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POS and Accounting Systems

POS and Accounting systems are the most common solution retail business would need. Most people would ask if POS can be used for account and likewise can accounting software act as POS. It depends of solutions deployed.

POS cannot be used as accounting software as POS handles day to day sales receipts of items, leaving out operating expenses and other accounting related functionality like journals.

However, accounting software can double up as POS if the frequency and speed of retail transaction is not high. Therefore it is not wise to to use accounting software for F&B and super-market transactions.

In accounting solutions like ABSS (MYOB) or Moneyworks, we can use cash sales (for MYOB) and receipt (for Moneyworks) to perform simple POS functions. Some schools uses the receipt functions of either software to collect school fees and print out receipt as the frequency and volume are not as demanding.

ABSS (MYOB) as POS
ABSS (MYOB) Cash Sales Invoice

ABSS (MYOB) accounting solution can be used as simple POS, with the following workaround:

  1. Creating “Cash” as a customer
  2. Default bank account to select as cash drawer (without selection)
Moneyworks as POS
Moneyworks Receipt as POS
POS and Accounting Systems
Moneyworks Customised for POS

Moneyworks has more functionality for POS compared to ABSS:

  1. Receipt directly to any bank, cash drawer or credit card
  2. Able to use barcode to speed up transaction
  3. Customised clean dashboard (as above picture)

Business can therefore consider using either ABSS (MYOB) or Moneyworks Accounting solution as POS if the transaction volume and speed demand is low.

What benefits to expect from using Accounting Software as POS:

  • No integration or transaction summary is required
  • Combining both accounting and POS systems simplify work processes
  • Single system for inventory management
  • Lower cost (as can save from POS)

If you are looking for simple POS or Accounting solution in place of POS, please feel free to approach us for a quick discussion to clarify if your business is suitable!

Regards,

William Tan

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