Point of Sale Software

Here are some Articles from the Blog Subject - Accounting -

A tip for this End of Financial Year

POS SOFTWARE

End of the Financial Year 2024

EOFY, or the End of the Financial Year, is when you close the books. This year, the EOFY falls on a Sunday (June 30th, 2024), which can make things messy regarding your financial records.

The Perils of a Weekend EOFY

Here's the potential snag: some businesses close their accounting books on the Friday before the EOF, while others wait until Monday morning. This means invoices and credit notes sent Thursday or Friday might not reach your accounting system until next week. With Australia Post delays, you may find that your crucial invoices and credit notes aren't reflected in your records for quite a while. As a result, some companies' financial books will have figures different from your books for the EOFY. This mismatch can cause problems later during tax audits. 

The ATO inspector will check your figures, cross-check them with your suppliers, and ask why they differ. Since the audit is generally done years after the event, it can be hard to justify your figures. You will be scrambling to explain the discrepancy. You do not need these headaches.

This is precisely the situation that happened to us. One company sent us a credit note on Friday, which we did not get until a few days after the EOFY. Another company reviewed our debts to them long after and then backdated them to the EOFY.  Both of these cost us. 

Taking Control

You must ensure you have something in writing from your suppliers justifying your EOFY figures. If you cannot get that, you must ensure that your POS and financial systems can provide the information to explain your figures.

  • Try setting a deadline for receiving invoices and credit notes before EOFY. 
  • Chasing outstanding invoices/credit notes from suppliers.
  • Make sure you get something in writing.
  • Close your books a few days later if possible to get verified figures.

One big plus with our POS system compared to others is that you do not have to close the books at the EOFY, so you can keep processing and correcting them as information comes in.

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X-offs

POS SOFTWARE

Balancing a cash register

Running a retail business comes with many challenges. One of the biggest now is handling cash properly. With multiple employees on registers, busy trading floors, and the pressure to serve customers quickly, it isn't easy to keep tight control over cash. Allowing sloppy cash procedures to creep in can quickly lead to errors, unexplained shortages, or even theft.

Implementing standardised cash handling protocols using your point of sale (POS) system can provide the oversight and security needed to prevent these issues. The "X-off" report reconciles each cashier's sales and cash on hand and is essential for balancing registers and tracking transactions. Retailers can transform cash management into an efficient, secure process using X-offs and other simple controls.

The Problems of Mishandling Cash

When customers line up impatiently, and staff need to serve them quickly, following proper cash procedures often takes a back seat. But when cash registers are unbalanced daily, stores bleed away profits through cumulative small mistakes or theft. Yet, with proper cash management procedures, it is easier for small retailers to prevent errors and losses. 

It gets worse as according to Griffith University report,

Co-author and Griffith Criminology Institute Professor Michael Townsley said

“We estimate crime costs Australian and New Zealand retail economies about $4.3 billion per year, and that’s a 28 per cent increase over four years from when the last similar study was conducted,” Professor Townsley said.  

“Customer theft was the largest category of retail crime making up 53 per cent of losses followed by employee theft which made up 24 per cent of losses.  

“While employee theft is less frequent than external theft incidents, each employee theft incident is typically of a much higher value.  

This confirms what I have seen with my clients; today, a person caught stealing from his employee's view is that if the employer is so stupid as to let him steal, it's the employer's fault. It was not like that in the past.

This is why you need such standardised cash drawer reports like X-off; otherwise:

> The register can easily become unbalanced. 
> Without accountability, dishonest staff may be tempted to pocket the difference.

These issues are worse as too many shops have a lack of control over cash.

Benefits of Systematic Cash Management

The best measure is implementing standardised cash policies tailored to your shop. When integrated with a modern point-of-sale system, simple procedural controls enable store owners to secure their cash flow against errors and deception.

Improved Loss Prevention

Standardised cash handling procedures ensure all transactions are verifiable and recorded in the POS system. Daily X-off reports act as a balancing mechanism to reconcile cash register drawers with sales activity. This makes unexplained shortages or theft much easier to identify and resolve. Adherence to protocol also reduces miscues like walkaways or improper voids.

