Accounts receivable software is useful for streamlining all of your accounting work such as doing payroll and generating balance sheets.
However businesses in the retail, wholesale, and ecommerce sectors have special needs which typical accounting software doesn’t attend to.
Conventional accounting software can especially be problematic when it comes to dealing with inventory and post -sale care.
Brightpearl aims to address these issues and make accounting easier for businesses in the retail sector.
What is Brightpearl?
Brightpearl is built with the needs of retail and wholesale businesses in mind. Brightpearl provides the finance teams working for these businesses with tools such as landed-cost, multi-currency trading, and First-in, First-out inventory valuation. These are assets for profitably growing these types of businesses.
Three important areas to consider with a retail/wholesale business are inventory and sales, customer relationship management, and order fulfillment and shipping. If you’re lucky, your accounting software will be able to handle CRM but this is not the case for many of the applications out there.
Brightpearl provides a unified system where your CRM is a part of the package. Additionally, as it relates to inventory and sales, with conventional solutions, a multi-step process is required in order to keep inventory accurate. Transactions must be recorded sometimes in multiple places or pieces of software manually, including your accounting software. This is an invitation for error to happen, which can lead to lost sales and upset customers in the long run.
When it comes to fulfilling orders, conventional accounting software is also lacking. Things like order status updates, and the calculation of sales tax must be handle efficiently and effectively. However, some software can’t manage this and you will be forced to deal with these things manually. Again this opens you up to the possibility of errors. Manual calculation of this nature is also quite cumbersome and time consuming.
Luckily Brightpearl addresses these issues. On the inventory and sales side of things, double-entry accounting is utilized. This allows for any potential issues to be spotted quickly.
In addition, Brightpearl’s retail system integrates sales data from your website, phone orders, etc. Inventory can also be managed in Brightpearl. The status of inventory items are updated based on the availability of the item. This means you will know if an item is in stock at all times, know when you need to re-order items, and you will also be able to track the order progress of items ordered by customers.
The approach used by Brightpearl keeps business owners and staff aware at all times and keeps them in control.
Benefits of Using Brightpearl
Accounts updated in real time. This lets you take control of your finances and make sure that your numbers are correct. This is important for businesses in the retail sector who have to fulfill orders. This will help to eliminate errors related to filling orders.
Integrates with major e-commerce platforms. Brightpearl’s system is capable of processing 25, 000 orders per hour. It works with names such as Amazon, eBay, BigCommerce, Magento, Shopify, among many others.
Automation. Processes can be automated, saving time and allowing for more time to spend on business growth activities.
Inventory management. Brightpearl can provide inventory management for various types of businesses.
Multiple price lists. Multiple price lists can be created based on whether items or being sold wholesale or retail, whether the item is listed in different currencies, or
whether it’s being bought from different suppliers.
Clearly view your supply chain. Brightpearl gives you full control over dealing with your supply chain.
Batch process and import a variety of parameters. This includes products, customers, and transactions.
Brightpearl’s features are uniquely aimed at enhancing the productivity of retail, wholesale, and ecommerce businesses. Here are some of the major features offered.
Brightpearl allows you to manage orders from all of the channels you use (retail, brick and mortar) in one place. If possible, this process is automated.
This accounts receivable software is designed to handle high volumes of orders. This is an asset for growing businesses, and businesses which experience periods where sales dramatically increase during sales, and peak periods.
With this accounts receivable solution you will reap the benefits of automation. Orders to your warehouse will be automatically routed and the order status updated. Exceptional orders are highlighted as well. Overall, your order fulfillment costs will be reduced since less effort will have to go into the process thanks to automation.
Multi-currency transactions are supported as well and landed-cost features allow you to take into consideration the total costs of doing business overseas. This means that Brightpearl is an excellent solution for businesses doing cross-border transactions.
Financial Management Integrated With The Rest of Your Businness
Using Brightpearl’s system ensures that you are always in the know about the true value of your inventory. FIFO(First in, First out) inventory valuation, automatic product cost calculations, accurate landed-cost reporting and a real-time balance sheet help to ensure this.
