Long gone are the days when you were required to keep hundreds of physical invoices in the record to manage your business accounts. Due to new innovations and advancements in technology, this process has become considerably easier and more efficient.
Now you can get access to all of your vendor accounts detailed invoices, payment schedules, delivery details and much more without the hassle of going through hundreds of physical documents.
One such piece of technology that collects all of this information and gives you quick access is a POS System. Through this device and its integrations, you can control all things related to vendors from one place.
You can use your POS and its integrations to control all aspects of a vendor. This makes it easier for you to maintain the day-to-day operations of your business while maintaining your partnerships with your vendors.
Some of the most important aspects that it allows you to easily control are:
Due to your new POS systems integrations with third-party accounting software such as Quickbooks or SAGE 100, you can manage all accounting details from one device. By linking your accounts to your POS, you will be able to access all transactions and company ledgers. Your financial dealings will be at the tip of your fingers. This will help you keep track of account payables and account receivables so that you always know where you stand with your vendor at all times.
Also, if your worrying you won’t be able to access these accounts without an internet connection, there is no need to worry. All accounts are downloaded for access and are updated using integrated bookkeeping, once you connect with the internet again. This completely integrated ecosystem is what you need to keep an eye on everything without spending too much effort.
With all the accounting details already integrated into your POS system, you can also add the physical inventory of a vendor to their account. To clarify, this means that once you access a vendors profile you will also be able to see what goods are yet to be received, or are in stock. This, combined with the accounting details of the vendor creates a complete profile for your vendor.
This kind of accessibility allows your business to run as efficiently as possible. You will now be able to save a lot of time keeping track of inventory received and even save money by being able to cut costs through a better relationship.
With a POS System and its counterpoint accounting system integration, all vendor details will be in one place. All of this will be available to you whenever you please, so that you can keep track and make changes on the go. It is said that a business is built on strong relationships, and by updating your bookkeeping and management systems; you will only make those relationships stronger.