The Importance of Tracking POS and Account Transactions in Businesses

The Importance of Tracking POS and Account Transactions in Businesses

POS devices are among the most commonly used collection tools in commercial life. Customers who do not prefer cash payments use POS terminals to make payments to businesses via credit or debit cards. As a result, businesses often open accounts in multiple banks, requiring control and management across these different accounts. Monitoring POS and account activities is essential for tracking a business’s financial position and receivables. Managing all these from a single platform not only saves time but also boosts workforce efficiency. To track POS and account movements from a single panel, businesses commonly use ERP software.

The Function of the Accounting System

Regardless of the industry, being able to track how close you are to your business goals is important for making future decisions. This evaluation cannot be made based on sales or production alone—it must also include financial and accounting activities. Finance refers to the processes that help a business identify, acquire, and manage the resources it needs to operate and stay competitive. Accounting, on the other hand, is the system for recording and reporting all values measurable in monetary terms. Thanks to accounting systems, all collection transactions from different channels can be recorded for future review. However, manually recording these payments into the accounting system adds to operational workload. Since businesses now receive payments through multiple channels, they often need to maintain accounts at several banks—leading to large volumes of data that need to be processed. At this point, ERP software becomes one of the most valuable tools for businesses.

What is ERP and What Are Its Advantages?

ERP stands for Enterprise Resource Planning. It refers to management systems that combine all of a business’s resources—such as machinery, labor, and materials—and help use them efficiently. ERP uses various software applications to consolidate all business data. These systems also include accounting functions such as payment recording and payroll management. In short, ERP ensures that payments received through various bank accounts are automatically recorded in the accounting system. From a financial and accounting perspective, the benefits of ERP for businesses include:

• Business managers need access to accurate information about revenue, expenses, sales, and receivables to evaluate performance. ERP enables daily, weekly, or monthly reporting based on real-time data.
• Reporting through ERP software is one of the first steps in making forward-looking decisions. It provides a comprehensive view of your financial health by transforming real-time data into actionable insights.

Tracking POS and Account Transactions

Whether you're a small business or a large-scale enterprise, you likely need to open accounts at multiple banks to receive payments quickly. Manually monitoring all of these accounts, however, is time-consuming. Spending time and workforce on these checks can also reduce efficiency. That’s why account integration is important. Integration allows you to view all your bank accounts on a single, unified platform. No matter how many transactions you have, monitoring POS and account activity becomes easier. With a single panel, incoming payments are automatically recorded into your ERP system—eliminating manual entry and significantly reducing operational workload. A unified platform helps you track cash movements in real time and also lets you see who made each payment. This enables automatic invoice or account matching without delays. If you want to manage all your bank accounts and payment services from a single platform and enjoy seamless switching between different POS systems thanks to a fully integrated infrastructure, you can explore Lidio’s technological solutions.