Are You Taking Advantage of These POS System Tax Features?
Tax Day — April 15 — is officially over. But that doesn’t mean your POS system can’t play a part in making your tax management more efficient year-round.
Through integration with third-party accounting tools, or by enabling features, NCR Silver can help you deal with the tax man. Here’s how:
Income tax importing
Do you use QuickBooks or Xero AND NCR Silver? Merchants with Xero or Quickbooks Online integration enjoy the ease of exporting reports from the POS system into these popular accounting tools.
Sales tax features
Since NCR Silver was built for mobility and general use, it will come in handy when you travel to areas with different rates or if you sell items with multiple rates.
Enable location-based tax rates: Do you operate a food truck? Travel to trade shows? Or, do you run a pop-up market? With NCR Silver, tax rates are set up by location to ensure merchants are charged the correct tax rate when changing sites. Simply select the location once and the correct tax rates are automated. Best of all, the location can be changed anytime.
Input multiple tax rates: Different items can be assigned different tax rates. That could include anything from alcohol taxes to items that may have no taxes.
Track different tax buckets: Interested in reviewing city taxes versus state taxes? NCR Silver supports defining tax jurisdictions for your convenience.
Generate tax reports: NCR Silver’s reports makes filing and remitting the sales tax it collects a breeze. Available in the Tax Report, or in the Store Summary Report, you can see data based on jurisdiction, tax rate percentage, tax overrides and how much you paid in taxes for each category. You can also export this info and send it to your accountant.
Whether you sell bicycles, or BLTs, you have to pay taxes. The good news is, NCR Silver can make it a little easier.
Related (Small Business Smarts) post: Getting ready for tax season