accounting software singapore

Did You Need Really POS Accounting Software For Your Business

Did You Need Really POS Accounting Software For Your Business

Did You Need Really POS Accounting Software For Your Business

The decision to move to POS Accounting Software technology is certainly not one to be taken lightly. There are many considerations to look at, to make a qualified decision. As more and more business owners of small to medium size businesses are following the lead of the bigger corporations in using POS Accounting Software systems for the management of their business, what’s becoming apparent is becoming less and less about whether or not any particular business would benefit from moving to POS technology. The question that is an important one to address has to do with what’s to become of the last holdouts who, for one reason or another, stick with their time-honoured system where every operational detail is handled by and tracked by humans. The question that must be answered now is “What will happen to businesses that choose to not avail themselves of the full scope that POS technology covers, by moving their operations over to POS technology.

TODAY’S DICTATES ARE FUELED BY CONSUMERS

For the most part, Commerce, in its every form is going to be more rapidly transitioning more than at any other time, based mainly on the new consumer silhouette. As greater numbers of Millennials become the larger portion of median consumers, a whole lot is going to change in how everything shifts to cater toward a full-blown hedonistic, self-oriented mentality. Most next-generation property management systems (PMS,) will integrate with large third party technologies that will eventually all be POS technologies, which will include POS accounting software-run retail and members of the hospitality industry. Already, just last year, 75% of hotel operators shared that they regard being able to integrate their PMS with all their other operations such as retail and restaurant POS systems as top priority.

WHERE DOES THAT LEAVE CASH REGISTER CHECKOUT SYSTEMS?

The shift will ultimately be global, as cash registers everywhere are moved out, to make way for POS terminals. Everything involved will be affected, including software along with hardware that are currently in use today to streamline business operations and sweeten the customer experience, all around. As tablets proliferate in POS technology, new requirements are being instituted to ratchet up the security of all data processed, with preventative requirements and stringent mandates for all businesses using POS Accounting Software. Reporting capabilities, data analysis and payment processing options are ever on the increase, with recently added chip and pin cards to e-wallet apps. Basically, it will soon be impossible to sustain a viable business without bringing in POS technology for your operations – and your customers will expect it. Businesses not utilizing POS systems will be seen as outdated and bypassed, in favor of those that do.

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Utilize Accounting Software That’s Built-In And Fully Integrated

Utilize Accounting Software That's Built-In And Fully Integrated

Utilize Accounting Software That’s Built-In And Fully Integrated

Some POS companies will offer their own accounts payable and general ledger software that’s tightly integrated and built into the POS accounting software software.

Some of the advantages of built-in (integrated) accounting include:

Real-time updates – If the POS accounting software system sends line item detail, then all information is updated instantly in real-time. So your accounts payables and general ledger transactions are posted as soon as the sale or receiving transaction is completed in the POS accounting software.

Learn one program – You only need to learn how to use one program.

Update once – You only load updates into one software program. So you don’t have to worry about making sure your POS accounting software  is updated and supports the new version of your accounting software.

Quickly drill down – Sometimes you can drill down from your general ledger entries into transactions like invoices, receivables and inventory adjustments, making it really easy to trace information. For example, if you get audited by the sales tax police, you can quickly reference back to the customer name, invoice number and amount for every sales tax entry. This makes it easier to audit.

Easy configuration – You don’t have to worry about mapping account numbers or making sure two different programs are communicating properly.

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Mastery Solutions of Accounting Software

Mastery Solutions of Accounting Software

Mastery  Solutions of Accounting Software

Accounting software can help you save time and money, and offer you valuable insight into your business. It can help you to:

simplify data entry – inputting data is fast, straightforward and only needs to be carried out once

speed up processes – eg reduce delays between making a sale and generating an invoice

automate reports and analysis – on profit and loss, debtors and creditors, customer accounts, inventory counts, sales, forecasting, etc

automate tasks – such as calculating pay, producing payslips, automatically calculating VAT, etc

reduce errors – by computerising calculations that would have historically been done manually

support other functions, such as online banking and e-filing

If you choose the package carefully, investing in accounting software can be one of the best decisions you can make for your business.

