The retail industry has experienced a substantial transformation over the past several years—and change is anticipated to accelerate further. The rise of Amazon has prompted other retailers to strive for a seamless omnichannel experience. How customers pay for products and services has shifted too, from the growing payment options to an evolution in consumer preferences toward subscriptions. Additionally, customers have higher expectations for customization and discounts, which squeezes margins more than ever before.
Accounting teams at retailers have always faced heavy workloads, even before the disruption that is currently underway. With large volumes of data coming from different sources, such as payment providers, POS systems, and vendors, accounting teams have often struggled to reconcile transactions, post journal entries efficiently, substantiate account balances, and monitor key activities.
