The POS Software Blog

The POS Software Blog

News from Tower Systems about locally made POS software for specialty local retailers.

CategoryAccounting

Small business POS system with Xero integration

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Tower Systems is proud to have offered Xero integration with its POS software for many years. Our partnership with Xero is long-standing and mutually beneficial. Our local retail business customers love that the integration is direct without the need for third-party software.

Our Small business POS system with Xero integration is proven for jewellers, garden centres, bike shops, toy shops, pet shops, camping shops, bookshops, newsagents, firearms dealers, music shops, gift shops, haberdashery shops and plenty more niche and specialty retail businesses for which we have vertical market POS software.

A Xero integrated POS software is a time saver for local retail businesses. It reduces mistakes too since it eliminates keystrokes – every keystroke eliminated is time saved and a mistake eliminated – this is money in the bank.

What is Transferred to Xero via our POS system with Xero integration?

Sales

End of Shift based department-level sales are transferred to Xero via a sales invoice. Each department can be assigned its own Xero account.

Invoices

Invoices received into Retailer are transferred to Xero at department level. No individual stock items are transferred.

Write Offs & No Sales

These are transferred to individual expense accounts depending on the transaction reason chosen.

Cost Of Sales

An option on sales exporting is to export Cost of Sales. While not a full implementation of COGS it does transfer over the cost price of items sold each day to reduce the value of Stock On Hand in Xero. If you use this option you will export Write offs, not as expenses, but as adjustment to your Stock on Hand. This makes processing stock adjustments for the End Of Month much easier.

Linking our small business POS system to Xero saves precious time by completing the majority of your day-to-day accounting for you. We are experts at bringing independent retail businesses and Xero together and pride ourselves on connecting business owners with such an innovative, useful service.

While we offer connectivity with other accounting software, it is our POS system link with Xero that is the most popular and we’re happy with that.

Tower Systems serves local small business retailers across a range of channels.

Our POS system integration with Xero is a prime example of our commitment to the specific needs of specialty retailers. We believe your passion should be focused on your unique products and your customers, not on tedious bookkeeping or worrying about data entry errors. By providing a reliable, direct, and expertly supported link between your sales counter and your accounting, we help you build a more efficient, secure, and profitable business. Let us handle the technical complexities so you can concentrate on what you do best.

Advice for small business retailers on dead stock

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Dead stock has no value in any retail business. Indeed, it has a cost as it takes up space and needs labour to keep it clean at least. It sits there, occupying this space, not being bought, paging with each day.

What constitutes dead stock will vary by type of retail business. In some, stock has an expiry date, making that the drop-dead date for the stock. In other businesses, stock is dead when a new version or new release of an item is out.

For the purpose of the advice we provide here, our definition of dead stock is that which has not sold whatsoever in six months or more. The is, you have a quantity of an item on hand and have not sold any of then in six months.

Knowing what stock is dead in your small business shop is critical. It is the start, the beginning, of resolving the issue of dead stock.

Our Tower Systems POS software helps local small business retailers easily identify dead stock. You can decide what constitutes dead stock in your business and list it, bring it up on the screens for attention.

Start there, start with your definition. next, use your software to identify what’s dead. Once you have this information you need to jump, what for some, is a hurdle … you need to decide to quit that stock.

Some retailers are adamant that they need to make a profit on everything they sell. These retailers don’t like discounting to quit dead stock. The thing is, the stock on the shelf is worthless until someone pays you something for it.

In our pragmatic view, getting something, anything just about, is for stock that is dead is better than waiting longer and getting nothing for that same dead stock.

Quitting dead stock is best considered a freeing cash move. That’s what we say getting anything at all is better than the stock sitting on the shelves and not moving.

Use your POS software to identify the dead stock and then jump that hurdle and quit it, quickly, freeing the space and allowing you to focus on what’s next.

In our Tower Systems POS software, the Stock manager tool is best for identifying stock that is dead. You can easily see when you last arrived stock, what’s on hand and when it last sold. In seconds you can have a hit list of stock that could benefit from action. Stock manager operates in a way that any retailer could use it. It’s not complex, not daunting. We have a terrific video showing how to do this with Stock manager. We also have a wonderful advice sheet.

Retail businesses exist to support those who rely on them for income. Dead stock is not helping with this.

Unfortunately, too many small business retailers do not actively engage with the opportunity of dead stock.

We are grateful to serve more than 3,000 local and independent small business retailers here at Tower Systems. Our POS software community is diverse and very much appreciated by us for their support and feedback.

The advice we share here comes from our years of engagement with them and our own experience as engaged retailers ourselves.

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