Tax season is often one of the most stressful times of year for small and medium-sized businesses (SMBs). Between organizing receipts, tracking sales, and calculating expenses, business owners can find themselves overwhelmed. However, a digital Point-of-Sale (POS) system can make tax preparation much easier, allowing SMBs to stay organized and reduce stress year-round. Here’s how a POS system like Orderna’s can help transform tax season for SMBs.

Why Tax Season Can Be Stressful for Small Businesses

Many SMBs rely on manual processes for tracking sales and managing finances. These methods can quickly lead to challenges, including:

• Time-Consuming Data Entry: Manual tracking of daily sales and expenses is labor-intensive and prone to human error.

• Limited Sales Insights: Without real-time data, identifying trends and understanding expenses can be challenging.

• End-of-Year Panic: Paper receipts and manual records create chaos at tax time, increasing the risk of missing important details or deadlines.

Switching to a digital POS system can alleviate these issues, allowing SMBs to track income, organize records, and simplify tax preparation.

How a POS System Simplifies Accounting and Reporting

With Orderna’s POS system, small business owners can streamline accounting processes, track income accurately, and say goodbye to year-end chaos. Here’s how:

1. Automated Sales Tracking

Every transaction is automatically recorded, eliminating the need for manual entries and reducing human error. Orderna’s system tracks sales in real-time, so you always have an accurate record.

Example: No more manually adding up daily sales totals. Orderna’s POS system captures all sales data automatically.

2. Real-Time Income Insights

Orderna’s POS system provides real-time income reports, allowing business owners to monitor cash flow daily, weekly, or monthly. These insights help SMBs make informed decisions and avoid cash flow surprises.

3. Organized Financial Records

All transactions, refunds, and expenses are stored and organized digitally, making them easy to retrieve. When tax season arrives, business owners have clear, organized records of income and expenses.

Example: Instead of searching through paper files, SMBs can quickly retrieve expense records directly from the POS system.

4. End-of-Year Reports

Orderna’s POS system generates comprehensive end-of-year reports that simplify tax preparation. With detailed overviews of sales, expenses, and net income, SMBs are ready to tackle tax season with ease.

Tip: Save end-of-year reports as a digital backup to keep essential financial data secure.

5. Exportable Data for Tax Filing

Many POS systems, including Orderna’s, allow data to be exported directly to accounting software, making it easy for accountants to access and file taxes accurately.

Example: Avoid data entry errors and speed up tax filing by exporting POS data directly for your accountant.

Tax Season Tips for SMBs Using a POS System

To stay organized year-round and reduce tax-time stress, here are some tips for maximizing your POS system’s features:

• Review Financial Reports Regularly: Monthly or quarterly reviews can help you stay on top of sales trends and income projections.

• Track Expenses as They Happen: Enter expenses into the POS system as they occur, so you always have an accurate record.

• Backup Important Records: Keep digital backups of key reports, such as annual sales summaries, to avoid losing critical data.

• Use Expense Categories: Categorize expenses in the POS system to make tax deductions easier.

• Export Data for Your Accountant: Simplify tax filing by exporting data directly from your POS system for your accountant’s use.

Make Tax Season a Breeze with Orderna’s POS System

Orderna’s POS system is designed to help SMBs manage finances effortlessly. With automated tracking, real-time reports, and organized records, tax season can be a stress-free experience.

Bonus Resource: For more tax tips for small businesses, check out Investopedia’s guide on managing small business taxes.

Ready to make tax season simple? Discover how Orderna’s POS system can help you stay organized and keep your business running smoothly all year long.

‍