It also allows the restaurant to realize the benefits of new POS technology while retaining the accounting features it has come to rely on. This provides restaurant owners with a complete snapshot view of their operations through the familiar Quickbooks interface or via the POS system’s dashboard. Quickbooks’ various accounting modules can be linked directly to the restaurant’s inventory tracking, purchase orders, and real-time sales figures. Sales and performance data can be viewed in real-time from any internet-connected device, and online reservations and orders are automatically integrated with their on-premises counterparts. Rather than relying on a centralized cash register, sales transactions can be completed at tableside using smartphones and tablets equipped with card readers. A restaurant POS system that’s compatible with Quickbooks allows the business to adopt modern cloud-based inventory management, employee scheduling, and sales reporting features while retaining the accounting systems they feel comfortable with.Ī POS system integrated with Quickbooks prevents restaurants from having to deal with separate systems for managing purchase orders, processing customer orders, and tracking inventory. The more accurate and up-to-date the tracking is, the more efficient and profitable the restaurant will be. Managing a restaurant entails tracking hundreds of bits of information in the course of a workday. How Restaurants Benefit from POS-Quickbooks Integration It helps identify the products and promotions that are most popular with customers, the times of day and days of the week when business is best, and the optimal staffing mix to keep customers served and employees happy. The insights that integrated accounting and POS data provide can be applied to ensure the business operates as efficiently as possible.
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This allows retailers to retain the interface they’re used to while expanding the system’s functionality to include POS features such as inventory management, employee management, and customer databases.īy combining Quickbooks with your POS system, the sales reports and other data analytics available from the POS software have a broader set of data to work with. A POS system that works with Quickbooks has to blend smoothly with the program’s modules for invoices, payroll, and financial management. Quickbooks has been a mainstay of small business accounting for so many years that many businesses would be lost without its familiar interface and toolset. Integrating Quickbooks with Your POS System
In particular, a cloud-based approach allows retailers to submit invoices from their mobile devices, and view client, expense, and invoice information from anywhere and at any time. The key is to smoothly integrate these and other POS functions with Quickbooks’ accounting capabilities. Retailers will notice right away that many of these features are already built into their POS systems. These are the features to look for in accounting software for retail:
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While some small shops can get by with the basic accounting features offered in free and low-cost online accounting services, most businesses-especially those with employees-require an accounting package that supports double-entry accounting. How Accounting Software Benefits Retail Shops Here’s a “quick” look at the benefits of using a POS system that works with Quickbooks. Retailers can achieve peak accounting efficiency and improved accuracy by integrating their POS system with Quickbooks. The clear leader in small business accounting software is Intuit’s Quickbooks, whose share of the retail market is currently greater than 80 percent. Recent reports state that as many as 21 percent of small and midsize business owners believe they aren’t knowledgeable enough about accounting and finance, yet 82 percent of small businesses currently use some form of accounting software. For a growing number of retail shops, a popular money-saving option is to take the do-it-yourself approach to accounting. Retailers are doing everything they can to minimize expenses in response to this year’s economic downturn.