Closing Financial Year as Smooth as Silk
Yes 2013-2014 is over yesterday, and we have just stepped in a new financial year 2014-2015 with hopes, motivation and enthusiasm to do better than the last year, to learn more and yes to earn more.
It is said that "Minds are like parachutes they work best when open"- indeed its wise thought and is applicable to every human being.
One of my friend called me today morning thanking me and sharing that this financial year closing was as smooth as silk and looking into that yesterday only his father shared a thought while on way home, that they we will open new shops in other regions as well. So Thanks you.
This appreciation is the result of my suggestions shared with my friend and his father a year back.
Today's post is inspired from a real life instance which i experienced last year.My friend who supports his father in their Garments Store business, which has one of the best collection in the city, and have multiple stores across the city and in other regions.
Before the story, Let us see how can we close the financial year in RetailGraph
NOTE: YOU MUST TAKE BACK UP OF YOUR DATA BEFORE CLOSING AND CHANGING FINANCIAL YEAR.
- Select the "Close Financial Year" tab from OPTIONS menu
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| OPTIONS-->CLOSE FINANCIAL YEAR |
- As you click on Closes financial year you will be routed to this screen, where in you need to click on select all and change financial year for all users if you have to change the financial year for all users and then click ok. Also you can decide on the series on whether u wish to start from 1 or from any other no.
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| CLOSING THE FINANCIAL YEAR |
- Once the closing is done you can change the financial year to 2014-2015, by selecting the existing year and ticking the change financial year.
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| CHANGING THE FINANCIAL YEAR |
- Once the financial year is changed it will reflect in here as seen below:
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| CHANGED FINANCIAL YEAR TO 2014-2015 |
Once again please NOTE: YOU MUST TAKE BACK UP OF YOUR DATA BEFORE CLOSING AND CHANGING FINANCIAL YEAR.
Coming back to our story today, My friend shared that, business is growing for them , but there are many leakages that we are unable to control and also managing operations for all the stores is a problem, as I can't be present at all the stores at a time, and thus we are facing many issues like:
- Error in Reporting because of manual reports and manipulated reports from the operator of software
- It's a tedious and monotonous process to get reports
- Security and business secrecy is at stake
- Many a times reports and information were couriered to us its a lengthy process
- The Data at store and our Head Office never matches and leads to heated arguments and blame game among staff.
- Our Turn Around time to open a new store is very high and involves a lot of unwanted cost.
- We have a poor visibility of business due to monthly reports and that to fabricated which we can't trust.
- Store sales man calculation depends on his relation with the store manager.
- The main thing is accounts handling and closing, on especially on financial year closing we literally need to close our shops of at least one day to focus and close our accounts. This is a real pain
I told him, these issues can be sorted our, why don't you implement a good software for garments , it will help you with all your issues you just talked about.
He told, i know but my father is not willing to change this working style as he don't have trust on software and specially the online concept as he feels it's not safe.
Ok, you must make him understand the benefits and share about how this software will help and that to with security, and we have a meeting planned with his father, in their garments store.
I shared the benefits of the entire system and how it will be helpful to them like:
- Access, Analyze & Reporting across the chain: Detailed reporting and analysis (like Pivot Tables (in excel) and Graphs) helps you to take strategic decisions for your business. Easy access and sharing of data enables excellent control across the chain of stores.
- Low operating cost through best suppliers: Billing using bar-code and Data exchange via electronic medium saves time and manpower. With Reports having consumer preferences, you can plan your purchases and can choose the right supplier from Purchase trend to optimize inventory investments
- Plan Marketing & Promotions Strategies: RetailGraph generates reports on consumer preferences & sales trends, which help you, plan your Marketing Strategy
- Fast, efficient & personalized services to customer: Fast billing serves customer efficiently. Offer promotions & personalized services to customer after checking customers buying trend. Same resources can manage more customers leading higher sales revenue
- Effective control Over Pilferage: User/Department/Region wise rights to check editing of transactions and random category wise/ shelf wise stock reconciliation allows effective control over pilferage.
- Effective centralized control @ HO: Visibility & Transparency through reports generated @ HO helps in effective control of retail chain / distribution operations.
- Protect your investment with rich support &maintenance offer: RetailGraph is a scalable solution and can change as you grow /change with time. You can continue getting benefited from RetailGraph year on year through our Annual Maintenance Offer.
Higher Visibility through live updates from each and every stores to HO
- Automated reporting and analytic
- Faster communication, decision making, and execution of plans
- Store wise / Area Wise / Region wise analysis
- Single entry price updates for PAN India Stores
- Smooth day to day transactions and reporting
- Export accounting data to Tally
- Store wise / Area wise / User wise login and access to have security and secrecy of information
- Helped in reducing time to open and make new store operational
He finally agreed and is now getting benefited from the software.
Conclusion: We all must introspect out thoughts and discuss openly with our family and friends that are you open to new ideas and ask for a real feedback. The crux of the story is the acceptance of new resources which are beneficial for your business.
Hope you linked the blog, please share your comments.
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