How Can Smart POS Improve The Tax Compliance Of Retailers?

Cracking down on tax evasion is becoming a more important issue for the government and taxpayers have to make more efforts to track their sales revenue and report tax. Smart POS terminals play an important role in improving tax compliance.

How do smart POS terminals improve tax compliance?

1. Streamline checkout process. In many countries, different items require tax standards and some items are zero-rated, which means retailers must distinguish them when checking out for customers. The workloads are beyond imagination if using the manual method to distinguish and calculate. Just a smart POS terminal helps solve this problem and retailers could forget the tax standards as soon as entering the tax guidelines into the system.

2. Automated sales recording. The fiscal POS terminals can automatically collect and record all relevant business data of taxpayers. It can reflect the operation condition comprehensively by day, by week, by month and by year. Every sale can be easily tracked and retailers could save more effort.

3. Accurate tax reporting. Since every sale can be recorded without omission, it’s much easier for retailers to generate a report to declare and pay taxes to the tax authorities. With a fiscal POS device, the taxes payable can be tallied without any involvement of humans. Retailers don’t have to worry about the reputation damage caused by accident tax evasion.

Fiscal POS hardware plays an essential role in the tax control process.

What are the features of a reliable fiscal POS terminal?

1. Multiple payment options. Fiscal POS is a kind of POS terminal and should obtain the basic payment collection function. The more payment methods that the POS device can accept, the more ease of use the POS terminal is.

2. Specific fiscal memory module. Special fiscal storage is required to store a large amount of tax-relevant business data.

3. Rich ports. To extend the functions, a wide variety of ports are required to connect to other fiscal devices.

4. Physical tamper-proof. Security is important for fiscal device hardware. Generally, it should protect the data physically by sealing the housing.

Nowadays, as governments worldwide put greater emphasis on tax compliance, more businesses start to introduce fiscal cash registers. However, for some small businesses, it may be a costly expense.

To make more small businesses enjoy the convenience brought by the fiscal POS, Telpo lately launched a smart POS terminal, Telpo M8.

The Telpo M8 is an all-in-one POS machine that takes up little footprint and is a cost-effective choice for small retailers.

This Telpo’s latest-launched smart terminal has a lot of advantages, which we have discussed in the previous article. New Product | Telpo Desktop Smart POS Terminal M8

In this article, let’s focus on how the Telpo M8 makes tax compliance more convenient and easier for small businesses.

1. Specific fiscal memory. There is a specifically-designed cabin built in the terminal to place the fiscal memory. It provides ample space to store the business data and makes the sales data easy to be tracked.

2. Rich interfaces. Multiple ports are designed to connect to multiple fiscal devices, including 4 USB ports, 1 Type-C port, 2 RJ11 ports and 1 RJ45 port. These ports can make the Telpo M8 connect to other POS accessories and fiscal devices, enabling function extension.

3. Tamper-proof. The housing is sealed by screws to protect the tax-relevant data from the physical perspective. At the same time, users can only burn data by holding down a certain key, so every tampering will be recorded. Dual tamper-proof ensures data security.

4. Max 110mm/s printing speed. With a printer built-in, the printing speed can achieve 110mm/s at maximum. The built-in printer satisfies the daily receipt-printing needs and businesses don’t have to purchase an extra printer.

5. External RTC circuit. The Telpo M8 adopts an RTC circuit, which makes time go continuously even the battery runs down. This design guarantees the time to be precisely preserved.

6. 3000 mAH battery. In case of power failure, the battery can avoid sudden data interruption, so that the business data not be lost.

Telpo M8 combines a stylish appearance and superior performance and is the most suitable choice for your business. Welcome to contact us for more details. Telpo has the confidence to boost your business.

Tag: fiscal POS, fiscal device, smart POS terminal, fiscal cash register, tax evasion