ShopKeep POS API

When you think about the benefits of POS software, it’s likely that inventory control and simplified customer transactions come to mind first. Most business owners aren’t even aware that POS software programs can also simplify accounting and bookkeeping for small businesses.

Improved tracking of sales and inventory information can improve the accuracy and efficiency of accounting and bookkeeping tasks for small businesses, particularly when POS software and accounting software are integrated. Quality POS Software will offer integrated, real-time information sharing, so that changes made (e.g. sales completed, inventory reduced, employee hours worked) are reflected consistently in your online accounting ledgers. Some POS software programs even save information to a secure cloud, allowing information to be shared between the system and accounting software on two different computers or even in two different locations. Integrating accounting software and POS software can lead to improved tracking of many types of financial information, including:

1. Vendor and Customer Information

Once you’ve integrated your POS and accounting software, you’ll never have to make redundant entries to vendor and customer information again. When your sales team makes changes to customer contact information like adding an address or changing a phone number, your accounting software will instantly show the changes. Account balances will be updated in real-time, eliminating the risk of billing errors as well. Similarly, vendor contact information and accounts will be updated instantaneously, so you’ll never have to worry about a payment being short or failing to reach a payee. You’ll also have a much easier time tracking the information of vendors who are also customers, as account information will be automatically reconciled.

2. Sales Tax Collection

Every time that you complete a sale with your POS software program, payments are recorded in detail by the software. Sales tax is automatically separated from the cost of goods, and if you collected more than one type of tax during a transaction, the amounts will be credited correctly. All of the sales tax information will be seamlessly shared with your accounting software, making it easier than ever to issue sales tax payments. You’ll never have to worry about data entry errors and the costly fines that they can cost you.