Accounting

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Accounting

Debt controlling

POS SOFTWARE

Debt is everywhere, it affects almost every human organisation, in my lifetime, I have seen the greatest empire in the world, the USSR and most important people like the Shah of Iran collapse from it. 

They did not have money to pay for people, and because of the debt no-one would lend them more money, soon their worlds collapsed.

Debt is part of modern life. If you sit back and wait, the worst might just happen. Here is a quick way of determining just how much debt your business is owed.

So go to main menu.

Register reports


Now usually, I would recommend using Trial Balance(excel), but for this example, I just wish it to be simple, so I selected Trial Balance.

 

 

Now select today's date, although just to show you the power of our system, I picked a random date many years ago.

I also selected by order by Surname as I think it makes it easier to find, and I ignored the "More Criteria" because I do want to keep it simple, but I urge you to experiment later with these options.

 

 

Now out pops among other details a page like this one below Although for security reasons, I blanked out the names, you can see all the relevant information is here.

 

A total will be printed at the end.

This gives you a quick look to understand your situation.

 

What interesting exercise is to go back in and select today's date last year and see how your debt situation is shaping up. If it is dramatically going up, I would suggest that you take action rather then praying for the best.

 

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Invoicing

POS SOFTWARE

Invoicing is now easier in our cash register in the new version as we have automated more the operators' work easier. Using it you can print the invoice in seconds, with minimum steps, you do not need a keystroke as it can use a touch screen but if you like you can use the keyboard shortcut keys.

This will save you time and effort, mainly if you are dealing with busy businesses and customers.

If your customers want an A4 receipt which is often true of business customers it is elementary to do, click on the "Receipts" button, find the receipt you would like to print, then select the "A4 Print" button:

Out will come an A4 receipt:

What we do suggest is that invoicing immediately and getting the customer email address to email these invoices immediately too while it is still fresh in everyone mind.  The quicker they get it the quicker you get paid.

Besides being a double hit on the bill, this email address can then be used for loyalty marketing purposes so serving another function.

 

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Balancing the till

POS SOFTWARE

Balancing your tills is essential to any retail business. It actually should be part of your daily routine, but now suddenly you sense that something is not right and you want to balance the till. This is where we use X-offs,

What we strongly suggest is that every cashier has their cash drawer. There is no problem as our system allows many tills to work on one computer,

At the start of each shift, the staff member gets the float. This can be easily balanced at any time.

Go to the End of Day section in the cash register and select X-offs

With this summary of sales what will get extra information which may help with your investigations such is the net sales, voids, paid ins/outs, taxes, the breakdown of various methods of payment and more.

Select on the end of day page choose the X-off option that is below the EOD option marked in green. Select the time the staff member assigned to the register started and the current time. You now run the report.

Now it’s time to count your cash.

When balancing lookout for overages and shortages, an overage is not to be ignored as it can mean that people are not recording all their sales. If so, why are they not recording all the transactions?

 

 

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Integrate accounting

POS SOFTWARE

One point that can in retail save you time is automation that saves you time.

Consider that you save a lot of time of manual bookkeeping every year by integrating your POS system into your accounting system.

 

 

 

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GST eliminate errors

POS SOFTWARE

Our software has inbuilt a powerful GST auditing tool inbuilt which gives you a fast and accurate audit of your GST.

Now what sometimes happens is that people have some queries about their GST and they want to check in their accounting programs that it is giving the same result as their point of sale software.

Here is how you do it in our software.

Go to the Register reports > Sales > GST Summary for a given period

 

 

 

 

 

This will give you a detailed report which including this.

 

 

Now, this you can check with your accounting program.

If the two are not the same, then what you need to do is track down the incorrect figure. This can be extremely difficult as sometimes, it is not actually wrong in either system. So we need to audit.

The problem here is that three (3) is often a big job to audit in practice. So what we do is try to break it down to a short period, generally a day and audit just that day. This process can take time.

So what we suggest is to run this report for one month, then the accounting program for the same month. If the problem is not noticeable in that month, we go to the next month and run both again. It does not take long in our system as its Microsoft SQL which sets the standard for speed.

If it is noticeable, then we look at the first half of the month and check that with the accounting program and so keep going making the period smaller and smaller until we get to a day where the problem is noticeable. Then I check the transactions on that day.

It will take you using this method about seven (7) attempts to get to that day. Once you get into the rhythm, it is relatively quick.

Sometimes though it can be tough to find, I remember once, I could not figure it out why a $2000 transaction was not there. It turned out that it was an insurance claim that had wrongly been put down in the accounting software as a sale. Doing this check, as a result, saved the retailer $200. 

