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POS Terminal on cashier desk

Point of Sale System

A POS or Point of Sale system is essentially a system that calculates and eases the payment process. It is made up of a software that is used for recording all of the details of each sale as it occurs, all the while updating the inventory records while providing customer management features which enables easy operations of your store.

It further generates reports for you so that easy analysis of sales data is made possible. The hardware of a POS may also consist of a bar code scanner, cash drawer, receipt printer, order puncher, and other such peripheral equipment based on your own particular needs.

The Innovations

POS in retail has seen a lot of innovations over the years but now with the rapidly changing technology, we have witnessed some very innovative POS systems come into the market. The innovation has brought more ease and comfort for both customers and retail shop owners. Retail business owners are demanding more unique innovations in order to stand out from the rest of the competition.

Some of the innovations that we are starting to see in POS systems are discussed below.

 No Checkout POS

Point of Sale Systems have revolutionized retail businesses. Imagine a store where you arrive, walk around in the aisles looking for your required items, pick them up and walk out of the store with them. It is possible. An innovative POS system automatically generates payments the minute you walk out of the door. There would be no physical POS system and no requirements to scan codes. Originally brought forward by Amazon, this innovative POS system is now making its way into the mainstream retail business sector. The new POS System makes use of sensors and artificial intelligence to make the payments with a customer’s virtual cart where the customer is charged for the products without having to physically checkout.

Mobile POS App

Order and pay on the move the next time you head out to eat or grab a coffee. Make use of the interactive apps on your phone that also act as an innovative POS system, allowing you to not only order your food but also pay for it as you go, enjoy your meal, and leave.

 This innovation was introduced by a coffee shop in the UK. It simply quickens your procedure, allowing you ease and comfort while also allowing business owners the comfort of a hustle free counter. The same point of sale system is being followed by a shoe shop in the UK as well, allowing you to buy a selected product by simply scanning the code on your product and making a payment automatically.

Virtual Shopping With Tablets

Innovative POS Systems are also helping to enhance the customer experience by not having to go to every retail store. The products are simply kept on display, where a giant tablet is also provided  the window, allowing customers to go through the latest collection of clothing of their favorite brand. The customer has access to designs, colors, and a variety of stuff on their fingertips without wasting their time going through stacks and rows of clothing. The same tablet can then be used to place your order and pay for it. This POS system is gaining quick popularity in the US.

Make Your Face Your Money

A hotel in Birmingham has come forward with a unique innovation in the POS where all customer just have to smile as they check out. It triggers a picture which is matched to your profile picture on PayPal, allowing you to make payments on the go without having to go through any hassle. Once the payment is made, an e-receipt is generated.

Conclusion

POS Systems are revolutionizing the way customers experience shopping. As newer POS Systems are generated, the customer experience is enhanced, providing both the business and customer benefits.

Check out America's Best Bookkeepers
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

 

Beautiful Woman Pointing at Glowing Shopping Cart Icon. Perfect Online Shopping Business Concept
In the present times, the increasing urge to abandon manual systems in order to automate business processes has led to businesses opting for software to ease their accounting and bookkeeping processes. One of these prevalent software have been POS (Point of Sale) systems. The conventional days of using a cash register and solid-binding registers are long gone. These traditional practices have been replaced by advanced technological inventions such as the POS software. Below mentioned are a few ways that a POS system is helping businesses with their accounting processes for increased efficiency.

Real-Time Reporting

With the help of a POS system, businesses can now get real-time detailed sales reports, cutting down the manual tasking that was once required to generate each report. These reports are an essential part of the accounting process since sources and segregation of revenues must be identified to calculate profit or loss for a particular accounting period. In addition to this, these sales reports can help with identification of possible lags, which may then be amended. Improved strategies may be put in place to help boost sales and for increased efficiency as the latest sales reports can be accessed in real-time.

