20th December 2021 | Business
Every business has a point of sales system. They can help you manage sales, inventory, customers data and employees.
Unfortunately, some POS systems may also have an electronic sales suppression tool (ESST) attached to them. An ESST can be used to manipulate records and under-report sales.
While most people try to do the right thing, some people use an ESST to under-report their income. ESSTs are illegal.
We have seen these tools appear in multiple forms:
- hardware connected to the point of sale system
- cloud-based software
- inbuilt software programs
Under-reporting sales can lead to subsequent circumstances and are not worth the risk.
It’s best to avoid using a Pos system that is an ESST. Keep your records clean and up to date to avoid any penalties by the ATO.
If you are unsure speak to our specialist at Ax3 or visit our services page.