Importance of POS (Point of sale)
Modern POS systems and their role in the retail business is a lot more than just efficiency and adaptability. These systems have been improved since their inception. They’ve become a necessary tool to streamline businesses and increase sales. It’s not just an operational necessity.
They’re a great way to increase the rate at which you do business, with the features that they provide. If you’re starting a business, it’s recommended that you begin with a POS system in place. You can opt for softwares like Shopify’s POS. This cuts out the hassle and saves time and effort, both of which are precious to you as an entrepreneur.
Benefits of a POS system
- Running a business involves a number of tedious processes which are cumbersome. They’re also vital. A good POS support system saves the time and effort you spend on these tasks.
- Effective stock keeping and accounting are critical for any business to survive. A robust POS system helps speed up the process and automates your checkout process.
- If critical data goes missing, that can be a huge loss for your business. A POS system is the best way to ensure all your important data is secure and updated. You can even have them backed up regularly.
- An updated sales report has enough information to create a good business strategy. Depending on the items that are sold and their attributes, you can improvise your merchandising strategy, pricing, inventory and marketing.
- The inventory is updated all the time. The best part is it doesn’t need any manual work.
- If you have more than one branch, then a POS system is a boon to maintain a centralised system for all business operations.
- It increases safety since all transactions are digitally recorded. If there’s ever a conflict, then they can be backtracked.
- As an employer, it helps manage your employee work hours. Also, you can avoid employee theft with an integrated POS system.
When you install a POS system, make sure you’re aware of what you need. Each business has its own list of prerequisites. Based on your unique needs, you should choose a system that suits those needs best. But if you need some general pointers, here’s what you can look out for.
Features To Consider When Buying A POS System
- User-friendly: Choose a system that has a user-friendly user interface.
- Easy Sales Entry: Look for a system that lets you manually enter sales information when required. There may be instances when you need some manual input to correct a system error. That’s when you should get a system that lets you search for certain product attributes and then update that information as you need it.
- Costing: POS systems can help manage your pricing. Make sure your system is equipped with options like amount add-on, cost percentage, margin percentage, and features to implement custom formulas as well.
- Inventory updating: After checkout, the inventory should be updated accordingly. Look for these options in the system.
- Transaction tracking: Each business has its own style of operations. This includes rental payments, instalments, lease and more. The system you choose must be compliant with your operations and how your run your business.
- Safety: Ensure the POS system you choose has an audit trail feature. This is useful if there are ever financial conflicts.
- Tax incorporation: Most POS systems fully support most tax rates. If your business runs across states, then you’d need this feature.