Many retailers start their business with a combination of a basic accounting system, inventory management system, and multiple spreadsheets. But as they grow larger, the amount of time and effort it takes to handle a higher volume of orders becomes difficult to handle and prone to human errors.
COVID-19 has impacted everyone in the United States personally, professionally, and/or financially. Startups, especially newer retailers, have been hit hard because they do not always have the cash flow, processes and systems in place to handle this drastic of a change.
CFO’S, Controllers and managers have a lot on their plate. Managing a business is a challenge on its own. Imagine running a business without data or information that helps provide a basis for change. Not having a solid financial reporting structure in your business will prevent you from making the necessary changes, or in some cases, from preventing significant losses. The same can be said with too much data or “information overload” when that information is not meaningful to your business.