Inventory Management

POS systems can also help with efficient management of business inventory requirements. This inventory management comprises of aspects such as reordering level, when to reorder, and whether a certain product in the inventory is running low or not. Keeping track of inventory has become crucial for all businesses especially in retail, owing to the impact a stock-out can have on one’s business reputation. Moreover, the selling pattern of products may be drafted out using the POS system and inventory refurbishments may be done accordingly. Products with higher demands will have a higher Economic Order Quantity (EOQ) relative to those with low demand and sales. This results in increased efficiency as the accounting process will become less complicated and there will be no paperwork involved. Moreover, time savings is yet another benefit that may potentially be actualized from POS implementation for business accounting.

Better Customer Service

POS systems have helped business accounting such that customer satisfaction has gone up following its implementation within the business. With lower sales-related discrepancies and accurate pricing details sent over to customers through the system, the accounting procedures have become agile and hassle-free. This has led to happy and satisfied customers that are a source of good word-of-mouth. In addition to this, customers are now provided with a range of payment options such as debit/credit cards, gift cards, cash, etc. This has enabled increased efficiency in processes which are now automated and streamlined for enhanced performance.

Information Tracking

In addition to the benefits above, POS systems have also allowed for a seamless tracking of all personal information, be it regarding customers or vendors. This personal information consists of payroll information, customer billing, shipping details and statuses, vendor listings, quotations, receipts and invoicing, and basic profiling. This is a source of information that is required for business accounting processes, allowing for increased efficiency as well as improved management of resources.

User-Friendly

POS systems help with business accounting, provided that it is easy to learn and use within the organization. The software implementation is usually resisted by most of the existing employees within an organization as innovation such as this takes them out of their comfort zones. However, POS systems are both easy to install and maintain, alongside its user-friendly interface. You may train staff on the use of POS without facing much resistance. Integration may as well be achieved with various other applications being used within the business. This feature of the POS allows for increased efficiency, not through its use, but its acceptance within the organization.

Check out America's Best Bookkeepers
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

 

 

Smiling young African waitress wearing an apron using a touchscreen point of sale terminal while working in a trendy restaurant
A Point of Sale, POS, is defined as the place where a sale or a number of sales take place. When seen on a macro level, a POS can be a mall, city, or marketplace where numerous sales are made on a daily basis. Whereas, if it is seen on a micro level, POS is the area where a customer completes a money transaction at the grocery store. A checkout counter is a good example of a POS used by businesses.

Determining an effective POS system is essential for every business because it records all of the transactions that have taken place and will occur in the future. Without an efficient POS management system, cash flow management can turn out to be a very big problem, making it almost impossible to maintain bookkeeping records.

The following tips are some things that you must consider when choosing a POS system.

Pricing

If you are new to POS systems, you should consider yourself lucky because you have entered the market at a great time. In the past, an efficient POS system would cost you a fortune, making it somewhat unfeasible for small businesses. Now, thanks to the latest software as a service model (SaaS), an effective and efficient POS system can easily be purchased at reasonable rates through only a phone call.

POS systems come in a number of varieties, ranging from expensive ones with improved features and mediocre ones that still get the job done pretty well. Despite the SaaS fact, the varieties can prove to be a problem at times because there is still a high chance that you may end up wasting your money on a system that does not perform correctly.

Therefore, always keep a close watch on the prices of POS systems when you are choosing one for your business. Notice the ones that have maintained a trend of switching their prices from high to low occasionally and write them down in the not-to-buy list. Secondly, always check if there is a contract involved in the POS system you want to choose. If there is no contract, call and ask them why and drop it if they fail to give you a logical and satisfying explanation.

Reporting

POS systems not only help in maintaining bookkeeping records, enabling efficient flow of money, but also play a key role in keeping the employee and inventory records updated. When you are looking at the sales of any business, you have to look at other reports as well such as the top items sold in your business, reordering inventory accordingly, timely recording of your sales, and all kinds of customer activity.

POS systems should enable you to check the records and sales from anywhere at any time. This means that your POS system should enable you to check anything in real time, even if you are away, so that you know what is going on at all times.

