singapore accounting software

Need to Know your POS Accounting Software


Need to Know your POS Accounting Software

The POS Accounting  Software Comparison Template that helps you to accurately compare POS systems side-by-side. It includes a professionally designed template with over 400 POS software features to get you started quickly and make sure you don’t miss anything important.

One of the best ways to find out if a POS accounting software  system will really work the way you hoped is to talk with other retailers using it. Retail Community Forum – Not only can you read about other retailers experiences, but you can also send “private messages” to many of them. This gives you the opportunity to ask them additional questions and get inside information that’s normally to difficult to learn.

Use the template as a checklist to make sure you didn’t miss anything important.

Use the built-in “filters tools” to quickly clean things up so you can analyze the data much easier, and compare each POS accounting software system side by side.

See which POS accounting software system scored the HIGHEST with an automatic weighted scoring system.

Customize the Template however you want, with standard Excel techniques.

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Need a Accounting Software for your Small Business

Need a Accounting Software For your Small Business

Need a Accounting Software For your Small Business

Accounting software offers many features and tools that can help you manage your finances. It should cater to your business’s needs, making it easy to accomplish routine accounting tasks. It should also help you see the big picture of how your business is performing. An ERP company that helps businesses manage their finances, notes that tailoring accounting solutions to a client’s unique needs helps the client better understand its business and plan for the future.

Many business owners we spoke with said that ease of use and timesaving features are the top two things they look for in a program. Here are some of the features accounting software should offer to help you save time and better manage your finances:

Basic accounting features. Most small businesses can make do with accounting software that offers basic functions like invoicing (both by email and snail mail), income and expense tracking, financial report generation, and customer management. However, if your business sells more than just a few products, you also want accounting software that tracks your inventory, manages vendors and assists you with purchase ordering. Some accounting software can be set up to automatically send recurring invoices and past-due notifications, saving you time with your invoicing and accounts receivable tasks. Others can save you time reconciling your accounts by suggesting transaction matches. If your business provides customers with quotes or estimates, look for a program that converts these documents to invoices in just a few clicks. Or, if you carry inventory, look for a system that reorders products by automatically creating purchase orders when items drop below a set threshold.

Tax preparation. Make your life (and your accountant’s life) easier with accounting software that helps you with your taxes with features like automatic tax calculations, multiple tax rates and tax reporting. You should also be able to easily email all necessary data and files to your accountant or give them access to relevant data within the system.

Add-on services. Accounting software add-ons, such as payment processes and payroll accounting software services, make it easy to accept invoice payments online and pay employees. Although these services usually cost extra, they’re convenient to use, and the costs may be comparable to what you’d pay elsewhere.

Third-party integrations, Accounting software can make it easier to run your business by integrating with the programs and services you already use, automatically sharing data between systems in real time. Popular integrations include POS systems, payment processing, advanced inventory management, ecommerce, ERP, CRM, email marketing and Google apps.

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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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