Better Visibility into Sales Data

With reliable X-offs, Z-outs and reporting, owners can trust the accuracy of their sales and inventory data. Detailed sales reports down to the register and cashier level provide better control.

Increased Accountability and Security

I really suggest that you consider adding extra tills and assigning one till per employee. Our POS system can handle many cash draws, so this is easy to do once you have itit setup. Setting individual cash drawers for each employee improves accountability. Proper oversight leaves less room for error or impropriety.

More Efficient Operations and Inventory Management

Accurate sales data enables smarter inventory planning, waste reduction, and stock takes. Staff shifts and registers can be scheduled efficiently based on traffic patterns. Owners gain peace of mind knowing that cash flow is secured against leakage.

Cash handling protocols (X-off report)

Now that we have covered the critical importance of cash management, let's look at how X-offs help a retail business balance registers and lock down its cash handling procedures.

What is an X-off?

An X-off is an end-of-shift report that provides a snapshot of the cashier's sales activity and cash at any time. As a minimum run at the end of each shift, X-offs are used to reconcile the physical cash and receipts in the drawer with what is recorded in the POS system. This balancing mechanism ensures proper cash controls in a busy retail environment.

Balancing registers

For each cashier, the X-off prints a detailed report of their:

  • Register log in time
  • Sales totals are broken down by payment type (cash, check, card, etc.)
  • Voids and returns
  • Expected cash that should be in the drawer to cover sales
  • Actual counted cash and any over/short

By comparing the system sales data to the physical cash counted, the X-off identifies any variances that could indicate errors or theft for that cashier's shift. Used daily, X-offs make unexplained shortages quickly apparent rather than accumulating hidden losses over time.

Running X-offs on a Modern POS

1. Assign Register Access

Sets up employee passwords to log into assigned registers in the POS. This creates accountability for each cashier's transactions.

2. Set Up Cash Drawer Floats

Every cashier logs in with a starting float at the start of each shift.

3. Print X-off at End of Shift

To run an X-off, go to the End of Day in the cash register.

 

Select on the end-of-day page

Choose the X-off option that is below the EOD option marked in green.

Notice that the period of the report will default select the time the staff member assigned to the register started and the current time.

Now run.

4. Improved accountability

The cashier manually counts the cash in their drawer and then compares the X-off totals to the receipt count. Any discrepancies require an explanation.

Surprise Cash Drawer Counts

In addition to X-offs, periodic surprise X-offs of register drawers by managers is commonly done. 

Cash management

> Do not be complacent about cash control

> Implementing a few simple procedures can have a huge financial impact.

> Contact us today to learn more about tightening up your cash management!

Tips on how to control Credit Limits in your POS software

POS SOFTWARE

As a retailer, managing credit limits for individual customers is vital for reducing the risks of non-payment. You can easily control these limits with the correct settings in your point-of-sale (POS) software.

Why credit limits matter

Credit limits help prevent customers from overspending and building up large debts that may not be paid back. It puts limits on just how much money you risk on any customer. For businesses, unpaid debts can seriously impact cash flow and profits. Setting appropriate limits based on customers' payment history and general financial circumstances helps mitigate these risks.

Having control over limits within the POS also allows businesses to adjust amounts as needed dynamically. For example, a limit may be lowered if a regular customer has recently been slow to pay. Or it could be raised for long-term customers with an excellent repayment track record as you feel you can trust them more.

How your POS software can help

Our point-of-sale system gives you extensive controls on handling and managing these credit limits.

To find it in your system, click on the main menu to customer > customer maintenance.

Now call up a customer, and click Other Details. (See green arrow below)

Now you can see trading terms and a question about what to do if a credit limit is exceeded to either stop the account or warn you if it's exceeded.

Now, what figures do you use? Well, I am not aware of any no precise method of allocating these credit limits. A simple policy that works well in retail is

1) Allocate customers into one of the three categories of credit risk (good, average, other) based on past paying history and gut feeling. Some, like the government, can be very difficult to determine here as they are almost always but not always secure, but they generally take a long time to pay.

