1. Reduce the Stress Caused by Human Error
We understand that you, your highly paid finance department, or even your long-time trusted accountant may be top of the line, however, in a rush to meet IRS deadlines even the most competent of accountants are prone to make mistakes; it’s what makes us human.
Here at Ordyx POS we integrate with accounting software such as Quickbooks to ensure that customers can file accurately and on time. The ability to seamlessly pull information from the POS software sales report enables confidence in owners that everything from tax info, to employee hours/tips are recorded and reported on correctly.
2. Save as Much Money as Possible
Calculating tax deductions is an important part of ensuring financial stability for the upcoming year. For most small businesses, this deduction is the Cost of Goods Sold (the amount a business pays to get each item). A good POS system allows you to easily grab reports containing this CoGS information so that filing this Schedule C deduction is easy and maximized.
3. Seamless Collection of Data and Reports
Usually around tax time, businesses must manually collect the multiple different reports necessary in calculating that year’s taxes. With a POS system, owners are able to collect multiple necessary reports with just a few taps on their POS screen.
A good POS system will have been collecting accurate data since the first transaction it was involved with. The system can even distinguish sales tax and other non-income fees from total sales, a feature which has been a huge relief for owners of all industries.
These are just a few ways that a good POS system can reduce the stress associated with tax time. For more information on how an electronic point of sale system can help your business save, give the Ordyx team a call today; we’d love to hear from you!
About the author: Coleman Howard
Coleman Howard is a Marketing Manager for Ordyx POS. An MBA Graduate from Florida Atlantic University, he has a passion for studying, innovating, and presenting new ideas in the industry.
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