Get Ahead of Tax Season with POS Integration

Photo by QuickOrder on Unsplash

Do you ever truly anticipate tax season? Even when thinking about the season coming up, your breathing is probably quickening and your muscles tightening. Well, you can let the apprehension go. Making your POS system work with a bookkeeping software suite like QuickBooks gives you the upper hand in the tax game. You no longer need to worry about falling behind when working on your company taxes. With this type of software to do the work for you, never feel like tax season is too complicated and stressful to handle again.

Integrating POS with QuickBooks is Simple

Are you sick of paying your accounting team ridiculous fees to get your annual and monthly reports done perfectly? The collection of regular reports could be costing your business thousands of dollars. Instead of scurrying around trying to find accountants to do the work for you and not do a hack job of it, consider integrating your POS system with accounting software.

By integrating your POS and accounting software, you no longer waste valuable time searching for all your accounting summaries. It also cuts on time spent sending those summaries to your accountant. In fact, none of the hassles of managing your accounting will be an issue anymore. Your POS system simply sends all the information on your cash flow directly to the Profit/Loss statement in QuickBooks.

It really is that simple. All you need to do is click around within your POS system, and then export the data on your sales and expenditure to the accounting software digitally. All of this takes a few minutes at most, and costs you nothing. Conversely, using an accountant takes hours to achieve the same results while costing you hundreds.

Tax Deductions are Easier to Calculate

QuickBooks working seamlessly with your POS system, enables you to view data regarding all your sales for the year. This isn’t all, though. With QuickBooks Premier, you can also see just how much is being spent on inventory during the year. You can even use the software to calculate the cost of the goods you sold.

The cost of goods is the amount of money you spend to make the products you sell. This includes how much you spend on raw materials, manufacturing costs, supply and transport costs, and more. By calculating this data you know the exact deduction you are eligible for under tax deduction law. Check with your local tax department to see how the cost of goods can be used to enjoy discounted taxes.

Accuracy is the Key to Better Taxes

If there is one thing wrong with using human accountants, it is the risk of errors during computation of taxes. Humans are creatures prone to make mistakes, especially when working with numbers and complex calculations. If, however, you set up your POS system to work with a software suite like QuickBooks, humans no longer do the work for you.

Your sales are recorded using the POS system, which keeps accurate data on all transactions. None of this information is at risk of being misread during actual tax computations because it is sent digitally to the accounting software. Your revenue figures are updated in real time every single day.

When inventory is received at your location, this is updated in the expenses section too. This allows you to get an accurate representation of your business and its success. Because it’s done in real time, you can access it at any given time, upon request. You can even request these figures if you aren’t at work.

Payroll Tracking is Easier

Tracking the payroll of your employees can be quite tricky, especially if you’re a small business that is just starting to expand. One of the biggest requirements for effective employee tracking is good management of time sheets. In the past, this has always been done manually Even the computation of income tax and retirement fund taxes were calculated manually.

Today, however, you can use your POS system to record the in and out times of your workers. Integrating this into your accounting software means the payroll calculations are done automatically. You can rest assured that each calculation is accurate, for each employee, based on the time they have worked. This also includes overtime and holidays.

Consider Integrating Today for a Hassle-Free Tomorrow

Integration is being done by an increasing number of businesses of all sizes today. There are many obvious benefits to this, as you now know. Taxes are probably the worst part of any accounting endeavor. They are the most likely to show errors, and can have dire consequences if made light of. Take the time to integrate your POS with accounting software like QuickBooks as soon as you can. The benefits you enjoy far outweigh the costs of doing so.

Leave a Reply

Your email address will not be published. Required fields are marked *