2) Divide them up into sizable and small. A potentially large customer may need a decent credit limit to trade with you. Consider reducing the trading days for the credit limit.

3) Divide them up into low and high-profit customers, e.g. a customer who buys agency items generally because the margins are so small, you may not be prepared to give a credit limit at all.

This gives you twelve groups to make theoretical dollar limits.

Now go through and set up your limits considering their trading history.

Generally, unless you have a particularly pressing reason to change it, I suggest you hold to your limits.

Comprehensive reporting

We have a report showing customers who are currently at or over their limits which helps you prioritise which accounts require review and attention.

Putting limits on work

One newsagent shared her experience with using credit limits with me recently: "Being able to set spending caps for each customer in my POS has saved me so many headaches. I got tired of always having to chase some people for payments. Now, the system warns me before limits are exceeded and also reminds slow payers to clear their balances. It's given me much better control over cash flow and credit risks."

Overall, you will find the number of unpaid invoices will go way down once implemented, as most people will pay on time if you don’t let their balance get too high or drag out too long.

Periodic Review
A well-organized organisation should do a periodic review of all clients generally every year. I am not aware of any company that waits two or more years longer to review their clients.

Another tip I can give you.

It is better not to share your credit limit amount with your clients. Once they know this limit, many clients will hold off on payments until the credit limit is reached. Another problem is there is no way in advance to know how a client will respond to your assigned credit limit. Some get offended if they feel it's too low.

In summary

With our POS system, retail businesses can benefit from managing credit limits granted to customers. This protects both you and your customers from unwanted disputes. Take the time to ensure your system has robust credit limit controls to streamline operations and boost your bottom line.

 

Streamline Invoicing with your Invoice Business Software

POS SOFTWARE

Invoice

Invoicing is a crucial process for any small business. Manual invoicing can be highly time-consuming. Your invoice business software provides your businesses an easy way to quickly create, manage, and track invoices to get paid faster.

Benefits of Using Invoice Software 

Invoicing software provides many advantages over creating invoices manually:

> Legal information automatically generated - Invoices must specify some details like ABN, which are automatically produced for you.

> Save time - Invoice software drastically reduces the time it takes to create and send professional invoices.  It has templates that make it easy to fill out.

> Track payments - Once in your software, you can easily track the status of invoices and know when clients view and pay them.

> Go paperless - Save some trees. If you want, you can send it by email to reduce postage.

> Automate reminders - Our software can automatically send payment reminder emails to clients.

> Generate reports - Track income, expenses, and profit with our software reporting. 

> Access anywhere - The cloud allows you to create and send invoices from any device.

> Look professional - Professional invoices make your business look more legitimate and build credibility.  This, in practice, is one of the most critical factors.

> Receipts and statements automatically produced - This is all done automatically.

Out will come an A4 receipt:

Key Features

> Customizable templates - Our pre-made templates make invoice creation fast and easy. 

> Recurring invoices - It is easy to schedule invoices. 

> Miss less - As a rule, people forget to enter, much less if entered into a computer. Our clients have picked up a lot of money from this factor alone. With manual much was missed on the billing.

> Invoice automation - Set terms, reminders, and follow-ups to automate your workflow. 

>Integration - Integrate with many accounting software like QuickBooks or Xero.

Take Your Invoicing to the Next Level

Our Invoice software provides an affordable solution to save time, get paid faster, and streamline financial workflows. Take your invoicing to the next level with a professional touch. Try it out on our top-rated software.

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Benefits of Sending Invoice and Statements now

POS SOFTWARE

The end of the financial year is fast approaching, and for many businesses, it's time to start thinking about tax planning. One important consideration is the timing of your invoices. The date on your invoice can affect when the income is deemed to be earned. If you use accrual accounting, which most of my clients use, then invoicing a customer before June 30, 2023, will mean that the payment will be taxed in the 2022-2023 financial year, even if the customer doesn't pay the invoice until July 2023. This increases your tax liability for this financial year.

