Despite coming out of a challenging economic climate where many retail sectors have suffered, independent grocers continue to gain strength and momentum as unemployment, consumer confidence, and other key economic indicators continue to improve. However, independent grocers cannot be complacent in the highly competitive grocery marketplace. It is imperative that grocers continuously make efforts to sustain a healthy business operation, drive business growth, and maintain a stable financial landscape.
The ability to reach and sustain these goals is largely reliant on strong retail accounting and financial solutions that allow grocers to closely control expenses, particularly large ones such as payroll, as well as monitor all facets of store and department sales. In this case study, several independent grocery retailers demonstrate how they have harnessed the power of FMS Solutions, the only third-party solution provider for outsourced financial services independent of the wholesaler. FMS currently serves approximately 2,400 independent retail grocery stores and is extremely unique having no direct competitor that offers the same benefits. By providing business process outsourcing of accounting and financial services, FMS helps retailers facilitate growth and manage organizational change for the future.
A niche-focused industry perspective allows FMS to be unmatched in the space of accounting and financial services for independent grocery retailers because, like their clients, the FMS culture and staff are steeped in the grocery business. FMS has infused their institutional knowledge throughout the organization all the way from product lines and consultative support to industry surveys, studies, and educational offerings.
FMS offers two models for independent grocery retailers who are looking to be best in class and differentiate themselves through higher level operational efficiencies. Outsourced financial services are available for smaller retailers, while software services are more suitable for use by larger retailers who can manage systems internally. The FMS suite of back office applications, which are tailored specifically for the grocery industry, include applications for general ledger, accounts payable, bill backs, accounts receivable, payroll, and human resources. All of the applications link to reporting tools that are accessed through a web portal and executive dashboard available for immediate retrieval of all financial data down to electronic invoice images.