by Chandra Spary-Kontinos | Dec 27, 2024 | POS Systems, Business to Business News, News
Could a Point of Sale save you on taxes this year? The answer is, most likely, yes! As the end of the year approaches, it’s time for business owners to start thinking about ways to reduce their tax burden. One effective strategy is to take advantage of the Section 179 tax deduction. This provision in the U.S. tax code allows businesses to deduct the full purchase price of qualifying equipment and software purchased or financed during the tax year. Doing so can significantly lower your taxable income and, consequently, your tax liability.
Section 179
Section 179 was designed to encourage businesses to invest in themselves by purchasing equipment and software. Unlike traditional depreciation, where the cost of an asset is spread over several years, Section 179 allows you to deduct the entire cost in the year the asset is placed in service. For 2024, the maximum deduction limit is $1,160,000, and the total equipment purchase limit is $2,890,000. To take advantage of Section 179, the equipment or software must be used more than 50% of the time for business purposes.
Qualifying purchases include:
Consider upgrading your business with a new POS system!
It’s important to note that not all business expenses qualify. Real estate and inventory are examples of non-qualifying expenses. One of the key strategies to maximize your Section 179 deduction is to make your purchases before the end of the year. By doing so, you can ensure that the equipment is in service during the current tax year, allowing you to take the full deduction. This can be particularly beneficial if your business has had a profitable year and you’re looking for ways to reduce your taxable income. While the immediate tax savings are a significant benefit, investing in new equipment and software can also improve your business operations. Upgrading your machinery can increase productivity, enhance the quality of your products or services, and even open up new revenue streams.
Updated Technology
Additionally, newer technology can lead to long-term cost savings through improved efficiency and reduced maintenance costs. As the year draws to a close, it’s a good idea to review your business’s financial situation and consider making strategic purchases that qualify for the Section 179 deduction. Doing so allows you to enjoy substantial tax savings while investing in your business’s growth and success. Always consult a tax professional to ensure your purchases qualify and maximize your tax benefits.
by Chandra | Feb 10, 2020 | Marketing, POS Systems
Marketing Tips for 2020
Have you started a marketing plan for 2020 yet? Valentine’s Day is already upon us. Why not start with this simple blueprint for success every holiday and special occasion. Each year you will look polished by taking it to the next level. We can help you make all these ideas flow together with one easy-to-use system.
Decorate Your Website, Social Media Sites and Physical Location
Decorate your website, social media, or storefront to draw attention to your business during the holidays and special occasions. It doesn’t take much effort to add a banner, adjust your store window design, or incorporate festive packaging into your sales. Small acts of festivity will make your customers feel they are acting on a time-limited opportunity.
Create a Holiday-Focused Marketing Campaign
Using videos or holiday-themed campaigns can be extremely useful and should not be overlooked during the season. Thanks to modern technology, creating a short video or online poster can be done in no time.
Stock up on Gift Cards and Place Visual Everywhere
Gift card sales in the United States were approximately $160 billion in 2018, and sales continue to increase every year. It’s essential to stock up on gift cards and make them available at your customer’s reach.
Invest in a New Point of Sale System or update your old one
According to the National Retail Federation, Holiday sales during 2019 were expected to increase between 3.8% and 4.2% over 2018. Overall, holiday sales represent approximately 20% of annual sales per year, which means that if you don’t know what your percentages are, its time you invested in a POS System! A Point of Sale System not only tracks your sales, inventory, and employees but also gives you a complete ordering history to make future purchases faster and more intuitive.
Give a Holiday Gift with every order
A great way to inspire customer loyalty is to offer a gift with each purchase. This can be something as small as a coupon, information, product, or even a token of your company. The idea is to make your customers feel included in the celebration.
Offer a Sale
An easy and smart way to encourage company growth is through holiday sales. Days such as Cyber Monday are great opportunities for companies to increase profit through sales. All you need to do is plan what you will put on sale before the holiday is upon us and start doing some Digital Marketing or even some print mailers. Some companies also go the extra mile and offer presales to exclusive club members. Yet another perfect reason to use a POS System to capture valuable customer information. These kinds of loyalty perks inspire potential customers to invest in your company and keep customers coming back for more.
Remember we don’t plan, to fail we fail to plan!
by Chandra | May 17, 2019 | Inventory, POS Systems, Security
Employee theft is increasing – the scope ranges from stealing inventory and padding time to taking money from the till. Many times, theft is a result of opportunity and incentive to steal. Employee theft can go unnoticed for years until your company hits a wall. Fortunately, early detection has never been easier with the convenience of a POS System (Point of Sale) and its many features.
A POS system allows your customer payments to be displayed and authorizes transactions to be executed. This compact system can also monitor employee engagements with your company. You will be able to use many of the numerous features such as…
- Managing your inventory
- Control inventory shrinkage
- Following company sales reports
- Outlining your best-selling products
- Determining customer buying habits
- Collecting customer data for future marketing
- Identifying your top performing employees
Smaller Companies Experience Larger Median Losses
Having access to the powerful business tools provided with a POS System can improve the security of your company by deterring employee theft, manage inventory losses and monitor employee time and productivity. Small businesses run a higher risk of falling victim to employee theft. Industries with over 100 employees have a median loss of $104,000, while industries with less than 100 employees have a median loss of $200,000. Smaller or mid-sized businesses often lack practices or systems designed to deter theft, making them a target. Here is an example:
Two Florida men working under a computer repair establishment were exposed for stealing inventory and skimming cash. Although both men had to repay their stolen expenses, many employees can carry out theft seamlessly and without a trace, costing U.S. businesses over $7 billion in total losses
Protect Your Business with a POS System
Employee theft is responsible for nearly 41% of all inventory shrinkage. A POS System can track inventory and sales, you will be able to recognize an imbalance in your inventory’s listed quantity and the actual physical count before it becomes a serious issue. Internal theft often occurs when an automated inventory system isn’t in place. Also, the easy to use POS system gives you the ability to accurately track and control product data such as pricing, stock counts and receipts.
The convenience and efficiency of a POS System will help reduce your exposure to employee theft, inventory losses, and unearned payroll which reduces costs and increases profits for your business. The price of investing in a POS System will be significantly less than the price of losing millions to theft.
