Have you ever got confused with POS and Accounting software?
POS and Accounting software are two major software which has a prime role in running a business efficiently. Have you ever got confused with these two? One common factor with these two software is both are dealing with money. Then what makes them different?
Accounting software is meant to handle all the accounting and tax functions of an organization. At the same time, Point Of Sale Software is working as a cash register or billing software for retail, restaurants, and hotels to manage their billing, promotions, and sales more efficiently. Accounting software helps you to automate business flows by billing, invoicing, and bookkeeping. It will take care of all the accounts and tax-related works in a business. Let’s explore the difference between the two.
What is Point of Sale Software?
The initial point of sale systems was just used as cash registers. Modern POS systems are digitally transformed into a full-fledged system for invoicing, billing, inventory management, sales and promotion management, etc. Integrating with another eCommerce software makes them possible to unify commerce and streamline the Omni channel business operations.
POS is widely used in retail, restaurants, hotels, salons, etc. to manage the billing and sales from small-scale to large-scale industries.
An entire POS system consists of a customer display, barcode scanner, monitor, card machine, receipt printer, and network devices.
Retail Pro is an example of one of the best POS software available for retail specialty management. It is available on android, ios, and windows platforms and can be accessed through mobile, tablet, laptop, or desktop devices.
Integrating with customer engagement solutions like Optculture Retail Pro enables businesses to run loyalty programs more effectively. The integration and reporting feature makes this POS software more advanced and an unavoidable software for a business to transform digitally.
What is Accounting software?
The goal of accounting software and POS software is entirely different. Accounting software is used by accounting professionals and bookkeepers to manage the accounts of an enterprise more effectively and smoothly. On-premise or cloud-based accounting software is capable to integrate with third-party software. The cloud-based software is more user-friendly since it can be accessed through a web browser or mobile app. The modern software is capable of inventory management, tracking time, and cash flow. Accounting software can provide you the reports which show a company’s full financial picture. If it’s a small or large business accounting software is a must to avoid the errors happening through manual entry and to speed up the task. The best thing is it keeps everything in one place. The most interesting part is you can do Tax returns from the system itself. The return reports are automatically generated to make this task easy.
So accounting software is used for accounts payable, tax returns, billing, balance sheet estimation, and financial reporting and payroll activities.
Benefits of Integrating accounting software with your POS
Integrating two powerful software like accounting software which handles all your accounts activities and a POS which handles the billing and sales of your business will provide you with a highly efficient business tool packed with unlimited features to boost the efficiency and strength of the business.
You can save time and can use it for planning new business strategies.
Retail Pro can integrate with the leading accounting software like QuickBooks, Sage, SAP, Oracle, etc.
If you want to know more about the integration of your accounting software with the POS system please feel free to Contact us.