Cash is the lifeblood of any business as it can determine the success of a firm. However, doing manual computation is not easy. On top of that, you need to have records of every transaction you make. Though there is a cash register, it won’t be enough due to the increasing demands of your company.
In this digital world, everything works faster. As a business owner, you need to keep up with that pace to survive. Otherwise, you will lose your track. To prevent it from happening, you need to use the latest system that will take care of your cash flow. This system that this article is referring to is the Point-of-Sale (PoS) software.
However, not everyone is using this tool because of its hefty price. There’s nothing wrong if you don’t use this program, especially if your firm is a start-up. You can use a simple cash register to monitor and calculate sales.
However, if you’re starting a large business or you’re earning $500,000 a year, then you need to get Point-of-Sale software. This tool will help you compute and track your sales.
There are many PoS providers out there. They all claim that they offer the best PoS software. Before you decide what system to choose, you need to read this article first. In this post, you will learn the things to consider when getting PoS system software. But first, you need to understand the system and know its benefits.
Hence, we will not keep you waiting any longer. Let’s begin the discussion!
A Quick Explanation of PoS Software
According to ToastTab.com, Point-of-Sale (PoS) refers to the place and time that a transaction is completed. However, a PoS program has a broad definition. It includes merchandising displays, methods, and aids to allow transactions.
A simple PoS system has a barcode scanner, a cash drawer, a receipt printer, a computer and a point-of-sale program. However, there are organizations that don’t need these features. For instance, a lawn care service doesn’t need a receipt printer and a cash drawer. Nevertheless, they need a laser printer for their invoices. Thus, you can customize the features of the software depending on your needs.
Nonetheless, there is one component that you can’t remove, and that is the computer. This machine is the heart of the PoS system. Without it, the tool won’t run correctly.
There are many computer programs that you can integrate with your PoS device. You can use older versions if you want. However, you must keep in mind that it won’t be as efficient as the latest software. Furthermore, it might affect the productivity of your firm. Hence, it is best if you get the newest computer on the market.
Apart from the computer, you also need to update its other components. If you’re using a simple cash drawer, you may need to replace it with a heavy-duty storage. Again, there’s nothing wrong if you use the basic version, especially if you’re on a tight budget. But if your business is growing, you may need to update the drawer. In that way, it can store more money than the older storage.
If you’re still using a pencil-type wand as your barcode scanner, you may need to replace it as well. Get a CCD barcode scanner as it is more efficient than the wand. This tool can still work with easy-to-read and flat barcodes. However, it’s faster than the older version.
If you still need a more efficient scanner, then you should use a laser-type. This tool is better than CCD and pencil-type scanners as it can work with bags, bottles, and other irregular-shaped items.
The printer technology has also evolved. Back in the day, the most popular type of printing machine was dot-matrix. However, this machine was a bit slow and noisy. Hence, it was replaced by the laser kind. This one doesn’t produce sounds, but the pace is similar to dot-matrix.
As of today, the most popular choice is the thermal printer. It’s quieter, faster, and affordable than the previous versions.
PoS system plays a vital role in any business as it doesn’t only give you control over your transactions. It also provides information about the purchases your customers make. Thus, you need to keep it updated to prevent future problems.
Benefits of Using PoS Software
There are several benefits that you can get from retail PoS software. First, it reduces shrinkage. The latest PoS programs have inventory and receiving features. These functions identify the cause of loss, minimize out-of-stock conditions and improve business management.
Second, the best point-of-sale software helps you manage your special offers. When the sales go down, you usually create schemes that will entice your customers to buy your products. You give promos and discounts to all your buyers. However, managing these special offers is not easy.
But with the help of this software, you can monitor all transactions you make during that time. Hence, you will know whether the campaign is effective or not.
Third, it allows you to manage your business wherever you may be. When the owner is not around, the customer service and satisfaction are affected. Hence, more and more entrepreneurs are going mobile. According to Capterra.com, 44% of store owners are using mobile PoS systems. Through this program, they can manage the company even if they are not on site.
Fourth, it improves efficiency. During the peak season or hours, it is quite easy to lose track. Because your employees are giving services to your customers, it is easier to get confused. As a result, they might forget to check the data in the system.
However, if you’re using the latest program of PoS, this situation can be avoided. Through this system, you can prevent repetitive tasks. Consequently, you will be able to save time and money and improve customer satisfaction.
Fifth, it provides accurate reports. Some businesses use Excel to record data transaction. It can be useful, especially when you need to compute your monthly sales. But because you have to type the data manually, you might miss some information. Either you skipped it, or you forgot to type it in the spreadsheet.
If you use a modern PoS application, you won’t miss any data. It’s because it records all the transactions you make in real time. Hence, you don’t need to double check if the records in the spreadsheet and the cash register are the same. You only need to calculate your sales or print them when needed.
Lastly, it allows you to expand your business. As mentioned earlier, this tool lets you customize the components of the system. Hence, if you need to expand your store, you can change the feature that needs an upgrade. In that way, it can accommodate your future data transactions without a problem.
These are just some of the benefits you can get from this program. However, you can only enjoy these perks and more if you get the top PoS software. Thus, make sure you read some PoS software reviews before buying a package.
7 Must-Have Features of Reliable PoS Software
So what is best PoS software? A reliable PoS application must have the following features:
- Fast Checkout – A reliable PoS system must simplify the checkout process. Meaning, the user must not give too much effort to complete a transaction. If it still requires manual work, then you need to replace the software.
- Inventory Tracking – This feature lets you monitor all valuable data about the store. With this function, you can make the ordering process much easier. Furthermore, you don’t need to recalculate the data to check if it’s correct.
- Customer Data – A reliable PoS tool doesn’t only record transactions but also customers’ profiles. With the use of this information, you can create a compelling campaign that will entice them to get your latest offer.
- Automated Purchasing Program – This feature lets you connect with your suppliers for emergency purposes. For instance, if your product is in a critical, low point, you can communicate with the supplier in no time. They will do their best to help you reach your monthly quota.
- Mobility – As mentioned earlier, this software lets you manage your business wherever you are. Hence, if it has a mobility function, you can track the performance and productivity of your store. You simply need to integrate it with your PoS system, so you can monitor your company wherever you may be.
- Payment Card Industry Agreement – It is a contract between the credit card holder and the establishment. Every PoS machine must comply with this agreement to protect the information of your customers. If they feel secure, chances are, they will go back to your store.
- Reporting Tools – All PoS systems must have this feature as it highlights valuable data about your store. If it records all your business transactions, you can monitor your business a lot easier.
These are the seven features you need to look for when buying this software. With these functions, you can improve cash flow and the performance of your store.
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