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Accounting with ERP: Streamlined Financial Management for Your Business
“Accounting software with ERP integrates financial management seamlessly into your business operations. Helps to automate all the sales and purchases into books to generate the balance sheet, P&L , Trial Balance reports and many more.
What is Accounting software?ā
Accounting software is a digital tool designed to help businesses and individuals manage their financial transactions such sales, purchases expenses, payroll, tax calculations, and financial reporting is part of the the ERP systems.
Accounting System Featuresā
Create dynamic Chart of Accounts
Accounting to manage theĀ Chart of accounts is typically organized into major account categories, each assigned a unique account identifier or number. These categories include:
- Assets: Resources owned by the business (e.g., cash, inventory, accounts receivable).
- Liabilities: Obligations the business owes (e.g., loans, accounts payable).
- Equity: The owner’s stake in the company (e.g., retained earnings, common stock).
- Revenue: Income generated from business operations (e.g., sales, service fees).
- Expenses: Costs incurred to run the business (e.g., salaries, utilities, rent).
Manage multiple bills and expenses from vendors in the accounting
Bills and expense management helpsĀ organizing, and controlling a companyās expenditures, including vendor invoices, employee expenses, and operational costs.Ā
- Bill Tracking: Monitor incoming vendor expense invoices.
- Expense Categorization: Classify expenses by type (e.g., utilities, rent, travel) for easier reporting and analysis.
- Approval Workflows: Implement approval hierarchies to ensure all expenses are authorized before processing.
- Automation: Automate tasks like recurring bill reminders, and expense report generation.
- Reporting and Analytics: Gain insights into expense patterns to identify cost-saving opportunities.
Automate the account transaction posting using account mappping
Account mapping is the process of linking or aligning accounts from the ERP system into accounting module.
ERP Integration: Linking accounts in an ERP system to corresponding accounts in standalone accounting software.Ā
- Example: Mapping “Cash sales ” in the POS (account ID: 5100) to “Petty Cash Income account” in Accounting.
Multi-Channel Accounting: For companies with multiple Sales channels, mapping local accounts to a centralized Chart of Accounts (COA) for Income and expense reporting.
Tax Reporting: Mapping internal accounts to predefined tax codes for VAT/GST reporting.
- Example: VAT accounts are mapped to the corresponding tax slab in the Output or Input tax
PosBytz POS is integrated with Accounting for simple ease of use and book keeping efficiency
Point-of-Sale (POS) integration with accounting systems helps connectingĀ sales transaction from POS withĀ accounting software based on the payment methods
- Automated Data Entry: Eliminates the need for manual entry of sales and payments, reducing errors.
- Real-Time Updates: Provides up-to-date financial data for better cash flow and inventory management.
- Simplified Tax Compliance: Automatically calculates and records sales tax, streamlining tax reporting.
- Enhanced Reporting: Consolidates data for more accurate financial statements and business insights.
- Inventory Sync: Tracks inventory levels and updates stock based on sales, avoiding overstocking or shortages in the balance sheet of Inventory asset
Manage multiple manual journal entries to adjust the accounts as per the accounting transactions
Manual journals are accounting entries manually recorded into the general ledger to adjust, correct, or allocate financial data.Ā
- Adjustments: Correct errors in previously recorded transactions.
- Example: Adjusting depreciation expense or rectifying a wrongly posted amount.
- Accruals and Prepayments: Record income or expenses in the correct accounting period.
- Bank entries: Pass bank transactions as manual journals like withdrawing cash from Bank account
- Provisions: Create reserves for future liabilities.
- Example: Setting aside funds for doubtful debts or warranty claims.
- Year-End Adjustments: Finalize accounts for financial reporting.
- Example: Adjusting for inventory obsolescence or tax liabilities
Real time financial reports from Accounting
Financial reports in the accounting software helps withĀ financial reports to financial audits and reporting
Income Statement (Profit & Loss Statement) Shows the company’s profitability over a specific period.
Balance Sheet: Provides a snapshot of a company’s financial position at a specific point in time.
Cash Flow Statement: Tracks the flow of cash in and out of the business.
- Trial Balance : Tracks the balances of the journal ledgersĀ Ā Ā Ā Ā Ā Ā Ā Ā
- General Ledger : View the ledgers of all the accounts in detail.Ā Ā Ā Ā Ā Ā
- VAT return report : Report for the VAT returns.
Integrated Payroll expenses with PosBytz HR & Payroll
Payroll integration connect the payroll entries systems into Accounting. as accounting.
Accounting Sync: Automatically posts payroll expenses to general ledger accounts in accounting software. Categorizes costs like wages, benefits, and taxes.
Biometric Tracking Integration: Links biometric attendance-tracking systems to payroll for accurate wage calculations.
Tax Compliance: Calculates and deducts taxes, submitting them to authorities through automated filing.
Employee Self-Service: Allows employees to view payslips, tax forms, and manage personal information.
How it Works?
Check how our Accounting software works
Reasons to Choose PosBytz Accounting Software
- Automated Bookkeeping: Auto bookkeeping with posting the sales and purchase expenses from the POS , Online orders into Accounting without any manual entries.
