Benefits of Integrating Accounting and POS Software
It is no secret that many people don’t like or don’t know how to properly do their business’ accounts. Often they have to depend on accounting experts outside their business to keep track of their bookkeeping. In fact, according to a TD Bank survey, 46% of small business owners say that bookkeeping as their least favourite job, however, accounting and bookkeeping should be thought as the backbone of any business. For instance, one way to save time when doing the books is to integrate your business’s Point of Sale system with your accounting software.
In other words, without such integration, accountants have to log in to their clients’ point of sale software, pull many reports to look for, and confirm the information they need. Only then can they enter those numbers into an accounting program, for example. As a result not only is this a difficult task, but it also leaves a lot of room for human error.
What is a Point of Sale-Accounting Integration?
With an integrated Point of Sale-Accounting solution, there is direct communication between both kinds of software. This integration automatically syncs and updates the data between the two systems, reducing the possibility of human error and allowing for instant and real-time updates of transactions. For example, your accounts payables and general ledger transactions are posted as soon as the sale or receiving transaction is completed on the POS. Different kinds of POS- Accounting integrations can differ greatly on the types of features that they offer for accounting, from inventory management to payroll integration. Choosing a Point of Sale system that integrates with your existing accounting set-up can save you a lot of time and money.
Some integrated POS-Accounting solutions also allow you to drill down from your general ledger entries into translations like invoices, consequently making it easier to trace your data and do audits.
In South Africa, a reality that business owners may have to deal with is power cuts and limited Internet access. A POS system that can work offline- that is to say,by saving data to be synced when your system is online again- can keep sales up, even when your Internet connection is disrupted. One area of importance that is often ignored is Inventory Management. Business owners with a large inventory need a point of sale that is robust enough to handle the volume of their stock. With a POS- Accounting software integrations you will be able to more accurately track the cost of stock and the revenue generated from each item in your inventory.
In the Hospitality industry, restaurants receive payment from their patrons in various ways, such as cash, card or via mobile e-wallets. A quality point of sale system needs to be able to handle all these types of payments, and then connect them to your accounting software. That way you can confirm sales trends and predict future cash flow.
TallOrder POS Integrates with Accounting Software
TallOrder Point of Sale solution features deep, order-line integration or summary mode integration to accounting systems, such as Sage Business Cloud Accounting and Xero Accounting software for instance. Letting you enjoy faster, more accurate accounting with no duplicates.
TallOrder Inventory also integrates with accounting software, allowing full-scale financial understanding of product pricing, stock levels, and stock management. TallOrder Inventory benefits include Stock Take, Purchase Orders and Reporting features. For our Hospitality customers, we offer the ability to manage recipes and feed these into the POS as a part of stock management, for menu item consistency and to indicate low stock ingredients (Countdown 86). Our Inventory module will support your business with accurate information and take the pain out of ordering and stock reconciliations. In conclusion, improved tracking of sales and inventory information can improve the accuracy and efficiency of accounting and bookkeeping tasks for small businesses.