

Source: Intuit QuickBooks – YouTube channel

QuickBooks Online is one of the best retail accounting software, making it easy to stay on top of cash flow and keep track of income and expenses in one place. With automatic updates every time an invoice is sent or a payment is received, QuickBooks simplifies financial management for retailers. It also connects with major payment gateways and marketplaces, offering a complete view of your financial information. Here’s a closer look at what makes QuickBooks a standout for retail:

Key features for retailers:

• Sales tax automation: QuickBooks Online calculates sales tax automatically based on location and product type, so your tax collection is always accurate and compliant with local rules.
• Sales and income tracking: Easily record sales via invoices or receipts. QuickBooks integrates with POS systems, keeping all sales data in one place for straightforward income tracking.
• Multi-user collaboration: Multiple users can access QuickBooks Online at the same time, with customizable permissions for each role, ensuring seamless teamwork.
• Detailed reporting: From P&L statements to balance sheets and cash flow reports, QuickBooks offers customizable reports to give you clear insights into your business performance.

4. Sage Intacct: Multi-store retail businesses accounting software for sophisticated financial management

Source: Sage Intacct, Inc. – YouTube channel

Sage Intacct is an accounting software for retailers designed to simplify bookkeeping. From payroll and tax filing to inventory tracking, Sage Intacct covers it all, giving you the insights you need. Wondering how Sage Intacct can boost your retail business? Here’s a rundown of its standout tools:

Key features for retailers: 

• Smart inventory tracking: With real-time inventory updates, Sage Intacct helps you keep stock at the right level. You can set alerts to reorder popular items before they run out, so you’re always ready for demand.
• Easy multi-store management: If you’ve got multiple stores, Sage Intacct’s multi-entity feature makes managing finances a breeze by automating consolidations and inter-store transactions—all in one view, making it a great complement to retail CRM systems for seamless data management.
• Automated vendor payments: Sage Intacct streamlines accounts payable, so vendor payments are smooth and accurate, and cash flow stays healthy.
• Custom reports & dashboards: You can create insightful dashboards and reports that give you a clear view of sales, expenses, and profits—perfect for making smart business moves.

Note: For pricing, contact a software representative.

5. NetSuite ERP: Accounting for small business with advanced data analytics and real-time financial recording

Source: NetSuite – YouTube channel 

NetSuite gives retail businesses everything they need to manage finances smoothly and close books faster. Automation cuts down on errors and saves time, while customizable reports, dashboards, and real-time metrics keep you on top of business performance. 

With support for multiple currencies and compliance standards, NetSuite is perfect for retailers with global reach, giving secure access to data anytime, anywhere. What features does NetSuite ERP offer to enhance retail business operations? Let’s see.

Key features for retailers: 

• Inventory management: NetSuite gives retailers real-time inventory tracking across all locations, helping you keep stock levels just right. 
• Order management: NetSuite automates the order-to-cash process, from order handling to fulfillment, ensuring faster deliveries and happier customers.
• Customer relationship management (CRM): With NetSuite’s CRM, retailers get a complete view of customer interactions, making it easy to boost customer loyalty by tailoring offers to customer preferences.
• Financial management: The software automates financial tasks like accounts payable, receivables, and tax management, providing accurate insights to keep finances on track.
• Business intelligence and reporting: NetSuite’s customizable dashboards and reports give retailers insights into sales trends, inventory turnover, and customer habits.

Note: For pricing, contact a software representative.

6. Zoho Books: Accounting software for your retail store with deep integration into the Zoho ecosystem

Source: Zoho Books – YouTube channel 

Zoho Books is a powerful accounting tool built for retail businesses, offering everything needed for smooth financial management. Retailers can easily track payables and receivables, customize invoices, and set up automatic payment reminders to keep cash flow moving. Bank reconciliation is also a breeze, with Zoho Books fetching and matching transactions automatically. But that’s not all—Zoho Books offers even more features for retail businesses than you might think.

Key features for retailers:

• Inventory management: Retailers can get real-time inventory tracking and get notified when stocks are low, avoiding stockouts or overstocking, and always being prepared to meet customer demand.
• Streamlined purchase orders: It lets you create and manage purchase orders easily, including full visibility over supplier relationships and stock levels, so you know exactly what you have in stock and never have too much or too little.
• Sales orders & custom invoicing: You can create branded, customizable invoices and sales orders with Zoho Books. Payments stay on track with automated reminders and a smooth cash flow which leads to a good customer experience.
• Multicurrency support: Automatic conversions to which the platform supports multicurrency make transactions simple for retailers when dealing with global suppliers and customers.
• Payment gateway integration: One of Zoho Books’ strengths is the integration into the popular payment gateways which makes online payments easier and the financial records remain up-to-date in real time.

7. FreshBooks: Accounting software helping you track your inventory with ease

Source: FreshBooks – YouTube channel 

FreshBooks is an online accounting and invoicing tool built to make life easier for retail businesses. It can save you time by automating invoicing and tracking expenses, so your books stay clean. With simple tools and detailed reports, it gives retailers clear financial insights without the hassle.

Key features for retailers: 

• Inventory management: FreshBooks provides retailers with inventory tracking so they can keep track of stock levels. Get alerts, set reorder points, and keep your inventory up to date where you need it.
• Invoicing & payments: FreshBooks can help you make invoicing easy and fast, with online payments, automated reminders, and recurring billing to keep things more orderly and your cash flow from being interrupted.
• Expense tracking: Software breaks down and categorizes expenses and saves the receipts to keep track of them easily. For retailers, FreshBooks brings spending into clear view, and it becomes simple to budget and prepare your financials.
• Financial reporting: You can get insights with customizable reports like P&L statements and sales tax summaries. 

Conclusion: How to choose the best retail accounting software

It’s easy to get confused with accounting tasks, especially in retail where the workload can quickly pile up. Accounting for every product sold, every invoice issued, every tax to be paid and every inventory to track will consume more of your time. That’s where automation becomes your secret weapon to free up additional time so you can focus on growing your business.

When choosing software, you should evaluate the functionalities you need and what you aim to achieve. We’ve shared top options that won’t disappoint—now the choice is yours. Don’t miss out on the power of automation; let it be the boost your business needs to thrive.