Tax calculation is one of the most important business activities that every store owner has to pay attention to. Not only does it relate to financial issues but it is also a regulatory affair. Businesses nowadays use a point-of-sale (POS) system to handle this activity in a more accurate and efficient way. To help you with these tasks, this article will give you some insights on how BigCommerce POS systems can help to handle tax calculations.
Easy to manage both online and offline orders
By 2024, global eCommerce revenues are projected to reach $6.4 trillion. It isn’t only enough to have an online presence. It’s becoming increasingly necessary to provide consumers with a seamless omnichannel experience from online to offline and back again.
According to a Harvard Business Review survey, consumers who performed previous online research on a retailer’s or other retailers’ pages spent 13% more in retail stores. Therefore, in order to calculate tax accurately, store owners should take into consideration both online and offline revenue. A POS system with real-time synchronization can help to minimize disparities between these 2 places.
Automatically save every change at the register
To assist BigCommerce tax calculation, a POS system can also save changes at the register, so that it can avoid any disparity between sessions. In tax calculation, it is crucial to be precise and up-to-date about the latest changes in income. A POS with automation can help to reduce human mistakes in this stage.
Compatible with tax features of the eCommerce platform
If your POS is compatible with the tax features of the eCommerce platform, it can perform these tasks for you. These tasks can include assigning the tax label to products, showing prices on invoices, showing tax charges on the shopping cart, and so on. This also applies to the service tax whenever applicable. You can choose to integrate which tax features depending on your business requirements. For example, you can determine whether or not to add tax options to the invoice.
Ensure higher security
Cyberattacks on eCommerce sites will always be a hot target. The expense of a breach, both in terms of data loss and consumer confidence, can be hugely detrimental for companies of all sizes. Moreover, there can also be internal thieves among your employees, if the system is not monitored closely.
Therefore, BigCommerce merchants should pay great attention to security when it comes to tax calculation. With a POS system, you can assign permissions for each staff, depending on their responsibilities. This means that not all employees can access every financial data. In this way, important or sensitive information can be better protected. Employees can still perform their tasks and get access to enough sources in the POS system.
In any case, BigCommerce POS tax calculation should be executed in the most accurate way. ConnectPOS is a point-of-sale provider available on BigCommerce with outstanding tax-related features. Contact us to see how POS can support the growth of your business!