What is a POS?
What is a point of sale (“POS”)? Simply put, it is a computer-based system which can be linked to several checkout terminals. Any business that is service oriented, can benefit from a POS system. POS systems are flexible in their use, with a small business POS system that can be tailored to meet specific needs.
Benefits of a POS System
What can you do with a point-of-sale system? With a POS system, a business can:
• Monitor changes in everyday costs
• Determine when you need to reorder supplies
• Keep track of inventories
• Analyze sales data
• Retain sales history
• Improve pricing by using bar code within the POS system.
Point-of-sale systems can be extended to include electronic cash drawers, bar-code scanners, credit card readers, invoice printers, and receipt printing capabilities. The basic design of POS systems includes an integrated accounting module which contains a ledger, accounts payable, accounts receivable, purchasing, inventory control, and reporting systems. In short, a small business POS system can help business owners to keep track of their cash flow, at a glance, rather than through manual methods. Small business POS system owners can see how their business is progressing through the POS systems’ reporting features. Reporting features available in a POS program, includes sales, profits, and costs by category, by employees, by day, and by the hour. Other reporting features include the end of the day cash reconciliation totals, work sheets, and many other inventory management functions.
Basic Features for a POS System
When looking for a point-of-sale system for your business, the basic features that should be included are:
• Sales Entry Information – most POS systems allow users to enter inventory codes, which can be called upon to identify the standard or sales price. This method also allows a business owner to check the price at different quantities and provide the totals.
• User-Friendly – Look for a POS system with a graphical interface for ease of use.
• Product Updating – a good POS system shows you inventory updates when a sale is entered into the system, which allows for access to your accounts receivable records.
• Pricing – POS systems offer different tracking methods for pricing, changes in pricing, a percentage of costs, your margin percentage, and customized formulas for each item that is being sold.
• Sales Tracking – POS systems have varying options in the way that a business gets paid. Point-of-sale systems can help businesses keep track of their rental fees, open invoice sales, and installment purchases.
• Security – this is a very vital factor in any POS system, that a business purchases. POS systems provide an audit trail, in case there are any problems.
• Taxes – an accounting department can retrieve any tax rate information, for a specific state with many POS systems.
Point-of-sale systems are keeping up with technology, by providing information on mobile devices like iPads and in partnership with cloud-based POS technology. To invest in a top brand name POS system, with instructions, contact the POS Super Store. Let them take the frustration out of finding the exact POS system for your business. No matter if your business is in hospitality, retail, grocery, footwear, liquor stores, gift stores or other; they can match your business to the right POS system.
