The traditional cash registers are retiring and will be replaced by digital cash register systems (POS) in 2024. Is your business ready for this digital transformation? And what rules need to be followed? You’ll find the answers in this guide, so you can be compliant with the legislation.
But perhaps we should start from the very beginning.
A Point Of Sale (POS) system is the central software system in a business, with integrations and connections to other business systems, such as accounting systems, webshop systems, loyalty systems, inventory systems, scheduling systems, payment terminals, etc.
The POS system handles your entire product catalogue, which smoothly integrates with your other systems and exchanges data between them, so you always have control over your business.
A standard POS system typically includes an iPad screen that functions as a digital cash register, a cash drawer, a receipt printer, and a payment terminal to accept card or mobile payments. Most people typically choose to accept Visa, MasterCard, MobilePay, and Apple Pay.
In December 2018, all parties in the Danish Parliament approved a proposal that 12,500 stores, restaurants, pizzerias, etc., in selected industries, must invest in a digital POS system by 2024. This decision was made due to issues with accounting in these sectors, and with digital POS systems, it becomes easier to handle accounting, as all activities are saved and automated, allowing a cash report to be directly uploaded to the accounting software, for example. Additionally, data is stored and logged upon request. This helps minimize irregularities.
It is important to note that the Ministry of Taxation has the authority to require businesses to implement a digital POS system earlier than 2024 if they find irregularities, errors, etc., in VAT and tax payments.
As a POS provider, we have received varied responses to this change, but most contact us with confusion about what they need to do and which legal requirements they must comply with.
The Danish Parliament (Folketinget) and the Danish Tax Agency (SKAT) have decided to focus particularly on businesses with an annual turnover between DKK 50,000 and DKK 10 million in the following four industries:
If you belong to one of these industries, it's important that you start looking for a good POS provider before 2024. However, it can be a jungle to navigate, so here are 5 good tips on how to choose the digital cash register system that best suits you and your business.
✅ Choose a solution tailored to your industry. For example, choose a solution where you can also get a digital menu and special features that can boost your sales.
✅ Choose a POS solution that has built-in integrations with the business systems you use, such as accounting software, webshop, inventory system, etc.
✅ Choose a provider that offers local support and speaks your language. It's not ideal to have a provider with only English-speaking support from another country.
✅ If you need to accept payments on the go, it's important that you get a solution that allows you to do so. This means having a setup where you can use a wireless terminal and your phone if you need to quickly make a sale while you're out.
The digital cash register solution from Shopbox supports the new regulations. You can create a free account and try out the system for 14 days, completely risk-free.