However, here are some other reasons why you should consider sending their invoices before the end of the financial year:

-To improve your cash flow. Getting paid sooner can help you cover expenses and avoid late payments.

-Give your customers a chance to take advantage of tax deductions or credits. If your customers are cash basis taxpayers, which most of them are, they may be able to deduct the cost of your services in the current financial year if they pay the invoice before June 30.

Of course, there is a potential downside to sending invoices before the end of the financial year, as if you invoice a customer before they've received the goods or services, they may not be happy to see it immediately. To get over this, add a note to the invoice to say we send this early account to help you get a head start on your bookkeeping and tax returns and to make it easier to prepare your books and taxes.

This is why many of you are getting your invoices early now, and ultimately, whether or not to send your invoices before the end of the financial year is your call. You only have a little time if you do it, so get to it.

It would also be good to talk to your accountant for professional advice. They can help you understand the tax implications of your decision and ensure you comply with the law.

If you have any questions, please feel free to contact me.

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The Pros and Cons of Integrating Accounting and POS Systems

POS SOFTWARE

Introduction

Streamlining Business Operations by integrating your accounting and POS systems with a direct connection is commonly done now.

Here are some pros and cons based on our experience with our clients that do this.

Pros of Integrating your accounting system and POS Systems

Some of the significant benefits would include:

Improved accuracy

It enables you to store all financial data in one central location. This makes tracking transactions, reconciling accounts, and generating financial statements more straightforward.

Automated data entry

Manual entering information is both tiring and often frustrating.

As the information between accounting and POS systems comes seamlessly, it removes the need for manually inputting the data. This saves time and money if you are paying someone else to do it. Doing this as well reduces the chances of errors occurring during the process.

Better decision-making

Having your financial data in one platform allows you a deeper insight into your business. These insights can help you to make smarter choices for your business.

Improved cash flow management

It makes managing your cash flow much more straightforward. You can immediately get the information in the books.

It also helps if you do budgeting.

Reduced fraud risk

It is more difficult for fraud to occur. This is because all transactions are recorded. This makes identifying and investigating suspicious activity easier.

Cons of Integrating Accounting and POS Systems

Some of the most notable drawbacks include

Cost

Some integrations do cost extra. It is low, though, for what you get.

Complexity

It can be challenging to set up so that it produces the information that you and your accountant need. In our experience, your accountant generally knows what they need. Yet, in our experience, often they could be more helpful in what you need. Our support staff can usually help you and put you in touch with people doing it now with your POS Software and accounting system.

Conclusion

Like everything, integrating your accounting and POS systems has pros and cons, and you need to consider whether it is right for you. It's not a decision set in stone; you can return to the manual if it does not work.

Executive summary

-Integrating accounting and POS systems can enhance efficiency by automating processes like data entry.

-It can aid in making informed decisions based on current information͏.

-It helps manage cash flows and minimizes risks associated with fraudulent activities.

-It often but not always comes with a cost.

-It can be complex to setup

-You can return to the manual if it does not work.

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Save money and reduce errors with accounting integration

POS SOFTWARE

You can save time and reduce errors with our accounting intergration

 

Direct integration between our point-of-sale system and accounting software like MYOB, Quickbooks, or Xero—the three options which are by far the most popular with our clients—can improve your company's overall productivity by reducing the time spent on tedious activities and decreases the errors that arise with manual accounting. If these are not your needs, press here for many Accounting software packages.

This can speed up processing your BAS,  allow you to monitor your cash flow and give you a continuous general idea of how you are going.

As a result, you may devote more time to your main business while saving important working time for repetitive, time-consuming duties. 

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Catching and Stopping Duplicate Invoice Payments

POS SOFTWARE

Catching and Stopping Duplicate Invoice Payments

One of the most common blunders in business today is paying a supplier twice because you entered their invoice twice.

This is what happened to one of my customers. He got an invoice and paid it, then got a receipt a few days later, so he paid that. He then got a credit notice, so he paid that. Then on the statement, it showed, and only then was the error noticed. He is good at accounting, but this slipped through and caused this idiotic error.