 

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GST eliminate errors

POS SOFTWARE

Our software has inbuilt a powerful GST auditing tool inbuilt which gives you a fast and accurate audit of your GST.

Now what sometimes happens is that people have some queries about their GST and they want to check in their accounting programs that it is giving the same result as their point of sale software.

Here is how you do it in our software.

Go to the Register reports > Sales > GST Summary for a given period

 

 

This will give you a detailed report which including this.

 

 

Now, this you can check with your accounting program.

If the two are not the same, then what you need to do is track down the incorrect figure. This can be extremely difficult as sometimes, it is not actually wrong in either system. So we need to audit.

The problem here is that three (3) is often a big job to audit in practice. So what we do is try to break it down to a short period, generally a day and audit just that day. This process can take time.

So what we suggest is to run this report for one month, then the accounting program for the same month. If the problem is not noticeable in that month, we go to the next month and run both again. It does not take long in our system as its Microsoft SQL which sets the standard for speed.

If it is noticeable, then we look at the first half of the month and check that with the accounting program and so keep going making the period smaller and smaller until we get to a day where the problem is noticeable. Then I check the transactions on that day.

It will take you using this method about seven (7) attempts to get to that day. Once you get into the rhythm, it is relatively quick.

Sometimes though it can be tough to find, I remember once, I could not figure it out why a $2000 transaction was not there. It turned out that it was an insurance claim that had wrongly been put down in the accounting software as a sale. Doing this check, as a result, saved the retailer $200. 

 

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MYOB

POS SOFTWARE

 

There were problems this morning with MYOB, with people trying to log in, when we tested it then there was a problem however according to MYOB the problems have been fixed.

Also, I have tested it now and it seems all fine.

 

 

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Accounting software in retailers

POS SOFTWARE

Every year we survey our clients to see what they think of our performance

Accounting systems in retail shops

While we do this, we ask a few questions about what our clients are doing and what they want to do with the software.  So we asked them about what accounting systems they use? 

The first point to notice is that about 95% of retailers here are running some accounting program, which is effectively everyone. Interestingly although there are many accounting software packages, most retailers in our market space use one of four systems.

In my experience, as Australian standards in accounting software has not changed much in 30 years, all these programs can do the same job. All are good, and the difference tends to be, I think user preference, requirements and ease of use.

Running through them in turn.

MYOB historically and now is by the far the most popular system by retailers. Recently as they introduced their cloud version, you can see its popularity has continued to grow in our chart. I find it too rigid in use for my taste but many would consider this a positive advantage. 

Quickbooks and Reckon, a few years ago had a terrific deal going, over half price so we told our clients and many of my clients jumped on this deal, obviously, Quickbooks has lost much market share as the deal died out but as their cloud version comes out they are slowly building up their market share. This one is my personal favourite but I do accept that this flexibility comes at a price that a user does require more training than other software packages.   

Cashflow manager is an extremely solid and popular accounting program, I am not surprised there is a growing interest in the product. Its simplicity is I am sure part of its appeal.

Xero is expensive but very good. Now it is clearly facing pressure from other vendors now that can now do cloud as well so my clients are moving away from it. 

Finally, interest in what is many other smaller accounting software packages are dropping off. I think that this might be the effect of the growing interest in cloud computing. The other problem is that if you adopt a system with few users, it can be hard to get help if you require help. 

 

 

 

 

 

 

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Get the $20,000 instant asset tax write-off

POS SOFTWARE

 

If you are seriously planning to upgrade your computer system soon, it would be a serious loss not to take advantage of this year, immediate $20,000 tax write-off if your business turnover is less, then $2 million dollars. If so you are running out of time, for this year's deduction. I would suggest that if you are in a position to take advantage of this concession, you should do so. Note you can always get another $20,000 next year, and then it ends.

It’s a great opportunity to spend on something that will help you work smarter and more efficiently, improve your shop and allow you to offer better customer service. We are currently sending out some good offers for our clients.

I would suggest that you speak to your accountant about it ASAP.
 

Customer receivable on 30 June 2014

POS SOFTWARE

Question:

How do we get the Accounts Receivable Balance for Customers to ensure that you produce the report after the deliveries for Monday have been charged?

Answer:

Since round cards tend to run automatically at 10:30pm by the scheduler so not to waste newsagent's time, you need to run this report, the Customer balance report until after your rounds have run for the day. The easiest way to do that is after the 30th June, in the criteria of the report in the From date select the 30th.