Most retail software packages provide a retail stock ledger summarized by merchandise hierarchy, location and week. The stock ledger must follow accounting rules and therefore should not be used as the basis for planning decisions. This can be a dilemma for a retailer especially if this is the only reporting vehicle available for planning. Mi9 Retail recognized this problem and thus incorporated an Inventory Daybook as well as a Stock Ledger into the Mi9 Retail Suite.
Mi9 Retail is the only retail analytics and merchandising platform that provides both an Inventory Daybook, a daily ledger of activity maintained at the level of SKU/Store/Day, and a Stock Ledger, a periodic ledger of activity maintained at the level of SKU/Store/Period. The Mi9 Retail Daybook provides a true version of what happened so your merchandising team can accurately manage SKU profitability at a granular level while its Stock Ledger provides a financial version so your financial team can accurately audit the accounts. A key feature of both the Daybook and the Stock Ledger is the level of detail held and the auditability provided.
Mi9 Retail supports both Retail Inventory and Cost Methods of Accounting and also supports multi-currency. Because the Retail Inventory Method does not provide accurate accounting nor measurement of performance, many retailers today are finding the need to convert from the Retail Inventory Method to the Cost Method of Accounting. Under typical circumstances, this transition can be difficult. However, Mi9 Retail’s Daybook and Stock Ledger together provide a significant advantage when changing cost methods as the Daybook can be completely recalculated from cut over, without impacting the historical Stock Ledger. Hence, converting from the Retail Inventory Method to the Cost Method is quick and easy with Mi9 Retail and can be done midstream in only a few weeks’ time.
Download the White Paper here.
Feature Photo Source: acpics66