If you are a retail business owner, determining what point of service software would perfectly fit the needs of your business is tricky. It is also better to know that finding the right point of sale software is a tedious task. It involves in-depth understanding of computers, networking, software features, new technology, and retail management.
Adding to this is the overwhelming numbers of options in the market that you could choose from. This could cause added stress and frustration. After all, the benefits of using POS software are too significant to ignore. Hence, you surely would not want to make uninformed decisions.
So, let us define what a point of sale software is, what are its benefits, what it does and its key features. This will help you breeze through your quest for the right POS software for your business.
What is a POS and what is Does?
It is important to know what a POS software is and how it is going to benefit your business. Since it is a key tool that will help you track your profit, it also efficiently delivers high-quality customer service.
According to SoftwareAdvice.com, “a point of sale system (POS) is a combination of software and hardware that allows merchants to take transactions and simplify key day-to-day business operations.” This allows you to track and monitor usage and changes in monetary costs. It enables you to estimate when there is already a need to reorder and evaluate inventory levels on an item-to-item-basis.
In using POS system you will likewise be able to do the following things:
- Analyze sales data and find out how your products are doing in the market. Monitor the degree of involvement and interest that customers show for a certain service or product that you offer.
- Maintain a concise data of sales revenue for a specific time period, which aids in making purchasing decisions for seasonal buying trends.
- Bar-code scanners and credit card integration allow you to improve pricing accuracy.
What are the Benefits and Key Features of a POS?
You need to keep in mind that not all POS software are created equal and not every POS system is a one-size-fits-all solution. But generally, this system is a package that tracks the cash flow of your business. With this, there are numerous options of POS software for the specific type of business industry that has add-on device features. This includes checkout stations with electronic cash drawers, bar-code scanners, credit card readers and receipt or invoice printers.
Below are the features that you need to consider before getting a POS software:
- Ease of operation.You will need a user-friendly graphical user interface (GUI) that is a program interfaced system. It uses a computer’s graphics capabilities making POS system easier to operate. A user-friendly graphical user interface or GUI is something that is easy to install and easy to update. It is also intuitive and efficient. These characteristics will help you easily breeze through your software.
- Sales information entry.When using POS software, it enables you to manually or automatically record inventory code using a bar-code scanner. After entering the inventory code, the systems prompt the sales price. Afterward, it computes them at several quantities and gives you the running total. When required, a lot of systems ensure an easy way to manually enter sales. This happens by allowing you to search for inventory codes using merchandise number, description, and manufacturing code or vendor.
- Pricing. One of the major features of a POS system is it provides different ways in monitoring pricing. This includes add-on amounts, the percentage of cost, marginal percentage and custom formulas.
- Product information updating.After entering a specific sale, the POS system immediately updates inventory and accounts receivable.
- Options for sales monitoring.Most systems offer a means of monitoring how many sales a certain business or company makes. It also determines how much profit it is earning. This feature also allows you to keep tabs on which stock is moving fast. It could be associated with an ordering system.
- Flexibility. In case you are on a budget, you may begin with just the basic setup. It consists of a POS software operating on PC and a drawer with a receipt printer. Afterward, you can employ add-on features according to your needs. You can probably go with bar code scanners and credit card readers, inventory tag printers, poles display, or PIN debit pad.
It is imperative that you choose a system that would cater to your requirements. Also, it would be better if you pick a system that would not need someone to set it up for you. With this, you will be able to save a big chunk of business money.
Aside from these, a POS software has reporting features, which is probably the most helpful way in gaining full control of your business. You are allowed to cut through all your data in several ways. This is to establish which products are in demand during a specific period of time. It also helps you work out the ideal and best ways to organize displays. The displays are arranged according to what company campaigns are working successfully and when to change seasonal campaigns.
What do you need to do to find the Right POS for your Business?
Now that we have already defined and outlined the probable benefits of a POS software for your business, you are now to decide the appropriate type of POS software for your business’ requirements. But before you jump into the decision-making process, below are the essential tips you need to know when choosing the right POS system:
- Determine if your business requires retail inventory management system. Whether you are a retail business or a specialty retailer, the complexity of your business and a number of your monthly sales volume determine this aspect. It is also important to consider how many employees you have and the number of stocks in your inventory.
- Do some sort of comparison. You can check out other retailers in your community and find out who are using POS software. You can also ask what kind of system they have. You may also want to find out their providers and how long have they been in the industry. Through this, you will be able to know who among the retailers in your community would be willing to talk to you. This helps you be aware of their experiences in using POS software as well as to their providers.
- Determine the return on investment. A POS software is obviously not a cheap investment. However, you already know that this tool will significantly bring you long-term benefits. This is particular in your profits and returns on investments (ROI).
- Pick the right software solution. There are important elements to a POS system. So, it is important that you understand each of them and their actual requirements. The following are the common software deployments that you need to consider:
- On-premises software or Cloud-based Solution. On-premises are a traditional software model. This requires you to be responsible for managing and maintaining your POS system. This is a more expensive option than a cloud-based solution. It will need a dedicated in-house administrator or an IT personnel to manage the software.
However, it is important to know that on-premise software is more secure than the other alternatives. This is because the entire software is within your business’ premises. This also requires one-time payment for its license. On the other hand, a cloud-based solution is basically a type of a subscription-based solution that requires you to pay on a monthly basis.
- Choose a system that offers excellent technical support. It is important that your POS software offers outstanding technical support. It will provide you assistance and advice regarding their products.
Examples of Popular Point of Service Software
According to Crowdreviews.com, the following are the Top 5 best POS software based on crowd reviews:
- Odoo Point of Sale. This software is ideal for small and mid-sized business that offers online and offline capabilities. It apparently has accounting and inventory management features. It also offers other capabilities that contribute a lot to certain businesses. This can also monitor business processes like sales, customers, orders, and inventory. It also supports iOS and Android devices, which will let you navigate the system remotely through them.
- GoFrugal Retail POS Software. This is an example of a POS system that is appropriate for any restaurant business. It provides solutions like billing to balance sheet and accounting to customer relationship management (CRM). It allows integration with third party providers in automating tools through API protocols.
- 2TouchPOS. This is ideal for small and mid-sized restaurant, nightclubs and bars. It is also applicable to businesses that are user-friendly with the comprehensive system and training modules. It also effectively integrates with inventory systems and payrolls. The provider also offers outstanding technical support. This aims to give you answers and solutions that you may encounter when using the software.
- IncoPOS. This is suitable for managing stores as it offers simple and easy user interface. It is also available for Windows, Linux, and MacOS systems. It is easy to configure with a powerful touch screen interface for convenient operation.
- Ordyx. This is an example of a cloud-based solution that is designed for bars and restaurants. It enables users to connect remotely. This system includes the flexibility to use existing equipment while being updated with the latest software upgrades.
With these important points that you need to consider, you will be able to come up with an informed decision. It will prevent you from choosing software that will not be able to contribute to your business’ success. Choosing the right POS software will significantly contribute to high profits and outstanding customer relations.
Looking for a POS software? Check out these reviews from Crowdreviews.com to provide you with more insight in choosing the right software for your business.
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