Accountant’s Guide to Retail Management

Upon successful completion of this course, participants will be able to:

• Recognize the importance of retailing to the U.S. economy.
• Recognize the structure of retailing.
• Identify advantages and disadvantages of online retailing, and methods to improve an online business.
• Identify the skills requirements of management.
• Recognize attributes of successful retail businesses.
• Identify the basic factors in choosing a retail location.
• Recognize differences between customers from urban and suburban areas.
• Recognize the key decisions when planning store equipment.
• Recognize the factors affecting layout.
• Recognize characteristics affected by the organization’s structure.
• Identify the steps to recruit an adequate work force.
• Recognize techniques for evaluating an employee training program.
• Identify the goals of a compensation program for personnel.
• Recognize some of the major causes for job dissatisfaction and employee complaints.
• Recognize the characteristics of merchandise budgeting.
• Recognize the steps involved in the budgeting process.
• Identify ways to measure monthly stock variations.
• Identify the types of formal buying plans.
• Recognize factors that influence the quantities to purchase.
• Identify inside and outside sources of information on customer’s wants.
• Identify merchandise resources.
• Recognize benefits of different options for purchasing merchandise.
• Recognize the attributes of an invoice.
• Identify the terms of sale discounts.
• Recognize how the terms of sale and datings on invoices are used.
• Recognize the limitations of merchandise control.
• Identify the goals of merchandise management.
• List the basic types of unit control systems.
• Identify how to minimize stock shortages.
• Identify the advantages of centralizing the activities in receiving and distributing merchandise.
• Recognize information captured when receiving and recording incoming merchandise.
• Recognize limitations of pricing techniques.
• Identify some of the factors influencing markup.
• Recognize steps involved in the retail advertising program.
• Identify different types of effective interior store displays.
• Recognize non-personal methods of sales promotions – email, telephone and mail-order.
• Identify consumer premiums used to promote retail sales.
• Identify the general rules and elements in the sales process.
• Identify the major causes of customer complaints.
• Identify other customer services use to improve the shopping experience.
• Recognize a variety of types of retail credit.
• Recognize the credit legislation with which retailers should be familiar.
• Identify measurements used to evaluate the effectiveness of the credit department.
• Recognize the purposes served by accounting records.
• Identify the attributes of the balance sheet and operating statement.
• Identify different methods used for accounting control.
• Recognize the advantages and disadvantages of the retail method.
• Recognize methods for an allocation or distribution of expenses.
• Identify the steps involved in an analysis and comparison of expense.
• Identify different internal theft problems that create the need for prevention strategies.
• Recognize external crimes that retailers must monitor to identify, control, and limit pilferage.
• Recognize the prime responsibility of executive management leadership in retailing.
• Identify the elements that online marketers should take into account when evaluating the opportunities of online retailing.
• Identify trends in the future of retailing.