Here is Why You Must Switch to a POS SystemFebruary 24, 2020
The point of sale system now is at the core of every business. No matter how comfortable or familiar you are with cash registers, their time is up. And if you are still using one, you don’t know what you are missing!
Modern POS systems offer more than just a cash management system. They incorporate new methods of payments, help you track your inventory, and automatically generate order lists, to mention but a few.
So, still, pondering why you need the system? Here is why you must switch to a Point-of-Sale System:
1. Flexibility in processing payments
Modern POS systems allow for much more than cash transactions. Your customers are not confined to pay in cash; they can use various payment methods, including Apple Pay, Samsung Pay, Debit &Credit Cards, and even Bitcoin. Besides, these systems have the EMV standards minimizing the chances of processing fraudulent transactions.
Also, some POS system enables to easily split payments between multiple customers, which comes in handy, especially for the case of quick-service restaurants.
2. Track sales history
With a POS system, it is easy to track transactions, identify quick selling products and those stuck up on the shelves. It then becomes easy to manage your inventory.
And in restaurants, bakeries or fast food joints that operate on orders, it is more accessible to can track placed orders right from the point of order through preparation to delivery.
3. Inventory Management
Usually, inventory management is tedious, time-consuming and can be expensive as well. But with an on-point POS system, you have an accurate system that monitors sales and purchases. You can quickly identify which product and of which size, color or flavor is running out of stock. You have the liberty to group the products by name, brand, color, size, even supplier code, and much more.
4. Sales recorded in Real-Time
You don’t have to be in your shop to know how the business is faring. You can remotely log in at your back-office server and see how everything. The sales report stream in real-time, indicating overall sales, sales per each employee, profit after markup, and many other specifications.
You can customize these reports to your liking such that you can correctly see what you want at the comfort of your couch.
5. Quicker service
POS systems integrate with barcode scanners, cash drawers, credit card readers, and receipt or invoice printers. So you don’t need to write anything down or use a calculator. It quickly reads product barcode and record transactions enabling you to serve your customers quicker. A happy customer, without a doubt, makes a return-customer, which every business wants!
6. Sales Tax and accounting made easy
You don’t have to worry about the computation of sales tax or VAT. The best POS systems will help you with the tax accounting, calculating the sales tax due based on your sales. Some of them even come with integrated accounting modules, such as general ledger, accounts payable and receivable. It gives you a more accurate approach to manage the flow of finances in your businesses. So, you can plan for pending payments, such as interests and installments.
7. Everyone gets more information
It’s not only the business that benefits from the POS software but the customer as well. The customer will know what exactly they bought and at how much, and if they are any taxes involved.
With the system, there are no more queues as the cashier has an easy time since all they do is scan the item through the barcode reader, which is faster and convenient compared to entering the details manually.
The management, on the other hand, gets real-time information on every sale.
We cannot list all the benefits of the POS systems, but as you can see, it is a powerful tool that every business, no matter its size, direly need. There is no shortage of Point-of-Sale Software in the market. You, however, need to be a little selective when finding the right one.
Small businesses should use a POS for a cash register to get all-rounded business management. With the best POS system, you’ll have an easy time with most of the bookkeeping and accounting work.