From the rapid growth of online shopping platforms to a shift in consumer spending habits, most retailers have had to adapt to tremendous change and an increased pressure on their operating margins.
This pressure has only exacerbated in recent years too, with much of the sales going online since Covid along with a reduction in high street footfall.
As specialist advisors to this sector, we understand the challenges it faces and our experts will give you ongoing financial guidance, helping you make the right decisions at the right time.
Sandra has worked for over 15 years as a CFO at a chain of six retail stores in Manhattan and New Jersey helping with general accounting requirements and overcoming challenges in the sector. The most significant contribution was implementing a POS system in their stores.
After implementing KWI and Mass 90 by Sage (retail POS and accounting programs), she could then customize the financial reporting, allowing the executives to analyze profit margins by item, department, and space within stores and by buyer. As reports were sent out weekly, the client could make confident business decisions with accurate, up-to-date numbers.
As a result of analyzing the data, theft by customers and cashiers was discovered in two different stores. In addition, it was also identified that having a warehouse for merchandise was too costly.
With this information, the client could then reduce their overhead by giving up the warehouse and having merchandise delivered directly to stores, leading to a significant increase in profits.