As a small business owner, you have to run a tight ship—and on a tighter budget than many (or most) of your competitors. Every choice you make, from the product or service you provide to the number of employees you hire and schedule to work, is of critical importance. Your success depends on making the right decisions at every step, especially when you don’t have the financial room to make any mistakes.
Choosing a point of sale accounting software for your small business is one such choice that you don’t want to get wrong. Whether you’re starting a vape shop online or streamlining your burgers-and-shakes-only cafe, a POS system that helps you manage the accounting can improve your ability to make wise decisions on behalf of your business. To help you choose POS software that’s right for you, let’s take a look at the nuts and bolts of what makes a good system.
The Nuts and Bolts of Good POS Accounting Software
A good finance management software designed for a small business should provide all the tools and functionalities that help large companies stay organized and run smoothly. So, don’t think that you have to scale back on what to expect from the POS system for your diner just because you have a limited menu and very little seating. In fact, it’s reasonable to want what the big players have since you operate with significantly less room to take risks. Plus, who knows, someday you may want to scale.
That’s why, at minimum, your small business point of sale accounting software should:
- Maintain accounts payable and receivable with ease and accuracy, but without requiring extensive training to get operational (since, for now at least, “accountant” may be one of the many hats you have to wear).
- Automate the input of both one-time receipts and ongoing costs so that calculating the numbers—and exporting them into a spreadsheet—can happen fast.
- Offer recurring and batch invoicing that can be printed or transmitted electronically. You should also be able to immediately see what’s outstanding and have the option to rebill automatically.
- Process incoming purchase orders and help you create them as well.
- Record all debit, credit card, and cash transactions, including by which employee they were performed and on what day and time. The combination of this data helps reduce fraud, but also tracks your best performers and helps you better determine when to schedule more staff.
- Generate summaries as well as in-depth reports on how well the company is performing financially. This has the added benefit of helping you make swift, on-point decisions about cutting costs while shedding light on areas where you can spend a little more.
- Integrate seamlessly with other software apps that are essential to your business, like a labor management system such as Homebase. If you already use accounting tools like Xero, Sage, or Quickbooks, your POS system should integrate with these, too.
- Protect your financial data—as well as your customers’ and clients’—by storing information securely in the cloud.
- Be accessible from any computer or other device regardless of the operating system that you or your accountant (when you get one) prefer to use.
- Handle every aspect of inventory management, from reporting on what sells and what doesn’t to sending immediate notifications when your stock runs low. Though not technically an accounting function, this information—and how you handle it—affects the numbers and your bottom line.
Of course, you’ll also need to process payments from clients and customers. And, there are some restaurant and retail POS solutions providers that include this option with their software and service. Here, however, you may want to deviate from the norm. Having the freedom to choose a payment processing vendor that gives you the best deal frees you up to take even more control of your costs. A great point of sale service provider will have this flexibility built in—and also integrate with your payment processor of choice.
The Best Point of Sale Accounting Software for a Small Business
It won’t be difficult to find a point of sale accounting software for a small business that covers the basics. You can also find one that’s built to scale so that, as your business grows, functionality doesn’t suffer—and, like having the option of flexibility, that should be a key consideration. Sure, your salon or boutique may be small now. But, business is always changing. If you’re lucky, what you need from your POS system will get bigger and your vendor will be there as a partner.
At talech, we know that deciding on the right point of sale accounting software for your small business is a big deal. That’s why we offer a comprehensive yet flexible system that lets you choose the tools and integrations you need. With plans designed to fit even small budgets, you don’t have to go without critical features because you’re not yet a big business. To see how talech can help you flourish, sign up for a free demo today.
Want to learn more about talech POS systems?
Get your free Demo