Retail sales

Representation of a well-known clothing brand in Slovakia with five outlets in shopping centres.

ETL EAST

A tailor-made solution?

Just as no two companies are the same, there are no one-size-fits-all solutions. That’s why we are happy to design a tailor-made model.

Date added: November 27, 2024

Company description

Based on the purchased license, the company operates 5 retail outlets, which are exclusively located in shopping malls. They represent a multinational, well-known clothing brand with outlets all over the world. The company has up to 50 employees and sales of over EUR 2 million. Sales are made on a commission basis with thousands of invoices issued for the purchase of goods in a year. Payments in retail by cash or credit cards with many bank account transactions.

Original state

In-house bookkeeper and payroll accountant with a company director who also does HR management. Reports and financing handled through the company director without sufficient communication with the economic department. Frequent busyness and absence of responsible persons. Manual typing and posting of all incoming invoices and bank movements as well as daily cash closures (ERP).

After implementation

Complete accounting together with payroll is fully outsourced. Paychecks are generated directly to employees’ email addresses. On a quarterly basis, reports and preliminary results are generated and forwarded to corporate management. Invoices received are processed electronically using a programmed software utility without human intervention, as are bank statements, which are imported electronically. Data from the ERP is imported by the software utility directly into the accounting software. This saves approximately 15,000 transactions per year that would have had to be typed manually. The company’s management has access to a portal where they can view all accounting data online, as well as scans of important documents within the document management.