POS with Accounting Software is a POS with in-built features that help businesses keep track of their sales, inventory, expenses, vendors, customers, profit & Loss, Balance sheet, and many more. This type of software is usually used in retail environments but can also be used in other businesses, such as restaurants and bars.
POS (Point of Sale) with Accounting manages financial transactions and business inventory. It integrates with the point-of-sale system to automatically record sales transactions, track inventory levels, and generate financial reports. It can help businesses streamline their operations and make informed financial decisions.
POS with Accounting Software: Benefits
Time-saving: Manual entry of data into the accounting system is a time-consuming task. With integration, data from the POS system is automatically updated in the software, saving time.
Minimize Errors: Manual data entry is prone to human error. Integration eliminates this risk as data is automatically transferred between systems.
Real-Time Updates: As information is updated in real-time, businesses can have a more accurate and up-to-date financial picture. This aids in better decision-making.
Why choose POS rather than integrating with other Accounting packages?
Many POS systems offer integrations with popular accounting packages such as QuickBooks, Zohobooks, Xero, and Sage. It’s best to check with your specific POS and accounting software providers to see what integrations are available and how to set them up. It usually gets why complicated with the integrations due to the reasons
- Syncing POS with Accounting is not just about syncing Sales transactions we sync the items masters, discounts, purchases, inventory, stocks, vendors, customers, and many more.
- Two-way sync would be required as you might need to manage the items, change pricing, etc.., which becomes very complicated with some of the accounting system
- POS software is very complicated and sophisticated when it comes to managing multi-pricing for different channels, managing inventory & stocks for selling through different channels, combo items, purchasing in bulk and self as individuals where most of the Accounting systems doesn’t support these options.
- For Restaurant POS software, there is much more complication with ingredients/recipes, production modules, etc.., which becomes impossible with the Accounting system when we do the integration
Features of Integrating POS with Accounting System
Get Grahak POS with Accounting software allows to manage the chart of Accounts, post the expenses, Account payables and receivables, cashflow management, manual entries so clear tracking books and accounts can be managed
- Better Inventory Management – Managing inventory involves tracking product levels, determining reordering quantities, and establishing reordering timelines. This process is particularly important for retail businesses, where low or no stock can harm a company’s reputation.
- Accounts Receivables and Payables – POS Accounting software can streamline your sales and purchase process with automatic syncing of respective ledgers of your customers and vendors. So you can accurately pull all the Accounts receivable and payable reports in one place.
- Expense management – Get Grahak POS Accounting helps to manage all your expenses by posting your accounting journal entries to your respective accounts ledger and tracking your expenses from anywhere
- Accounting Report – Get Grahak with Accounting software helps you get all your financial and Accounting reports at one place from Profit/Loss, Balance Sheet, Day book, Account Payables, Account Receivables, General ledgers, Trial balance, VAT report, Credit Notes and Debit Notes etc..,
Conclusion
Invest in Get Grahak for an all-in-one solution tailored for your restaurant or retail business. With integrated POS, e-commerce, inventory, CRM, and accounting features, it streamlines your operations and boosts efficiency. Automate sales and purchases, effortlessly track profit and loss metrics, and gain invaluable insights for informed decision-making. By consolidating these essential functions into one platform, Get Grahak saves you time, money, and hassle while providing real-time data to drive your business forward.
