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Choosing the right payment or POS system

When you’re surrounded by choice, it can be hard to decide the best system for your business. There are two categories when it comes to record keeping: manual/paper and electronic.

Manual record keeping often involves paperwork and can include cash register tapes, receipt books and sales reconciliations. Electronic record keeping can save you time, but how do you decide with what’s available?

Consider these points. Do you want your system to:

  • record sales, voids, refunds and exchanges?
  • track and manage stock, work in progress, customers’ orders, jobs or other task management requirements?
  • produce invoices and receipts?
  • meet payroll requirements (such as wages, annual leave and long service leave)?
  • manage multiple bank accounts or businesses/franchises?
  • deal with foreign currency?
  • do budgets or forecast cash flow?
  • provide regular reports?
  • be secure?
  • back-up information?

With this in mind, you just need to find one that works for your business.  If you use an agent to do your returns, it might be worth it to invest in something that’s compatible with their software.

To see what tax-related software products are available and the perks of using electronic systems, visit https://www.ato.gov.au/electronicrecordkeeping

This content has been provided by the Australian Taxation Office.