- Real time Finance Reports: Get multi financial reports from Accounting system this includes P&L , General ledgers, Balance sheet, Balance sheet, Trial balance and many more.
- Integrated Payroll expenses: Manage the payroll expenses posted to Accounting in ease from PosBytz HR & Payroll module
- Dashboard : Quick dashboard helps to view Receivables, Payables , Cashflows , Income and expense trends for the respective Financial years.
- Tax return reports: Download the monthly/quaterly /annual tax return reports for the system
- Expense management: Manage all types of expenses using simple expense and bills management module.
Benefits of using a Accounting system:
- Improved Accuracy: Minimizes manual errors in calculations and data entry. Handles complex calculations, such as tax deductions and depreciation, accurately.
- Automation Automates repetitive tasks like invoicing, payroll, and bank reconciliations.
- Real time Financial reports provides detailed insights up-to-date data on cash flow, income, and expenses.
- Regulatory Compliance Ensures compliance with tax laws, accounting standards, and regulatory requirements. Automatically calculates and records taxes (e.g., VAT, GST) for accurate filing.
- Integration with other modules enables seamless multiple modules from POS , Online orders , Payroll into Accounting software
Client Testimonials
Trusted By 5000+ Business Globally
We have been using PosBytz for our entire operations with 12 outlets from procurement, preparing Boba recipes, transferring stocks to multiple outlets, accounting. Our operations have been automated from auto PO to POS billing , Online ordering. We would recommend to all Cafe or Boba tea shops to try PosBytz
PosBytz Cafe POS Software have been very easy to use and their inventory managment system helps to manage all our inventory accurately and correct our leakages. We are running our business profitably with PosBytz
We are providing broast chicken food across KSA region with about 25 outlets and growing. With PosBytz we have automated the entire operations from purchases, inventory, sales and also enabled our own online ordering system with ease. With defiently recommend PosBytz Restaurant POS software to all F&B brands expanding as a franchise business.
We sell Italian Aroma Coffee at our outlets. PosBytz been a very simple to use POS system and been using for our business for few years now
We are an traditional Italian cuisine based brand. Have been using PosBytz for our Restaurant Management operations and so far there has been no issues with respect to the software and as a owner can able see my business online from anywhere. PosBytz is very easy to use for setting up menu , ingredients/recipes , POS , inventory etc..,
We are UAE based F&B brand having both restaurant and online presence. With PosBytz we are able to manage both outlets and online ordering through Talabat , Careem etc.., in one POS and manage the pricing & inventory for one single place helped us to streamline our operations and reduce cost. Would always recommend PosBytz for Restaurant business.
Frequently asked questions:
What is accounting?
Accounting is the process of recording, summarizing, and analyzing financial transactions to provide insights into a business's financial health. It involves tasks such as bookkeeping, financial reporting, and ensuring compliance with financial regulations on tax filing and end year financial reports
What is a Chart of Accounts?
A Chart of Accounts (COA) is a list of all financial accounts in a company's general ledger, categorized as assets, liabilities, equity, revenues, and expenses. It serves as a framework for organizing financial transactions.
Why is accounting important for businesses?
Accounting is essential because it: Tracks income and expenses. Provides insights for strategic decision-making. Ensures compliance with tax laws and regulations. Helps evaluate business performance. Prepares financial statements for stakeholders.
What is a financial statement?
A financial statement is a formal record of a company's financial performance and position. The three main types are: Income Statement: Shows profitability over a period. Balance Sheet: Provides a snapshot of assets, liabilities, and equity at a point in time. Cash Flow Statement: Tracks the inflow and outflow of cash.
What is double-entry accounting?
Double-entry accounting is a system where every financial transaction is recorded with equal and opposite effects in two accounts. This ensures that the accounting equation (Assets = Liabilities + Equity) always remains balanced.
What is the difference between accounts payable and accounts receivable?
Accounts Payable (AP): Money a business owes to suppliers or vendors for goods or services received. Accounts Receivable (AR): Money owed to a business by its customers for goods or services provided.
What are debits and credits in accounting?
Debit (Dr.): An entry on the left side of an account that increases assets and expenses or decreases liabilities and equity. Credit (Cr.): An entry on the right side of an account that increases liabilities, equity, and revenues or decreases assets and expenses.
What is the difference between bookkeeping and accounting?
Bookkeeping: Involves recording daily financial transactions such as sales, purchases, and payments. Accounting: Includes interpreting, summarizing, and reporting financial data to make informed decisions.
How does accounting software help businesses?
Accounting software automates tasks like: Recording transactions. Generating financial reports. Managing taxes and compliance. Tracking expenses and cash flow.
Sign up today to simplify your accounting and gain valuable financial insights!
Sign Up for PosBytz Accounting
PosBytz is a ERP software for Restaurant and Retail business on cloud with POS, Online ordering, Inventory, Accounting, CRM , Payroll and many moreĀ
PosBytz is a product of Inovo Holdings Ltd
