I do the best I can with the money we earn, but sometimes it just doesn't make it through to payday. If you don't have a great credit history, it can be hard to make a successful application for a credit card or personal loan. Unfortunately, my partner has a really poor credit history, so we struggle to get loans through traditional paths. Instead, we rely on loans from friends and family as well as payday loans. This blog is all about the ways to make it through to the next pay if you have a bad credit rating like us.
An integrated payment system combines your point-of-sale (POS) software with your accounting and even marketing software as well as other systems. Investing in an integrated system that pulls your business together has a range of benefits. Here's a look at just a few of them:
1. Integrating POS and accounting software reduces errors.
When your POS system communicates with your accounting software, all of the data regarding sales, returns and revenue is automatically passed from your POS software to your accounting records. Because it's an automated process, you don't have to worry about someone keying in the wrong number, missing a decimal point, forgetting a sale or making other mistakes. Instead, you can rest assured that everything that happens at your cash register is reflected in your accounting software.
2. Integrating POS and accounting software saves time.
In addition to avoiding mistakes, you also save time. Rather than hiring an accountant or devoting your own time to the task, you can focus on other aspects of your business. When you are ready to deal with your monthly or quarterly accounting, you simply open that program and all of your sales numbers appear in front of you.
3. Integrated systems improve marketing efforts.
When you opt to use an integrated payments system, you don't just streamline some of your accounting. Rather, you also make marketing easier. In particular, using loyalty programs, you can track what your customers buy. Then, you can reach out to them in a way that is tailored to their wants and needs.
In many cases, you can even automate part of the process. For example, you could have your system setup so that if a customer buys a certain product or combination of products, a coupon, flyer or other marketing material can be sent directly to them.
4. Integrated payment systems boost satisfaction.
Even if your clients don't know that you have an integrated system, they will sense that your business is running more smoothly, and in many cases, they will directly benefit from it. Keep in mind, you can also integrate your payment systems with your order fulfillment service.
For example, if a customer buys a specific product, your POS software downloads the sale to your accounting software. Then, it tracks the customer's spending habits to improve your marketing approach, and finally, it automatically fills the customer's order. Whether the order is posting a special order to the client or scheduling a worker to come to their home, it happens automatically. There is no need to arrange the order after the transaction, and as a result, mistakes are less likely. Ultimately, all of that helps improve customer satisfaction.
For more information or advice on how to better manage your POS system and accounting, talk with professional accountants in your area.