How a POS System Can Help Your Business


New article picAs a business owner, one of the most beautiful sounds to you is likely the chime made whenever your cash register opens. Today, that cash register may actually take the form of a cash drawer, and it might be attached to a computer via electronic sales software. This allows you to gather a tremendous amount of data and real-time information about your customers. It can also help to free your time from calculating and performing menial tasks, allowing you instead to spend time devising high-level business expansion strategies. These are just some of the ways that a selling system can help your business.

POS Systems Help Inventory Control

One of the most important ways in which a Point of Sale System can help your business is in the the area of inventory management and control. The core of this system is likely to be a standard issue computer, or even an iPad, running specialized software. The system will also be equipped with a cash drawer, credit card reader, receipt printer and sometimes a barcode scanner.

All of these devices make it possible for your business to make sales and take orders both in person and online. Such a system is also generally quite cost effective and relatively easy to set up. The system will give you an accurate, up-to-the-minute assessment of your inventory. Every time an order is rung up, the inventory is also updated, with those items sold and/or used subtracted from your inventory list that is maintained on the system itself.

Take Orders Online and Offline

A strong POS system can also enable your business to accept orders almost anywhere. This means that you will be able to promote your offerings in person and using online marketing methods such as websites and social media sites. You could even try using a mobile payment app and then your business could be taken on the road in real life. This could allow for the addition of traveling sales representatives.

For orders taken in your retail location, a simple card reader connected to an online processing account is all that you need. For an offline order, the same basic principle applies, only customers enter their own card number into your online payment gateway. In either case, both methods are extremely secure and they result in your payment being deposited directly into your bank account within 24 to 48 hours.

Offers Accuracy and Analysis Functions

Another way in which a strong Point of Sale System will help your business is through the accuracy and analysis functions provided by the software.

Of course, to really get the full benefits of this accuracy, you need to have a barcode scanner attached to the system. Not only does this make getting your inventory counted and included in the system much faster and easier, it is also a lot more accurate than having to type everything in by hand. Plus, you can set up a scanner for each of your checkout units, which speeds up the checkout time for your customers.

As far as analysis is concerned, you can also run a wide variety of different reports. These will be accurate and up-to-the-minute reports, and can include anything from a daily (or even hourly) sales report to the number of XYZ items that are on hand, or any other inventory or sales-related report you could possibly dream up. This is great for managing inventory and even establishing alerts for low levels, so that you know when it’s time to order more. You will then be able to analyze your sales patterns and use this to perfect your business strategy.

Improved Markdown Management

With a sales system it is also much easier to devise, implement and manage different types of sales and discounts. This has typically been a very difficult problem for small and mid-sized businesses. In some cases, you might have been forced to go through sales receipts manually at the end of the day in order to identify how many of those “on sale” items were sold.

Using such a system, however, the sales can be input manually. Then, when an item is scanned at the checkout line, the correct, discounted price appears at the register. Simple. Not to mention that everything in this inventory is accurately tracked and reports can be run just as easily to identify these items.

Bottom Line

A good, strong computerized sales system can give your business a lot of benefits. Some of the best include the ability to more accurately track sales and inventory and automate many of your routine management functions. This can have the ultimate effect of freeing up your time so that you can work on your business rather than in the business.

Written by Jon the Saver

This post was written by yours truly, Jon Elder. My mission is to help you succeed in your personal finance life. Join me on the journey to financial freedom! You can subscribe through RSS FEED or EMAIL updates. You can also find me on TWITTER
and FACEBOOK
. Happy investing 🙂

Jon the Saver

This post was written by yours truly, Jon Elder. My mission is to help you succeed in your personal finance life. Join me on the journey to financial freedom! You can subscribe through RSS FEED or EMAIL updates. You can also find me on TWITTER and FACEBOOK . Happy investing 🙂

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