Most suppliers will inform you of the error, as this one did but not always. So it would be best if you were careful.

There are many causes why this happens.
-Bad keying of invoices into their systems, if 99% correct in your keying, that is a few errors a year.
-Misreadings of invoices as in the above example.
-Changes in the invoices.
-Many invoices come more than once, commonly by email and then with the goods.
etc

Here are some tips to help you prevent these sorts of errors.

1) Enter the supplier reference number, do not use your number. Our POS system often warns you if a reference number is entered twice in data entry.

Also, in your POS Software, see the green arrow above; you can quickly see a duplicate. If you have any doubts, look at the amounts. Generally but not always, duplicate invoices have identical amounts. See the red arrow above.

2) Make a budget for a supplier. Something is unusual if a figure is a way off for that supplier and should be investigated.

3) Make one person responsible for entering the invoices in a systematic method. This will give a manual check.

4) This will involve more work, but I am a purist in my accounting and like it a lot. Have one system where people work daily and another to which only my accountant and you have access. Everything is checked before going into the accounting system.

Duplicate or erroneous payments can add to substantial monetary losses. At the very least, cash flow problems. Probably also a lot of time trying to get it sorted out too.

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Financial Planning Fees and what you can do about it.

POS SOFTWARE

Many of my clients use financial advisors every year. So we have worked with a few financial planners on behalf of our clients. So the information they need is in your POS system for your shop.

Generally, the cost is between $1,500 and $3,500 a year; yet it can be more. For example, here. Look at the case study below and see the green arrow pointing to the first year fee.

 

​That is $13,660 initially and an ongoing fee per year of $8,000. That is a lot of money on a personal $400,000 investment fund.

There are several reasons why the cost is so high. Part of the reason is that it takes almost as much effort to do a plan of $400,000 as it takes to do one of $4,000,000. The items, decisions and complexity are similar, and all that changes is the amounts. This is a typical problem in accounting.

But the other reason is the time taken by the financial planner to put together the plan. You go to them and say you need this. They then request a heap of information. You then hunt for the information, put it together, and they then examine this information. They interrogate you for clarification, then, as sure as day follows night, they ask for more information, so you have to hunt around for some more documentation, supply it, and only then can they start. Most of the time is spent collecting the information, not doing the actual work.

The result is that you pay much more than you should.

I will give you a personal example of how the price can spiral. I paid $1,500 for a financial plan, which I did not want, but I had to get one for taxation reasons. Then, after paying that, I received another bill of $500 to pay the accountant fees used in the plan. Then, after paying the accountant fees, I found that there were two entities involved, so the other had to be done too. Then it was announced that this was a yearly fee. So a one-time fee went from $1,500 to $4,000 yearly, which was stated as a very cheap fee. I felt that there had to be a better way.

I knew that I could save a lot by being organised and doing much of the job myself.

So I looked at a few online tools. I generally found them of limited use, more for amusement than helpful.

Then I found one I liked "projection lab."

It a professional online tool. You enter in the information. Since its only me, only I have access to the information. Then I could then experiment with it and so model my financial future. I know what I put in will not precisely match real life. But it's better than a vague concept in my head. Plus I can ask it questions and decide what I like about the consequences.

It had enough functions for me but I suppose as I learn more, I will use more. for now its fine.

Best of all, my accountant told me that it should be acceptable for the ATO for my purposes. Of course, if I had to go to a financial planner, I would be better organised as most of the information would be on hand for them.

It is free, so give it a go. At least if it does not work for you, you will have a better idea of what you need.

Let me know how it goes for you.

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Review your schedule for Your Invoices now

POS SOFTWARE

It would be best to consider this coming season into your billing cycle. If what happened last year happened in the next sales season, you can expect to take longer than usual to get paid. It's all too easy for people to say now that it's problems with COVID.

It can pay now to view your financial information to see which of your customers are delaying their payments.

Tip: If you want to pay earlier, run your invoices in advance.

