IMC Group

Right and Efficient Accounting for Fashion Industry Guarantees Cash Flow

Accounting for Fashion Industries is all about finances, budgets, and taxes. It is a huge and rapidly growing industry with constant changes in perception and preferences. Fashion and Apparel are also synonymous with brands, and all uniqueness of fashion industries demand customized and specialized forms of fashion accounting.

The fashion and apparel industry is huge and generates more than $600 billion in annual revenue and employs more than 400 million people in the USA. Covid pandemic changed this industry and necessitated managing and saving every dime by instituting strict accounting and financial management to avoid monetary distress in the future.

At IMC, we appreciate the current scenario and can help all existing and startup fashion and apparel businesses put firm control over cash, inventory, models, and sales promotions, ensuring adequate cash flows and plugging all weak links in your existing accounting system.

Accounting challenges in Fashion Industries

The major challenges of accounting for fashion industries are due to the very nature of the business, and the more pressing ones are

Features of Fashion and Apparel Industry Software

Fashion industry software is ERP software that are industry-specific and effectively manage the fashion business. Fashion business software should have inbuilt features that can measure, monitor, analyze, control, and report all business processes and without complexities. Most of the available software is cloud-based online software that can be handled from anywhere through smartphones.

The available features in ERP software for fashion industries usually include

However, based on industry types and the nature of businesses, there could be many cost-effective solutions. SMEs and startups engaged in retail business may conveniently go for QuickBooks or Zoho and integrate with other compatible software for best results. Experienced and software savvy accountants at IMC will assist you in selecting the right software for your business.

Why select IMC for your fashion industry accounting needs

IMC has been working with fashion industries for quite some time and acquired the necessary experience and expertise in all the business processes and value streams. In addition to satisfactorily resolving all accounting challenges faced by the fashion and apparel industries, we also assure you to provide complete and visible business solutions in the following areas

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