For a lot of stores doing taxes and making reports is a part of their daily work. They have to do it by hand which takes a time and can be wrong. Stores use spreadsheets. It takes them a while to get the reports ready. This does not just slow down the checkout lines. Tax calculation and reporting also make it more likely that stores will have problems with the rules and make mistakes. Tax calculation and reporting are really important, for stores so they need to get it right.
Our client, a company that helps retailers, with technology wanted to make it easier for merchants to deal with taxes. They wanted to make sure everything was accurate. Followed the rules. The main goal of our client the retail-focused FinTech provider was to get rid of all the work that merchants had to do when someone checked out. Our client, the retail-focused FinTech provider also wanted to give merchants reports they could trust without making things more complicated for them to run their business.
We made a system that helps stores figure out the taxes people have to pay when they buy something. This system does the math for the taxes when someone checks out. It also makes the reports that the store needs. This helps the store owners save a lot of time every month. They do not have to spend hours doing this work themselves. The system also helps reduce mistakes and problems with following the rules. The point-of-sale system is really helpful, for merchants. Merchants can use the point-of-sale system to stay organized and follow the rules.
The Challenge: Manual Calculations and Reporting Burden
Before merchants started using the point of sale system the merchants had to deal with a lot of problems. The merchants found that the old system was not working well for the merchants.
The merchants had trouble with the system so the merchants were looking for a better solution for the merchants.
This was an issue, for the merchants.
Tax rates are different in places and for different kinds of products and the rules are always changing. So people have to update the tax rates all the time by hand. The cashiers or the people in the back office have to calculate the taxes or check if they’re correct and this makes the transactions take longer.
At the end of every month and every quarter they have to make reports about the taxes. They use spreadsheets to do this. This means that mistakes can happen and things do not always add up.
Getting everything ready for tax time takes a lot of time and energy from the staff. It takes their attention away from the main work of the business. Tax rates and tax reports and all that stuff is a hassle, for the staff and it is not what they are supposed to be doing. The staff has to spend a lot of time on tax rates and tax compliance.
These small and mid-sized retailers have a lot of problems, with inefficiencies. The problems add up fast and that affects the productivity of the small and mid-sized retailers. It also makes them question the data of the small and mid-sized retailers.
Solution: An Intelligent POS with Built-In Tax Automation
We made a machine, for shops that helps with taxes when people buy things. This machine puts the tax information into the payment process. So people who work in the shop do not have to do anything with taxes. The machine does it all for them. We came up with this idea. Built the machine.
Automatic Tax Calculation
The system figures out the tax rules at the right time based on where something is and what kind of item it is. Merchants do not have to update the tax rates by hand or worry about making mistakes when people check out. The system does all this for the tax rules in time.
Integrated Reporting Engine
The company uses a reporting system for every transaction. This system makes monthly reports. It also makes reports for taxes that the government requires. These reports are always current and ready to be looked at or sent in. The system automatically generates these reports, for the company so they are always ready when they are needed.
Merchant-Friendly Interface
The point of sale interface shows the tax breakdowns in a way so the staff can see the charges easily. This means they do not need any training to understand them. The point of sale interface really helps with this. Because of this the staff can check people out faster. The point of sale interface also reduces the number of questions that customers ask.
Scalable and Compliant Architecture
This system is made to help stores, areas and places with different tax rules. It is very good for businesses that are getting bigger and for groups of stores that are connected like franchises. The system supports stores and regions and it also supports many different tax jurisdictions. This makes the system a good choice, for businesses and franchise networks that are growing.
Information
We made a point of sale system that figures out taxes for you and makes the reports that you need. This point of sale system gets rid of having to do math by hand cuts down on mistakes and saves people who sell things a lot of time each month. The point of sale system is really helpful.
Results Summary
When the automated POS system was put in place the merchants saw a difference in how well things were running and how accurate they were. The checkout process got a lot faster because the system took care of tax calculations away. The merchants did not have to do much work to make sure everything was correct which meant their staff did not have to spend hours each month doing reports, in spreadsheets. The automated POS system really helped the merchants by making the checkout process and reducing the amount of manual work that needed to be done. The merchants were able to use the automated POS system to make their business run smoothly.
The company got better at figuring out taxes. This meant they were less likely to collect little or too much tax. People felt more confident when the auditors came to check everything.
Merchants could also see what taxes they owed clearly. They got reports that were ready to go whenever they needed them. They did not have to rush to put these reports at the last minute.
Business Impact
Merchants found that they had a lot paperwork to do for tax purposes. The company got better at making sure transactions were correct at all of their locations. They spent a lot time getting ready, for monthly taxes. The merchants felt more confident that they were doing things right because they had reliable reports. This meant that the people working in the stores could spend more time helping the customers and less time doing math. The merchants really benefited from this because they had time to focus on the customers instead of the tax compliance and the monthly tax preparation.
Key Takeaways
Using a system to figure out taxes automatically takes away a mistake that happens when people are checking out. The reports that are already set up save people a lot of time. Make it easier to follow the rules. A good point of sale system can make things run smoothly and help with money matters. Financial technology tools that are used in stores help people who own stores get bigger without making things more complicated. Tax calculation is a part of this and automating it helps a lot. Technology or FinTech tools are very useful, for retail and tax calculation.
Conclusion
We put tax calculation and reporting into the point of sale workflow. This helped retailers get rid of a problem that they had been dealing with for a long time. Now people can check out faster there are mistakes and retailers save hours of work every month. The point of sale workflow is a lot better because of this change. Retailers really like that they can save hours of work every month by using the point of sale workflow, with tax calculation and reporting.
This project demonstrates how FinTech innovation can turn regulatory requirements into seamless, background processes—allowing retailers to focus on growth and customer experience rather than manual compliance tasks.