Point-of-Sale: Meeting Compliance Requirements With Accurate, Reliable Reporting

WHAT IS COMPLIANCE?

Now, if you have a business, compliance should be a big concern for you. It refers to your statutory obligations, i.e., your obligations to the government of the country in which you operate. Statutory obligations are things like “National Insurance”, which we call NIS, VAT, PAYE, and your corporation tax. Now, all of these things can be made easier with technology, but today we want to tell you about compliance surrounding what you sell. 

As far as your sales are concerned, for what you sell, you need to be paying VAT. You also need to be paying your corporation tax if you have made a profit. But, whether you have made a profit or not, you need to file anyway and to file, you will need reliable accurate information. 

Now, where should this information come from in terms of what you’re selling? It should come directly from your Point-of-Sale system. Your Point-of-Sale system is designed to provide you with an accurate account of your sales activity whenever it’s needed. It will also give you a breakdown of your VAT. Why waste time worrying about being compliant and searching everywhere for the relevant information you will need for your accountant?

Contact us at Corbar Business Solutions and let us take the headache away by helping you to be compliant. What would usually take you weeks or maybe months to get, a Point-of-Sale system can spit it out in a report in just a matter of seconds. 

At Corbar Business Solutions, our objective is to supply you with the best business solutions to keep you in business.