If you’re a business owner in the retail sector, you may not yet realise the potential of your POS software. If your POS is outdated perhaps it’s time to bring your product system into the digital age. The benefits of POS software can hugely simplify your company’s bookkeeping processes, instil confidence in board members and keep you abreast of the latest financial data.
Integrated accounting and real-time data for sales, returns, price fluctuations and more is fed to your online accounting ledger. The entire system is based on your POS handheld device and computer speaking to one another. Your POS system receives information and your digital accounting ledger is updated as and when changes are made. The sales software, programed to track products, keep records of stock, print labels for new merchandise, and update product prices, amongst other benefits, while the accounting software updates the books.
There are five extremely beneficial aspects of the POS accounting software, these include:
Each time a sale is completed at your store the POS system records it. The accounting software separates the costs into all the different tax brackets that need to be paid. The information is detailed in a report, making it easier for you to pay your tax on time, in the correct amounts, and avoid any lump tax sums or fines for unpaid tax bills.
You will naturally keep your supplier information on file, and if your company collects client details, this operational system immediately updates the files ensuring you have all the latest information at the drop of a hat. Billing, invoices, statements and any other financial information pertaining to clients and vendors are automatically updated. The financial integration of this system minimises risk for billing errors.
Gone are the days of manually inputting details into the debtor and creditor ledgers. You can immediately update your inventory and accounts payable, receivable and deposits made, amongst several other features. The system works extremely well particularly when you have to show company financials to shareholders and directors who will be looking at your investment decisions and how they impact on the company.