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How to set up a customer with special trade terms

POS SOFTWARE

We all have Trading Terms on which our businesses supply our products and services.

The problem is that many clients have their trading cycles. Often they place on us, these trading terms as a condition to trade. So we are confronted with a choice to accept this or decline their business. A typical example is a tradesman who does his books monthly, a large organisation that seems to pay whenever they want, or a government department that pays on its cycle. Nothing you can do. I have been in a government department, demanding overdue funds. I had two people look at me with much sympathy in their eyes but making it clear that they are unable to do anything.

Often we reluctantly accept it. We want the business, and there is no point in making a fuss about it.

The immediate dilemma is that your computer system is set up to put everyone in your business cycle.

Well, do not worry, as you have the right POS software.

> What you do is go to the customer maintenance screen and call them up.

> Now click on the "Other details" tab.

Now at the top here, you will see the above image. There you can put the appropriate trading terms for that account.

 

Now your POS Software will treat this account with their trading term.

Now trade!

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Improving your Financial Reporting in your shop

POS SOFTWARE

MYOB

Maintaining your business depends on your ability to manage financial resources efficiently. To do this, you need to know the financial state of your business. This is why we supply an automatic function that allows you to directly talk from your POS System to many accounting software, e.g. MYOB, Xero, etc.

For example, the above MYOB integration software belongs to our market's most popular accounting system.

You have free access to the integration, and you can use it now. Check out the Automatic Data Transfer in the MYOB section of your POS software. Once set up, select the dates and run.

This integration allows MYOB users to save time by removing manual data entry. This reduces errors and speeding up the information transfer.

Using a POS system linked to a financial system, you can get detailed financial reports about your company. You can use this information to manage your finances better. What you will like is being able to perform instant cash flow analysis.

It also saves money because you don't have to pay an accountant to enter numbers.

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How well did you travel this year?

POS SOFTWARE

It's time to see how your shop went this year and it is easy and quick to do with a bird's-eye view of your sales performance. 

Go to Reporting Documents > Dissection Family Class Period Sales Comparison.

 

Now put in the financial year dates, put down a report for all products. 

As there are many options here, I suggest keeping it simple now but I do suggest that you experiment later.

 

Now even on this basic version, you get a detailed comparison by department and class.  I suggest you look in particular at the Qty which are the number of sales for each department and the $ Profit made by each department. 

Because of COVID many of you may find as a comparison with the year 2018/2019 more useful.

 

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Now we have done the stocktake

POS SOFTWARE

After you do a stocktake, it's time to do something with it. You will need the following numbers for your financial figures.

1) The value of your stock (Perpetual stock value) that your computer thinks that it had before you did the stocktake. Print out a report of your stock valuation before starting the stocktake. 

If you do not trust the figure in your point of sale software, then you can, or your accountant can give you an estimate. This is NOT recommended.

2) The value of the stock (Physically Counted Inventory Value) you have at the end of this financial year that you. 

Now do the following calculation.

Shrinkage% = (1- (Physically Counted Inventory Value))/(Perpetual stock value)) x 100% 

A familiar figure here is about 1.4%, but it does vary a lot. I have seen figures between 0.1% and 6%. What COVID will do to your figures is anyone guess.

3) Value of the damaged goods you counted. (Damaged stock value)

It would be best if you looked at is your damaged goods too. These have a different story, and it can be an exciting story to tell.

Damaged% = (Damaged stock value)/(Sales of stock product) x 100%

Once you get these figures, please let me know as I am interested in this stuff.

 

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Your Last chance to get an invoice before the 30th June?

POS SOFTWARE

Is this question you should be discussing with some of your clients? 

The converse may be of importance too. What if you delay sending invoices until after 30th June. This may mean you will have an obligation to pay the tax owing on these invoices in the next financial year.

It would help if you talked to your accountant now.

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This is the most common error we find in profit calculations.

POS SOFTWARE

What tends to happen here is that a person rings us up and announces that somehow their figures do not add up. As a rule here, our system will say something that does not add up with the accountant.

