These days, a point-of-sale (POS) system is more than just a way to charge customers. Modern, software-based POS solutions offer a whole host of other benefits, from increased productivity to money saved on taxes. As surprising as it may sound, POS software with the right features can help you maximise your business's final takings after tax. Here are 3 ways that investing in a new POS system for your business will pay off.
You'll Get More Accurate Financial Figures
The most important thing when filling in your business tax return is your accuracy. Every year, numerous businesses face steep penalties due to accidental mistakes in their reported income, sales tax and other financial figures. This is unsurprising, since it can be hard to manually calculate all these numbers yourself. That's why you should invest in a modern POS system to do the job for you. Good POS software automatically records all your business's financial information, calculating final figures with 100% accuracy. When it comes to tax time, all you need to do is pull the online reports from your POS system and you can be sure you're reporting correctly with no chance of underpayment penalties.
You'll Be Able to Make Smart Investments
Another way a good POS system helps with taxes is by giving you the intel you need to make the best tax-deductible investments for your business. As your POS software takes in real-time sales information, it doesn't just keep track of your current revenue—it also analyses that data to project your end-of-year financial position. If the software shows that you're on track for a strong financial year, you can start to make the strategic, tax-efficient investments that your business needs, whether that's training, equipment or other business costs.
You Can Maximise Your Deductions
When it comes to minimising the taxes you owe, you'll want to focus on your cost of goods sold deduction. This can be one of the biggest and most important deductions for any small business, and a good POS system can help you keep every penny you can. This is another area where you'll use the reports your software can generate. With just one click of a button, you can get the accurate figures for all your inventory costs. This eliminates the usual need to take a physical inventory at the end of the tax year, which can take countless hours and still has room for errors.
For more information, reach out to a POS system provider.