Overview:
The accounting system is the backbone of any POS system in a small to medium-sized business. Choosing a point of sale system for your business requires some research. There are many available in the market, but choosing one with powerful online accounting tools is very important. Be application specific, and the choice should be made according to future needs.
In this article, we will discuss why POS accounting is an essential feature in point of sale and how CISePOS is providing services to the customers for the financial aspects of their businesses.
Balance Sheet:
A balance sheet represents your business’s financial position, calculated usually at a quarter or year-end. It gives you a rundown of your business assets, debts, and financial situations.
Cloud-based accounting software helps business owners by providing them with a complete analysis of the balance sheet. It’s very hard to check the actual business position manually.
Accounting module in CISePOS provides complete details about the financial aspects of a business with easy-to-understand representation. The retailers will have easy access and can monitor sales positions through any portable device without being present physically in the store. If the business has multiple locations, then a separate balance sheet can be generated in the system with their respective profit and loss trial balance statements.
Profit And Loss Statement:
The profit-and-loss statement in a financial system represents the revenue cost and expenditures in a fiscal year. The profit and loss reporting feature offered by CISePOS provides complete information to the owners regarding their actual business position in terms of net profit and loss.
The owners can generate profit-and-loss statement reports quickly for any specific day. In the case of multi-location operations, the option of branch-wise reporting is also available through the CISePOS system. This report highlights essential information, such as stock opening and closing, net purchases and sales, other operating income and expenses, and taxation impact.
Account Trial Balance:
Trial Balance represents the closed balances of ledger accounts for a specific period of dates. The trial balance guarantees that the ledger’s accounts proper credit entry is recorded for each debit entry. If there are any issues in the sum of the trial balance, the retailers can quickly fix the issues highlighted in the report.
The accounting system developed by CISePOS works as specialized bookkeeping software. It supports the retailers by offering the customization of the report based on dates, account type, balance type, amount type, and selections of accounts to generate a trial balance.
CISePOS system provides an additional feature for retailers to export their trial balance information in different formats like PDF, CSV, and Excel as per their needs.
Accounts Voucher: Accounts Payable & Accounts Receivable.
In any business, the account payable and accounts receivable are among the most critical aspects of the accounting system. Managing this task using the POS system has improved the overall efficiency and minimized human error.
The CISePOS system offers three types of account voucher option for the retailers, which are:
- Vouchers
- Cash Payment / Received Voucher
- Bank Payment / Received Voucher
While creating a voucher in the CISePOS system, the user will have various options to select appropriate voucher types according to the business requirements like CR, CP, BR, BP, JV, SV, SR, BV, BR, GRN, GRNN. The system also can let the user create their own voucher type in case it’s needed. Our well-designed dashboard shows all the information about the voucher created so far, and users can delete any vouchers because of an error.
Account Ledger:
Account ledger stores the details of all transactions that are debited and credited in the accounts upon the cycle prescribed by the organization’s financial controllers.
Accounting system by CISePOS provides extensive support to retailers. They can easily view the ledger balances instantaneously from any date. You can easily view your ledger account balances for any specific dates. The accounting ledger will show essential information like voucher no, date cheque no, narration, bill ref, debit, credit, and balance.
Conclusion:
The most significant advantage of using an accounting POS software is its time-saving potential, ease of organization, and reduced chances of human error.
The accounting module in the CISePOS system is designed by keeping in mind the challenges which business owners have to face without an automated system. You will have easy access to reports like balance sheet, account ledger, account trial balance, profit/loss report, and many more, which are essential for effective business decisions.