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Did You Know About the Integrating POS & Accounting Software Systems

Did You Know About the Integrating POS & Accounting Software Systems

Did You Know About the Integrating POS & Accounting Software Systems

Did You Know About the Integrating POS & Accounting Software Systems

Did you know that every POS accounting Software system will have a different level of integration to accounting, ecommerce, rental, shop management and many other software modules? And the level of integration can affect your business productivity?

When discussing POS accounting software, you might not realize that there’s a difference between the terms “integrated” and “interfaced”. You’ll hear these terms used interchangeably but there’s a subtle (yet significant) difference between “integrated” and “interfaced” products.

For example, some POS accounting software systems interface (or link) to another accounting system like some POS systems will have fully integrated accounting built into the software. So what’s the difference?

Interface: A point at which independent systems or diverse groups interact.

Integrated: To make into a whole by bringing all parts together; unify.

In the Pos Accounting software world, integrated modules use the same data files and information is updated in real-time. The data is consistent across all modules, offering maximum integrity – so you save time and avoid double-entry.

Interfaced modules use POS accounting  software protocols to translate and transfer data between them. Software Companies usually write interfaces so they can communicate with third party programs. The interface allows you to quickly send information to the third party program so you don’t have to re-key the information. The drawback is that the interface needs to be triggered manually and it doesn’t happen in real-time.

So what about your POS accounting software? Should they be interfaced (linked)? Or should they be integrated ?

Most POS accounting software systems in today’s market have point of sale, inventory, customers, purchasing, and accounts receivables built-in and tightly integrated into the POS software. All of these modules are tightly integrated for a good reason. In fact, it’s critical for all of them to seamlessly share and update information.

For example, when you create an invoice you’re using the “point of sale” module. When you complete an invoice, the point of sale module instantly updates your inventory quantities in the inventory database. The point of sale module also updates the customer history, accounts receivables, and sales history databases.

For example, some POS accounting systems will link to other accounting software packages. Some POS systems will offer built-in accounting. Some POS systems won’t offer anything. And of course, every POS Company will tell you that their way works the best.

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How is POS Accounting Software Different From My Accounting Software?

How is POS Accounting Software Different From My Accounting Software

How is POS Accounting Software Different From My Accounting Software?

While it’s not yet the most prevalently discussed element pertaining to POS software, it’s important for all users to understand that every POS system will offer users a different level of accounting, e commerce, business management along with a variety of degrees of integration of it all which will ultimately have a significant effect on the success of your business.

Any worthwhile discussion over POS accounting software options should include the distinction that exists between the terms “integrated” and “interfaced. While these terms are often used as though they are interchangeable, there are real differences between the two types of products that are currently offered. If you are in the market to get onboard the POS revolution, it’s important that you first determine the exact needs of your business. Do you want a POS system that comes with fully integrated accounting that has been built into the software, or do you prefer to work with a QuickBooks and Peachtree.

Know the Subtle Differences

While any distinctions between the two types of accounting software approaches are subtle, they exist, nonetheless, and it’s important to differentiate between the two, in order to best match the specific needs of your company’s operation. First of all, in the wide world of software, what’s known as integrated modules rely upon the dame3 data files, while info is updated in real time. Maximum integrity is achieved through the consistent data preservation across all modules. This also prevents wasting time and the possibility of double-entries. Interfaced modules, on the other hand, use software with established protocols that can effectively translate and then transfer data back and forth. Most of these interfaces are designed to communicate with third party programs. The only downside considerations are that an interface requires manual manipulation, and it does not occur in real-time. While this issue is not one that can be easily or expediently addressed, hopefully what you are now reading will inspire you to intensify your investigation to determine the plan that will best suit your needs.

Built-in or Integrated Accounting’s Advantages

Probably one of the most distinct advantages to having an integrated accounting software system come from the benefit of immediate updates in real-time. This means all transactions are posted just as soon as they are made. And then, such a system will only require you to learn and use one program. Your POS accounting software system will automatically be updated and will support a new version of your accounting software. Another (dreaded but helpful) benefit is that if you ever are the target of an audit from the sales tax authorities, referencing the particulars will be seamless.

Avoid Unnecessary Issues

Ultimately, choose a POS accounting software that bears a proven track record among known entities. The last thing you want is problems from pirate-type software.

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