Okay, this invariably is what has happened. Note the steps that cause the error. Like many problematic errors, every step along the way is correct. It's the overall result that is wrong. That is what makes it so hard to find so stumping the accountant.

Say you have a credit with your supplier of $200. The supplier sends you $1,000 worth of goods on invoice A100. You claim the $200 credit and pay the supplier the difference on invoice A100. What can happen is that you enter that these goods on invoice A100 cost $800. As such, the profit owing is now incorrectly calculated.

You need to differentiate the credit which is easy to do in our POS system. Otherwise, you will cause an error in calculating the cost of goods sold which mucks up your profits figures. This also will produce an error in the analysis of your gross profit and net income, which is why the accountant picks it up.

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How to minimise this year's business tax?

POS SOFTWARE

I am not an accountant. So please review with an accountant but here are some immediate ideas for you to discuss before the End of the Year.

1) If possible, hold off depositing monies till July. This often pushes the tax owing on these to next year. 

2) Review the coming expenses some if paid now will give you a deduction now. Commonly done here is to pay a big supplier now. 

3) Review your BAD Debts - no point in paying taxes on these debts if you do not have them anymore. Doing this you can claim back on GST credits too. To do this they need to be outstanding for over 12 months or have evidence that they are bad debt, e.g. the debtor is bankrupt. As a written record must be kept, I suggest that you make a dissection called bad debt and issue a credit note to these debtors for the debt. This will adjust your GST and sales ledges in our system. You can also as such adjust it back if by some miracle you do get paid.

4) If you have been working from home due to COVID-19, you may have more expenses you can claim a tax deduction. Better check here as there have been cases here of people overclaiming, e.g. claiming 100% of internet charges for business and none for personal use.

 

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What Accounting Software are retailers using now?

POS SOFTWARE

Every year we survey our clients to see what they think of our performance. While we do this, we ask a few questions about what software our clients are using. Then what they want to do with this software.  So we asked them about what accounting systems they use? 

It is a good time to look at it as a new year beginning.

As Australian accounting software standards have not changed much in 35 years, all major accounting programs do the same job. The significant difference was that few offer cloud. Now, most do. They all have their devotees. The difference tends to be a user preference. 

This is what we got.

We were quite stunned by this result. 

Running through them in turn.

MYOB has always been the most popular accounting system in our marketplace. It is easy to use. I find it too rigid in use for my taste, but many consider this a positive advantage. 

Xero is expensive.  It does have a bit of a learning curve. It is rapidly growing in popularity.

Quickbooks/Reckon used to be my personal favorite. I find it clumsy to use. I am not keen on their support. It is good, they always seem to answer my questions, but they often leave me unsatisfied. What I do like is its flexibility in reporting.  It does seem to need more training than other software packages.   

The last column, *NONE* is what caused us the most discussion. Today more people are no longer using any accounting system. What is happening is that online bank software has been getting better. Many SMB retailers now find that they can service their accounting needs with our software, and these bank links free. As such, they are dropping the accounting software. I am sure this trend with continue.

Like always let me know your thoughts.

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Your debtor situation now in your business

POS SOFTWARE

My previous post on late-payment fees brought up a few inquiries. 

What is now the debt situation now in the business compared to last year?

Well, the quickest way is to go into register reports > customers trial balance.

Put in a date, you can pick any date you want, like I put a date most than three (3) years ago. 

Use the date yesterday a year ago. Use the age periods as current, 30, 60, and 90 days. 

Now do the same report as of yesterday's date.

Now you can see how you are going!

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Do you need to do an EFTpos Reconciliation?

POS SOFTWARE

Often you want to figure out what is going on, even if you are sure it's right. Sometimes, you need to determine that it is correct.

 So if you are looking to reconcile your EFTPOS/credit payment to the banks, if so, what you find is you are reconciling your daily sales, yet many of the bank fees are monthly figures. As such, the totals will not match.

Well, here is a report that can help you.

You will find it here marked in red.

Once there you can get a report in excel that you can reconcile.

See how you go, everyone, who has done it has told me that they have found something interesting.

 

 

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