Retail accounting software
Brightpearl’s integrated accounting is built specifically for retail and wholesale businesses, providing real-time insight into sales performance, profitability and costs across all your channels, all from the same system you use to manage sales, purchasing, inventory, customers and suppliers. Make the right decisions for your business in order to manage cost, reduce risk and remain agile in an ever-changing trading environment.
“Compared to the accounting system we had before, Brightpearl has absolutely been a huge step forward. You can audit everything, and anything that happens across the business, all in one place.”
Key Retail Accounting Features
Perpetual inventory, integrated landed cost, COGS and a clear insight into the state of your business help you grow your business.
Accurate accounting for inventory
A key element to understanding your profitability is accurately tracking cost of goods sold. With FIFO (first-in, first-out) product costing, you'll not only see the true value of your inventory but also achieve an understanding of your profit margins on goods sold over time. What’s more, with Brightpearl you can choose whether to account for your COGS at the point of shipment or invoice.
Integrated landed costs
Recognizing landed costs is vital for retailers and wholesalers looking to gain a true picture of their profitability. With integrated landed costs, you can ensure accurate profit analysis and financial reporting, enabling you to correctly account for, and report on, the profit made on every sale across all sales channels.
Live financial reporting
Whether you're invoicing an order, taking a payment, processing a shipment or receiving goods-in, journals will be created automatically, updating your financial reports. With a real-time P&L and balance sheet, you'll gain invaluable insight into every aspect of your business's finances, enabling you to make better business decisions.
Accounting choice
With Brightpearl, you can choose to use our fully integrated, real-time accounting to run your business or, if you prefer to continue to use your existing accounts software, that’s fine too – our purpose-built integrations to the major accounts packages give you the freedom to choose. And if you do choose to use third party accounting software to open and close your books, you can still benefit from the real-time sales performance reporting within Brightpearl.
Multi-currency for international expansion
Buy from overseas suppliers, sell to customers around the world and bank in any foreign currency, all within one system. Brightpearl’s multi-currency accounting enables you to truly open up to international trade. Manage your supplier and customer accounts, along with their orders, invoices, payments and debts, in their local currency while maintaining accurate financial reports.
Complete audit trail
Collate all purchasing, sales and accounting activity in a single system. With Brightpearl's cloud-based accounting, you’ll benefit from interconnected data and a complete audit trail. Each transaction is linked to its order or credit allowing you to quickly and easily navigate between contacts, invoices, payments and their underpinning journals. You can then spend less time validating and reconciling data.
Amazon FBA Settlement Report Mapping
As Amazon adds more required fees and transactions, it’s important for you to know which are necessary to track for your business. To give merchants the most flexibility as possible, Brightpearl allows you to import fees and other adjustments to corresponding transactions in Brightpearl. Specify the account code for order-related fees and set the default code for other fees and transactions to ensure accounting journal entries are created and mapped accurately, or prevent accounting from being created for certain fees and charges depending on your personal preferences and workflows
Reconcile your bank accounts
It’s crucial that the transactions in your accounting system match your bank statements; as such you need to reconcile your bank accounts to guarantee that every deposit, withdrawal, bank payment and transfer is accounted for correctly. Brightpearl makes this easy with its bank reconciliation functionality and bank activity reporting.
Manage business expenses and overheads
Aside from accounting for orders and inventory, it's important for any retailer to keep track of general expenses and overheads in order to accurately report on net profit. As such, Brightpearl allows you to track these expenses via supplier bills, bank payments, employee expense claims and of course, journal entries.
Real-time accounts payable and receivable reports
You can track accounts payable and receivable in real-time and across multiple currencies, providing you with an efficient way to keep track of money owed across your business. Report on customer/vendor activity, their full financial history or just outstanding or overdue invoices. Send statements, allocate payments, monitor credit limits and payment terms, all in one integrated system.