The interconnected nature of this accounts receivable solution lends itself to easy auditing. Invoices, payments, inventory and the related journals are all connected, and it’s easy to navigate between them. This means that it’s easy to access a complete audit trail and correct any errors.
Whenever a transaction is completed it’s automatically calculated, and reflected in real-time income statements and balance sheets. This means that you can make better business decisions more quickly with Brightpearl.
Brightpearl allows you to track transactions from purchase to warehouse to sale. Furthermore, you will save time with automatic inventory updates across all sales channels.
When doing business, you will have to consider landed-costs, transaction fees, and currency conversions in the case of cross-border business. Brightpearl is equipped to take all of these factors into consideration, allowing you to know your true product margin.
This accounts receivable solution gives you access to historic sales data and inventory reports which assists the relevant parties in your business in making informed decisions.
If you don’t have an accurate idea of your inventory levels, then it’s easy to make mistakes with orders, by doing things like overselling items. This inevitably leads to unhappy customers. By taking charge with Brightpearl, you can actually improve your customer satisfaction by ensuring that items your customers want are accurately listed as in stock/out of stock.
Perhaps one of the more important featues for large and growing businesses is the ability of Brightpearl to handle multi-location inventory tracking. This lets businesses keep tabs on inventory from all of their warehouses without compromising the integrity of inventory data.
With Brightpearl workflows to handle packing and shipping of orders can be configured and automated, reducing in faster fulfillment times.
Barcodes can be scanned to automatically communicate inventory changes, reducing the risk of selecting the wrong product in a warehouse environment.
In addition, Brightpearl automatically integrates with shipping providers, allowing for the process to be setup easily without having to carry out tasks such as manually creating shipping labels.
For a business, customer relationships are critical. Communication like email marketing is an important aspect of how businesses reach out to customers. Brightpearl is capable of integrating with providers such a MailChimp, allowing for the automation of the email marketing process,
Staying in contact with and following up with customers is crucial to business success. This is however hard to keep track of manually. With Brightpearl, orders, emails, and call notes are all logged against contact records, making it easy to see a complete customer history and to make contact in the first place. Integrated CRM also means that it’s possible to see which customers are more profitable to your business.
Third Party Integration Support
Brightpearl integrates with ecommerce platforms, online marketplaces, popular shipping carriers, and Electronic data interchange (EDI) solutions.
Some of the integration categories and corresponding examples are listed below:
Ecommerce: Magento, Shopify, PrestaShop
EDI: Edicom, SPS Ecommerce
Fulfillment: Fulfillment by Amazon, Royal Mail, FedEX
Marketing: MailChimp, xsellco
Marketplace: Amazon, eBay, Alibaba.com
Payments: Paypal, Authorize.net, Sage Pay, Stripe, Worldpay
Planning: Inventory Planner, Lokad
Point of sale solution
Brightpearl allows you to process payments online and in person with solutions such as PayPal Here.The point of sale (POS) solution displays store performance in real time which is useful for owners. User permissions can also be set within the software which allows only certain users to carry out tasks like giving discounts.
Brightpearl pricing is provided only via quotes. Get in contact with a representative to hash out if the software will work for your business in the first place, and if it does, they can come up with a custom solution for your business.
Brightpearl is a cloud-based solution which can be accessed from a web app or on an iOS device. English is the only language supported.
Brightpearl has a resources page dedicated to providing customers with everything they need to know about wholesale and retail. There are also several guides available, and a blog. These are great sources of information. Support agents are also available to respond to tickets 24/7. Additionally telephone support is available to all customers.
Whether you are involved in retail, wholesale, and/or ecommerce, your business will have unique needs as compared to other types of businesses. A typical accounting software application alone will not be enough to manage your business’ accounting needs effectively. This is where Brightpearl comes in. With its advanced real-time accounting, inventory management, payment processing, and order management features, it will provide real-time data on how your business is doing, while making the running of your business more manageable due to the high-level automation facilitated.