POS software advice: It’s EOFY. A few things worth doing today.

End of financial year is here. It always seems to sneak up, and then it’s a scramble. An hour today saves you a fortnight of it later.

First up though, take a moment, breathe. You made it through another financial year!

Run your stock listing. You want an accurate, properly valued picture of what’s on the shelves as at today. Your accountant will want it too, and pulling it together now is far easier than reconstructing it in August. If you’ve got time for a stocktake, even across just your bigger categories, do it.

Take a special backup. Capture your year-end position and keep that one separate from your daily backups. Our latest software does this for you, so if you’re on it, that box is ticked. Still worth a glance to confirm it ran.

Then there’s dead stock. Today is a good day to be honest about what isn’t selling. Stock that’s sat untouched for months isn’t an asset, it’s a shelf you’re paying for. Mark it down, bundle it, run a clearance, or send it back if your supplier takes returns. Shifting it helps your closing figure and gives you cash and room for the new year. Your POS reporting will tell you exactly what’s been dragging.

While you’re at it: reconcile your supplier accounts, chase up any laybys and outstanding customer accounts, and have a look at your best and worst sellers for the year so it feeds your buying. Tidy your loyalty data too. And if you can still get your accountant on the phone today, take the call now rather than after the books close.

One note. We are not accountants. Treat the tax side of this as a reason to ring yours, not advice from me.

Do the basics today and 1 July starts clean.

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The right POS system or website for any retail business depends on the specific needs of the business. Tower offers POS software and websites made specifically for local small business retailers in a selection of retail channels. To see if we might help you…, request a free, no-obligation demo today.  

Call 1300 662 957 in Australia or 0800 444 367 in New Zealand. Or, email sales@towersystems.com.au.