VAT returns and sales tax reporting
Whether your business is liable to report VAT or sales tax, Brightpearl has you covered. Depending on your tax scheme, our integrated accounting software will generate VAT returns and EC sales lists, or provide data to report on sales tax, ensuring you can spend less time on back office admin.
Benefits of real-time retail accounting
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Real-time, automated accounting
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Make informed business decisions
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Flexible accounting choice
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Real-time, automated accounting
Brightpearl automates key processes, hugely reducing the time you spend on repeat tasks such as end-of-day or month-end. With Brightpearl, every aspect of your business including sales, purchasing and inventory feed through into your accounting, creating a single, interconnected source of truth. Spend less time inputting data, prevent errors and grow your business.
Make informed business decisions
A clear picture of your finances is essential when it comes to making the right business decisions. Gain immediate insight into the metrics that really matter to your business. From sales performance by channel, SKU, customer and more, to real-time inventory valuation, Brightpearl provides this information at your fingertips enabling you to act on valuable insights quicker.
“Brightpearl certainly saves us time, managing different channels is easy and reporting by channel is very useful. We report on sales by channel every day, in the morning for the day before, and we also report on weekly sales.”
- Holly-Leigh Harvey, Cabbages & Roses
Flexible accounting choice
Already using another platform for your accounting? No problem. Brightpearl integrates with Xero, QuickBooks, Bill.com and more, meaning you can choose between adopting Brightpearl’s real-time accounting or continuing to use the solution you’ve already got in place.
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“Brightpearl is a really strong platform, particularly for inventory and accounting management, it gives me the ability to oversee the whole business. It’s easy to use and everyone working in the business knows how to use Brightpearl to streamline their workflows.”
A powerful all-in-one retail operations platform for retailers and wholesalers
Retail accounting software that’s integrated with the rest of your business, including all your orders, inventory, purchasing, CRM, warehouse management, reporting and POS
Frequently asked questions
Do you integrate with QuickBooks?
Yes, you can either integrate to Quickbooks for your accounts or use our integrated accounting.
Can I import my historical accounting data from my accounting system to Brightpearl?
We can import opening balances (trial balance plus accounts receivable and accounts payable data) as well as historical order information for you.
Does Brightpearl support multiple currencies?
Yes. Brightpearl has a complete multi-currency module, ensuring you can setup and use different currencies and associated price lists as required. To avoid any confusion, all orders and associated accounting journals in the back office will show both the base currency and foreign currency values against them, while any paperwork you send will be shown in your customer’s or supplier’s local currency.
Can Brightpearl manage accounts receivable and accounts payable?
Yes. Through Brightpearl’s integrated accounting functionality, all your accounts payable and receivable information can be managed efficiently. Real-time data feeds through into the relevant reports, ensuring your debtor information is accurate at all times. These reports also allow you to update payments, or send payment reminders, emails or text messages from one place, eliminating the need for multiple screens or clicks.
Does Brightpearl support both B2B and B2C?
Yes. Through best practice workflows, automated processes and useful integrations, Brightpearl can easily support the needs of both B2B and B2C businesses. To find out more about the key functionality Brightpearl offers to both business types, take a look at our detailed solutions pages for Wholesale and Online Retailers.
What systems does Brightpearl typically replace?
Brightpearl replaces all of the traditional back office solutions including ERP and standalone systems, as well as archaic spreadsheets. ERP systems are typically large, clunky, take huge amounts of effort to implement and often require complex scripting and custom development work to customize them.
Brightpearl’s intuitive interface combats this, while all settings and automation rules are quick and easy to setup and require no coding experience. Whilst standalone systems become complex to manage as you grow your business and result in siloed data and processes. Once again, Brightpearl combats this by keeping all your inventory, sales, purchasing, warehousing, accounting, reporting and POS in one single system.
See the benefits of Brightpearl’s retail accounting in action
See the benefits of Brightpearl’s retail accounting in action with a personalized no-obligation demo from our business experts.