updated - January 19, 2020 Sunday EST
A Point of Sale system (POS) is an invaluable tool to have installed, enabling you to streamline and manage every aspect of your business into one place. A POS system allows you to monitor and make changes with ease while giving you an overview of your success. It is the central hub for your sales.
However, many companies are still using multiple software and plain hard graft when it comes to aspects such as bookkeeping and stock take. But why, when there is a software that will keep track for you every time the cash register rings?
Keeping up with the digital age, POS systems have also taken the leap to portable devices. Being able to check in on your business on the go is vital for today's fast-paced sales market. Having an Ipad POS system available on your tablet gives you freedom and reassurance. Like the POS experts say at LightspeedHQ, 'It's your business. You should be able to run it your way!'
Additionally, in establishments such as restaurants, your staff can increase their productivity and lower their serving times by using devices rather than writing on pieces of paper. This makes communication a lot easier for everybody.
Still not convinced a POS system is something your business needs, or unaware of the benefits it can have? Then read on to find out more.
No need to collect receipts and enter data manually, wasting valuable time. Integrating your accounting software with your POS system allows for everything to be tallied in precise detail, ensuring there are no holes in your financial records. This is critical for any busy business, especially those that generate sales through online purchasing as well as in-store.
Furthermore, your POS system captures customer information, such as purchase history and personal details. This means returned items can be tracked and accounted for in your books. This is often a challenging task for those that use separate software as returned goods can easily slip through the net when using many accounting programs.
Being able to look through your books at a flick of a finger is a great way to analyze customer purchase trends. For example, what items are popular at different points of the year or what is not selling as well, and when.
The primary function of an effective POS system is to manage your stock. Done by counting your products in and out through the point of sale.
This way, you will never have to disappoint a customer by being out of stock or waste money on storage by ordering what isn't required. A POS system digitally categorizes your stock by color and size, for example, or by food type.
Additionally, a POS system can also be set to order stock automatically when it reaches a critical level. You can also pre-order products that have been recognized as best-sellers. By having this software in place, it's one less thing for you to count and input manually. One less thing to get wrong!
Staff management is the backbone of your business; they are the face of your company and the trustees when you are not around. You must manage your staff professionally; if you don't, they can cause the downfall of your business.
Another fantastic element of a POS system is staff management. The most practical aspect being shared work scheduling, POS allows you to schedule employee work patterns and email them on an automated basis. With a POS system installed on your portable device, you can track working hours and take requests for leave any time of the day, in-store or at home.
Furthermore, a more complex POS system collates data on your staff so you can monitor their performance, such as the number of sales they have achieved, setting targets, or flagging staff that aren't performing as well as they should be.
Different from bookkeeping, sales reports give you a detailed overview of your margins. An effective POS system should generate not only your profit, net and gross margins but also reports based on product sales to stocking costs, staffing costs, and the total of items purchased over time.
These overviews need to be simple to read and display varied information so that you can make alterations to your business model or pitch to potential investors in your company. If you're looking to expand or need a helping hand, then a loan may also be on the cards.
To be eligible for a bank loan, they will need to see proof of business, and these snapshots of sales and profit are perfect for presenting to the bank or loan company to get that extra cash you need.
Don't be left in the stone age scribbling down orders or hoarding receipts, install a POS system to boost your business's overall productivity and half the administration workload.
Be able to manage your business from wherever you are with your system running on multiple devices. Check-in while on holiday if you must, take that well deserved day at home with your feet up, while always feeling reassured that you are in contact with your business. Let POS do the work!
TOP 10 FRANCHISES OF 2020