There are still many companies that use filing cabinets, reminders through sticky notes and spreadsheets for managing their accounting functions. Some businesses may even manage fine with these tools. Their accounts appear to be reconciled; they disburse their checks in time and even manage to pay their vendors regularly.

However, can they manage when their CEO asks for a report on revenues generated from all their new customers since the beginning of the year? In that case, if you manage your accounting system manually and come across such issues, it is time to switch over to an ERP accounting software. Such software offers several advantages to the bookkeepers as well as the businesses.

However, though you are now convinced that your business needs an ERP accounting software, you could be unsure of your readiness. Check out the signs mentioned below to indicate that your business does need accounting software.

Unable to keep track of your customers

Do you often have to go through several shelves or drawers to find that crucial sheet of paper or the file where you stored the financial information of your customers, such as discounts, transaction history and credit limits? If that is the case with you, it is high time to purchase an ERP accounting solution, which will allow you to store all these data in a single location. You can even add custom fields to help you in tracking unique information about certain customers.

Difficulty in managing financial data of employees

As your business expands, it becomes tougher to manage the financial data of your employees. When you get ERP accounting software for your business, you will find it simpler to track deductions, paychecks, and taxes for all employees in your organization or for the team members of your client. When the financial data of your employees is in a single place, payroll can be much smoother. There are many applications where you just need to enter the number of hours worked and your software will do the rest. There is some accounting software that can even make direct deposits and print checks. Since this accounting software automatically calculates the deductions for the employees, tax time becomes easier too. Payments can be disbursed on the basis of information provided by them.

You are unable to track your inventory in an efficient manner

As you start selling more products, you need to find out a way to update and store your inventory data using a real-time system. There are several versatile ERP accounting software that come with built-in features for inventory management and updates your inventory automatically whenever a sale is logged.

Cloud-based POS systems are increasingly becoming popular as business owners are realizing its potential in improving business. The POS system Singapore have replaced manpower to take care of inventory management , streamline processes and store customer information. A good and efficient POS system can make time for business owners to focus on other important matters like customer service and company growth.

There are many pros to using a cloud-based POS. First, they can be accessed from anywhere. Second, their functions are more than just a cash register. And third, they generate huge amounts of sales, which mean they pay for themselves.

More than just a cash register

The new cloud-based POS is more than just a cash register. It is a sophisticated network of computerized processes that provided details sales report for every customer. It stores information, maintains follow-ups and analyzes the different ways in which sales can be improved. It also provides the right inventory management and calculates how much item is needed every week or every month. The inventory management systems in cloud-based POS systems help managers manage tangible items required for the business without unnecessary spending.

Accessible from any system

Once the sales get computerized, business owners can plug that system into any network and download results from all registers. The information can be consolidated and monitored in different ways. By integrating the system to all networks, managers can now access it from anywhere they want according to their convenience.

It pays for itself

There is an initial investment for installing the POS system but once installed, the system literally works on its own and pays itself. The amount of sales it generates is more than enough to pay for the installation costs. For big organizations, the cost of installing a POS system is negligible but the returns they get on the investment are multi-folds.

Conclusion

Retail business owners know how important it is to retain customers who will stay loyal to them. A good POS system takes a load off the chest and improves functionality and sales within the organization. The best part of cloud-based systems is that they can be accessed from anywhere and business owners can monitor the progress in whichever way they feel is right. The new POS systems have improved features and they provide a reliable and credible source of information, which owners can use to retain customers.

The latest trend in Property Management Systems (PMS) is the integration of third party technologies. Of these, the most popular technology is the restaurant POS system. A survey conducted in 2015 enlisted POS system as the most important service a restaurant must integrate into its management.

Like everything else, the evolution of the POS system has been marked by many milestones. It first started with manned cash registers and ended at POS terminals. There have been equal changes in hardware and software. Software changes have been more prominent considering the advancement of data analysis, reporting and pace of payment processing.

4 Reasons Why Restaurants Should Consider Upgrading their POS Solutions

1. Data security: The data traffic in a restaurant is high. A few are critical and carry sensitive information like payment details, personal details, sales chart etc. which cannot be disclosed. This requires a stronger data protection service. A breach in customer protection would be the leaking of personal contact number and address to marketing services outside the restaurant’s immediate interest. Improved data protection and security is offered by a POS upgrade.

2. Mobility: The growth of the business is calculated by its expansion. A restaurant may start off as a 15 seater but extend to multiple areas. A restaurant POS system specific for a limited space will be inefficient in adapting to a larger environment. Also, stationery POS services will fall short in handling the growing business demands. A POS system that offers greater mobility is preferable. mPOS systems, which are gained only through an upgrade, simplify payments, taking orders, and generating order tickets.

