3 POS Tax Hacks To Save You Time And Money
Tax Season Made Easy
I don’t know anyone who ever looks forward to tax season. Your neck and shoulder muscles are probably tightening just reading this. Take a deep breath. Revel’s unique partnership with Intuit QuickBooks means that you are already ahead of the tax-season game.
Your Point-of-Sale system should be working for you, saving you time and a headache when it’s time to gather your annual income reports. So if you haven’t yet decided on a cloud-based POS, these tax hacks will be reason enough to make the switch.
Dramatic Accounting Simplification
Not paying an accountant $100 an hour to collect all of your reports sounds like a pretty sweet tax hack. Instead of rushing around at the end of the year to get all of your end-of-year summaries to your accountant, the Revel POS integration with QuickBooks automatically places all of your revenue information in your Profit and Loss statement. With a few clicks in your POS management console, you can export sales data electronically. Since all of your sales are automatically recorded, you’re already shaving off hours that you typically would be paying an accountant for.
Get a Tax Deduction for Your Inventory-Related Costs
In addition to seeing your sales data in one place, you are also able to see how much you are spending on inventory items all year long. If you are a small business, an essential tax hack is your Cost of Goods Sold (i.e. the amount you pay to acquire an item) deduction. With your POS system, you can easily see reporting on how much you are spending on materials and supplies, for example, and calculate the figure for your Schedule C deduction.
Accurate Data All-Year Long
Ultimate tax hack? Your POS has the correct numbers all year long. From the moment you’ve set up your system and begin sales transactions, the POS is doing all the work for you, recording revenue in real-time and syncing with QuickBooks every day. As you receive inventory, your expenses are always up-to-date so that you can get an exact picture of how your business is performing. Mobile access to your business is huge at tax crunch-time. Better yet, give your accountant direct access into the Revel Management Console and your QuickBooks account, and can rest easy come April. And tracking payroll is a cinch since your employees are easily able to log their time from the POS.