The Looming Fiscal Cliff: How Businesses Using POS Software Can Hedge Their Bets

By now anyone not living in a cave or in a coma has heard about the so-called fiscal cliff. More than they have ever wanted to hear about it. So what does this mean for small business owners in the market for POS software, and how can they avoid its pitfalls? One simple answer is to invest in POS software that simultaneously provides value and efficiency, thereby building and maintaining customer loyalty. The other answer is to read between the lines and delve deeper, which could lead to the conclusion that small businesses might actually benefit from a progressive tax system that encourages innovation and productivity.

The future and fear-mongering

If one listens to some sources, the country is headed for a steep decline even if a deal is reached on the spending cuts and tax increases more commonly known as the “fiscal cliff” inside and outside the Beltway. Despite efforts to assuage their concerns, local restaurants and retailers fear higher taxes on their businesses and are spooked by the murky classification of what exactly constitutes high-income earners and whether or not those earners can accurately be described as “job creators.”

Or a silver lining?

According to other sources, the future is not so bleak. Many nonpartisan economists expect a deal to be reached in Washington (the Republican-led House now knows it has to deal with a Democrat in the White House for the next four years), and in turn expect a lowering of payroll taxes in exchange for closing tax loopholes and eventual tax reform overall. In short, there is cautious optimism that the grown-ups have crossed the aisle, come to the table and are looking to work out their differences to the betterment of the economy. This optimistic shift in outlook amongst business leaders is evident in the voiced support of FedEx CEO Fred Smith and Goldman Sachs CEO Lloyd Blankfein for the plan President Obama has put forward. Whatever the end result is, it is looking increasingly like the deficit scolds’ fear-mongering will be for naught and that small businesses, which include many AccuPOS POS software clients, could benefit from new legislation.

In the meantime, existing businesses and entrepreneurs can look for the following to maximize their bottom line and minimize superfluous costs:

  • Reputable POS software that works seamlessly with integrated accounting programs.
  • POS software that follows PCI compliancy laws.
  • Intuitive software, simple interface.
  • Bundled pricing to fit any business, from startup to chain store.

These measures should give businesses a boost – but not off the cliff.