I had a BlackBerry from the spring of 2002 until autumn of 2011; in this amount of time my sister and parents had gone through approximately three generations of smartphones. Each. I adamantly resisted the idea of a smartphone, nostalgically recounting the time I left my BlackBerry on top of a taxi only to find, after departing and returning, that the BlackBerry was left fully intact at the intersection of 68th and Madison. This BlackBerry was a tank.
However, my adoration (bordering on obsession) for word games ultimately brought on the demise of my BlackBerry. I purchased an iPhone and descended into a shameful, time-sucking spiral of Words with Friends tournaments, New York Times crosswords, and challenging Shazam to recognize songs I heard on Boardwalk Empire. When people asked what happened, I said that I just needed a device that could do everything. Which brings me to today’s topic: point of sale and accounting software.
The big picture
You know how point of sale systems begin by having you key in all of your items for sale? But once you begin selling, your point of sale reports don’t show income against all of your expenses, such as rent, payroll and credit card fees. This may leave you with no straightforward way to see your most essential piece of data – a thorough, precise P&L report.
An open book
What you need to look for in a point of sale system is the capability for automated bank reconciliation, with zero discrepancy between your accounting statement and your bank statement, and line item detail. Your core financial software is more important than any aspect of your business. This will ultimately save untold amounts in bookkeeping costs while providing line item detail and integrating web orders, time and attendance, CRM, and even newsletter distribution.
This means that you’ll be able to visualize every single aspect critical to your business in one place, including:
- Sales receipts
- Expense management
- Banking deposits and credit cards
- Inventory assets
- An accurate balance sheet at your fingertips in real time, at all times.
A good analogy for the relationship between your POS and accounting program is that of apps to a smartphone. As your smartphone might be a hub for your Facebook, Words with Friends, and Angry Birds apps, QuickBooks is the core connection for AccuPOS, Constant Contact, and eCommerce, to name but a few. Ultimately, information is currency. That said, you would rather have more information than less. If you already have QuickBooks, why wouldn’t you use it to its fullest capacity in order to get the most value out of your accounting program?