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.

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.

The fast moving world and faster growing market requires some concept with content that is attractive and straight away answers the requirement of a customer need. It should not only concentrate on customers but also with the partners and prospects of the company ensuring a successful and healthy growth in the organization. Mainly for all those E-commerce organizations, holding a POS can make a huge and visible difference in making a better business than the earlier good one.

The strategy –

The immediate phase of interaction for any customer with an E-commerce company is the website itself. The reason is it works 24/7 without making an expensive budget list like paying the staff and paying for the shop rent. Many sales turn up every hour of the day without even anyone physically staying there and even after the shops in the city are closed already. The barriers of location and schedule might completely be erased for the customers. But, for the continuous revenue generation few strategies related to digital world need to be applied. They are –

* Targeted customers needs to find the website as a solution

* Make prospective changes to concentrate on organizations quirky selling point

* Developing right methodologies to make the products and services get engaged in every important role of the company

* Make necessary improvements for the SEO such that it can give better results

* Make the design of the website as user friendly

5 ways to enhance the business progress –

For cash registers have slowed down long time ago and slowly POS has almost replaced the system, integrating this POS with the brand new E-commerce website of any company can see magic in no time. Many companies do right things at right time and even in Singapore POS also many E-commerce websites have already merged to make a difference in the business. Check these ways to improve business.

* Money is being saved for many companies for there no longer require any labour to check the online orders and match with the stock. Everything is handles within POS at the loss of nothing and with few cleanups if any error in data entry.

* To withstand the competition using the technology and marketing the products helps getting faster into the customers. New sales can be made popular by optimising the search engine

* Any pricing changes and any sort of promotions will be updated immediately with Singapore POS system

* The data needs to be consistent and it should be improved to tackle all kinds of synchronizations to operate in a structured manner

* New avenues can be explored with developing the staff and their learning skills therefore resulting in customer satisfaction