Right now, the dominant buzz words for the Point of Sale market have got to be ‘connectivity’ and ‘integration’.
Front of house, that can mean everything from a POS that demonstrates strong wireless capabilities to connecting seamlessly to peripherals like barcode scanners or chip/pin terminals. Out back, it can mean having a POS system that’s got the data analytics under control through connected customer databases or one that offers integration with leading accounts software like Xero.
But, for the business owner that has a hundred other things on their plate, understanding the specific benefits of something like Xero integration can be confusing – for one business it might involve a focus on handling and synchronising purchases ‘on account’, while for another the priority could be automating separate profit and loss accounts across multiple locations.
As a supplier of POS to the retail and hospitality markets, here at the Good till we’ve focussed our Xero integration capabilities on the things that business owners in these sectors tell us are most important to them – making the book-keeping/ accounts process simpler, reducing duplication, saving time, improving accuracy of information and finding an easy way to keep track of how the business is performing.
Here’s how our top-class POS/ Xero integrated platform does the job:
Bookkeeping made easy
To stay competitive, you need to constantly have and accurate understanding of the financial health of your business, but that can require countless hours at the books. Whether you do this yourself or employ an accountant, the biggest bonus of integrating your POS to Xero is that the data can migrate automatically, directly syncing sales and the cost of goods with the P&L account. With no need to duplicate any effort through the manual input or export of data, this not only saves a huge amount of time but also eliminates the risk of human error and provides you with an in-depth picture of the business in real-time!
Synchronising all cash transactions out of the till to Xero helps you to better monitor the different types of cash movement (e.g. floats, cash payments to suppliers), spot discrepancies and properly reconcile the finances at the end of each day. With a daily feed from the POS to the accounting software, you can better track revenue to expenses and plan for any difficulties with cash flow.
If you sell gift vouchers or run a customer loyalty scheme, then these liabilities to your business need to be noted. With the Good Till’s POS/ Xero integration, the value of gift vouchers and customer loyalty points (recorded in their monetary equivalent) can be synced to a liability account in Xero. That means they’re clearly visible on your balance sheet and your business is prepared (rather than surprised) at the moment of reconciliation.
Purchase orders are another area where duplication can be cancelled out through a clever piece of POS/ Xero streamlining. By connecting the Purchase Order to both the POS and Xero, goods can be received, verified and added to the inventory and Current Assets account in one go.
And there’s more…
When a world leading business app like Xero online accounting is integrated with a power-packed but simple to use POS system like the Good Till, the benefits to your retail or hospitality business go much further than what we’ve covered here. For instance, if you wanted to compare sales at department level, this can be covered by transactions that are automatically linked to each department’s own Xero account.
The important point to remember is always talk to your POS provider to make sure the integration capabilities they can provide match the requirement of your business, provide you with the business insights you need and, crucially, give you back some of your valuable time.
At the Good Till, we’re happy to invest our time in this and, once you’ve decided to go ahead, the integration can be installed so that the two platforms are talking to each other within minutes!
Contact one of our expert advisors today to find out how POS/ Xero integration can start working for you and your business.