Taxes and POS systems play well together. Well, the ones from QUORiON anyway. Now that tax season has come and gone (in the USA), we have a useful reminder for our USA based merchants. In case you ever face a tax audit, your QUORiON POS system will play a vital role. It keeps track of all your sales transactions. Enjoy your peace of mind. Your QUORiON POS system has the correct figures all year long. From the moment you’ve set-up your system and begin sales transactions, the POS system does all the work for you. It records revenue in real-time. A good point-of-sale (“POS”) system is critical for any business engaged in sales to the public. Having one in place goes a long way to ensuring that you report revenue and profits properly to federal, state, and local tax authorities.
So now you have everything in one place. Great. But there’s more. You can also track how much you are spending on inventory items throughout the year. For small businesses it’s critical to track your Cost of Goods Sold.
Federal Tax Law
As a reminder, the willful failure to completely and accurately report all income is a felony under federal law. Section 7201 of the Internal Revenue Code (“IRC”) states that “any person who willfully attempts … to evade or defeat any tax … [is] guilty of a felony and, upon conviction thereof, shall be fined not more than $100,000 ($500,000 in the case of a corporation), or imprisoned not more than 5 years, or both, together with the costs of prosecution.”
HOW QUORiON POS Systems Help with Taxes
Managing taxes can be time-consuming, complex, and confusing. Your QUORiON POS system calculates the tax for you, providing simple tax management and therefore saving you time. It will help you reduce errors, too.
Your QUORiON POS system will help you…
- make your business more cost-focused
- save time
- improve your relationships with customers
- make your business more flexible
- record vital inventory and revenue data
Yes, taxes and POS systems – everybody knows the situation, when a tax consultant knocks on your door and asks for a copy of a specific Z Report weeks or months back. With QUORiON´s QMP2000 cash registers and QTouch POS systems you can reprint copies of 2 kinds of user reports directly onto a frond end device.
For further details and how to get the update, contact your local QUORiON reseller today!