3. Feature update and improved service: All restaurant POS systems must be updated to essential features like payment track down, durable data analysis, e-wallet apps, handle debit and credit card transactions, CRM, inventory control, labor management and customer loyalty program.

An outdated POS system does not only slow the business down but introduces more complications. The time taken for ordering and subsequent delivery is stretched. Consolidating the end of the day report is also delayed. All these problems are overcome when the POS system is upgraded.

4. Feedback and complaints: If at any time the staff faces difficulties in handling the POS system or faces frequent glitches, upgrade or change the POS system.

No technology is meant to be immortal. With time, the latest technology from yesterday becomes obsolete. It is best to upgrade regularly instead of waiting for a complete shutdown.

Singapore is an established IT hub. Global players continue to base significant operations out

of Singapore. Twitter opened its headquarters here this year. Next year is expected to see

Netflix open its regional hub in the country. Other MNCs like Microsoft, Oracle and Amazon

have already made Singapore their regional hub. It is the base for more than 80 of the top 100

software and services companies. Among the many reasons for this success in IT, one is that

operating costs are lower compared to western economies, with a cheap and highly-skilled

workforce sourced from countries like Philippines. Singapore today ranks as the second most

network ready country in the world and the first in Asia, according to the World Economic

Forum’s “Global Information Technology Report 2013”.

A recent initiative by the Singapore Government – Smart Nation, envisions harnessing

technology to improve the life of its citizens and create more opportunities for business. It

will empower people to seek more information and be in touch with the Government and

businesses alike, for improving their quality of life. Singapore is also encouraging firms to

adopt cloud computing, with the market expected to touch US$ 1 billion by 2017. The

Monetary Authority of Singapore (MAS) has said that during this current global downtrend,

domestic firms in information technology and infrastructure will be key growth drivers. The

following are some of the sectors that the IT industry is touching and facilitating:

* Education

* Healthcare

* Manufacturing

* Tourism and hospitality

* Finance

the assistance of the top tier IT infrastructure services in Singapore : With the

IT industry expected to be one of the leading growth drivers of the economy, and the

government’s emphasis on the Smart Nation Programme, opportunities abound for firms in

the following areas:

* Big data

* Cloud computing

* Cyber security

* Internet of things

* ICT and sustainability

* Communications of the future

* Social media

* New digital economy

* User interface

The business environment is highly competitive. Apart from domestic companies,

competition flows in mainly from regional rivals, such as Japan in mobile services, Korea in

multimedia and broadband services and Hong Kong in broadcasting and media services.

Factors contributing to Singapore’s strong IT performance are:

* Strong IPR regime

* Good physical and trade connectivity

* Easy access to global talent

As Asia becomes the next driver of demand and innovations, Singapore, with its strategic

location and cosmopolitan environment, is well placed to help businesses all over the world

service their Asian clients in the best possible manner.

While many businesses do recognize the criticalities of analytics and data, they fail to put the proper tools and processes in place. The failure to implement business intelligence system may be due to several factors such as lack of business ownership and governance, overdependence on conventional IT techniques and not possessing a favorable environment for proper collaboration and knowledge management.

Check out some of these best practices that you should follow for implementing a business intelligence system successfully.

Your business should have a strong presence of foundation

As far as the Business Intelligence or BI is concerned, there are two major parameters in it-governance of deploying the BI and data governance. Organizations must first understand what data are available internally and from external sources for gaining competitive advantages. They need to also appreciate what is the importance of that data with respect to decision making, developing fresh services and products, improving the business processes among others. Organizations also need to have proper clarity on how they should define the various data items and the external and internal rules applicable for capturing, storage and data processing. The governance for BI constitutes the processes and rules with respect to creating report, prioritization, usage and distribution of reports.

Use agile methods and target for delivering self-service

Even if your BI deployment is well-planned and best-supported, it may not give you the desired output if the selected methodology for development is not appropriate for the delivery of a Business Intelligence initiative. A sure shot mechanism to increase the success of a BI project is to make use of agile techniques wherever possible. The term agile means adopting a scientifically tested iterative approach with proper focus on classifying all the project elements into the tiniest possible chunks and ensuring that all these elements work in a collaborative manner. Frequent review of tangible project deliverables is a must too.

Involvement of all necessary stakeholders into a business intelligence deployment

There are some business intelligence projects that bomb at a very early stage. There are others that may reach the final stage of signoff and delivery when the management announces that they do mot fulfills their expectations. In most of the cases, the reason for such failure is due to inadequacy of involvement of the process owners or the top executives or may be from both parties. However, it is much more than simply having a set of defined requirements and a business sponsor for supporting the implementation. Implementing a BI system is also about having proper processes and relationships in place so that there is proper collaboration with the executives in a business.

Business intelligence is critical for a company to prosper. Ir may be a good idea to hire a service provider that can take care of your POS Singapore as well as BI requirements.