Why invest in a POS system
Is your POS system legally compliant?
On January 1, 2017, new regulations for the “storage of digital documents in cash transactions” will come into effect. Anyone who has not been using a “transparent cash register” that meets the requirements by then faces severe fines.
Cash registers and cash register systems apparently offer a wide range of options for tax evasion. This is the opinion of the Federal Ministry of Finance (BMF) and complains of considerable tax losses every year due to corresponding manipulations. But that should now be the end: With the entry into force of the new regulations, an approximately five-year transition period ends, in which restaurateurs, retailers or service providers - i.e. entrepreneurs who mainly deal with cash in their day-to-day business - had time to adapt their cash register system to the tax regulations.
According to the BMF, the new regulations are intended to ensure that the digital basic records cannot be changed. That means: The cash register must be able to save the following data in a tamper-proof way in the future: all journal data, a complete history of all items and prices stored in the system, change and programming data, the operating instructions of the cash register or the cash register system as well as various logs, among other things about locations and times. As a rule, all data must be stored electronically for ten years and must be presented to the tax authorities in the event of an audit.
What should I do?
Anyone who has invested in a cash register that meets the new requirements or in a modern cash register system in recent years can lean back and relax. Anyone who has not yet focused on this topic or even pushed it aside should act immediately and check their cash register (s) and cash register systems for the corresponding functionalities. Because if the regulations are violated there is a risk of severe fines, regardless of any additional tax claims that may arise.
What's in store for the economy?
Another draft law is already being worked on, which is intended to ensure protection against manipulation of electronic cash registers and will come into force in 2020. For commercial enterprises, this law incurs one-off compliance costs of around 470 million euros and annual compliance costs of around 106 million euros. So the Federal Ministry of Finance. Accordingly, new devices worth around 405 million euros would have to be purchased and old devices would have to be converted, which in turn would cost around 22.5 million euros. The BMF estimates that there are a total of 2.1 million devices affected, of which around 411,000 devices would have to be replaced and 1.7 million devices would have to be converted. Another 17 million euros are used for the procurement of the safety module for the retrofitting and around 26 million euros for personnel expenses for the retrofitting. For maintenance and support (e.g. update of the cash register software) an amount of 50 euros per cash register and year was set. With a number of 2.1 million devices, this results in annual costs of 105 million euros for the economy.
In many cases, existing cash registers and cash register systems can be adapted by retrofitting hardware and software. However, for those who have to replace devices that are not suitable for the future, the specialist trade and also partners of abcfinance have all kinds of cash register systems ready, in addition to electronic cash registers, PC cash registers or so-called POS systems for different uses and in various price ranges.
Are you affected and are you worried about financing? Please do not hesitate to contact us. www.abcfinance.de
To the new draft law: https://www.bundesfinanzministerium.de/Content/DE/Gesetzestexte/Gesetze_Verordnung/2017-10-06-KassenSichV.html
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