Integration

If you are not familiar with POS system integration, it enables business owners and entrepreneurs to use different kinds of tools simultaneously by allowing different applications to speak directly to one another.

This means that, with an efficient POS system that has effective integration features, you can complete two or more tasks at one time without having to waste your time reopening several different applications. Therefore, consider what kind of integration you require according to the type of business you run and choose the POS system wisely.

Customer Support

Customer support should be one of the top factors that you give attention to. When choosing a POS system, make sure that there is always someone at the back end to attend calls or answer emails around the clock. The inability to execute an effective customer support plan because of a POS system can be a big loss for your business as you will be unable to cater to any transactions or sales in odd hours. Therefore, always check the reviews of your POS system before making a final decision and determine which one has the ideal customer service and support system that will fit your needs.

Usability

POS systems are used on a daily basis for so many purposes. Therefore, when you are choosing your system, make sure that it is easy and simple to use. Your employees should be able to easily understand what the POS system is and how to use it for all purposes. From the first day, your POS system should not feel complicated.

Therefore, before making a final decision to buy the ideal POS system, make sure you consider what the system is offering, its reviews, and whether it will fulfill your purpose or not. Once you are done, leave it to the system and see how magically easy it becomes to manage your business.

Check out America's Best Bookkeepers
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

 

Woman hands get ready to paying with credit card swipe machine. concept
The job of a retailer is to put all its focus, time and resources into trying to find ways that can generate more sales. Sales ultimately lead to revenues, which are integral to the growth of the business. The actual process of sales, however, involves many critical steps, physical processes, and systems that actually allow a sale to take place. A Point of Sale (POS) system that is exactly right for your business will help you in that regard. A POS checklist would not only include conducting sales transactions but should also handle a number of other activities around it, ranging from inventory management, returns and exchanges to tracking customer behavior.

With so many solutions offered for POS services, it can be challenging to find the right one for your retail business. In this article, we have highlighted guidelines that can help you choose what’s best for you.

POS Checklist – Understanding your Needs

Due to many POS systems available in the market, it can be confusing to choose among them before assessing your business needs. If you leave this task to the system provider, they will most likely install a system that offers them the most profit and is not really suited to your needs. Before pursuing with a certain system provider, you must assess your needs according to the below-mentioned specifications.

Inventory and Customer Management

For any business that sells products, inventory management should be a priority on the POS checklist. Keeping your shelves stocked requires you to keep an efficient POS system that automatically updates after a sale has been made. This will save you a lot of time and energy in keeping track of every single item in the inventory.

Apart from managing your inventory, a POS system also allows you to keep a close eye on your customers. The right POS system for your business lets you run loyalty programs that are great for the marketing aspect of your business. Customers can avail discounts and get alerts about sales or discount offers in advance. It also allows insights into customer behavior by recording each customer separately.

Hardware Needs

A POS system itself is a software but it is important to run it on a correct hardware. Typically, small businesses will only require a tablet or system that supports a cloud-based POS software. However, larger stores need printers, terminals, card readers, e-tags and other sophisticated machinery to make the checkout process faster and convenient for the customer.

Before making any hardware investments, scrutinize what you have at hand and what must be added to make the process more efficient.

A POS Checklist must entail the effectiveness of a POS system in terms of its capability and robustness. As every business has certain unique needs, your business is no exception. Therefore, the POS system must cater to the individual demands of your business.

Ease of Use

This is perhaps the most important capability associated with a POS system. Processing time is of utmost importance when there are long queues of customers and every second is crucial. The POS system should be simple enough so that you don’t have to consult a manual every single time there is a pause. A POS checklist must ensure that the system is thoroughly checked and beta-tested before implementation.

Integrating other Areas of your Business

If a POS system is unable to integrate the key areas of supply chain and logistics with your inventory, it might not be as robust and effective. Systems that automate the most process are generally a safe bet because they save you from spending countless hours transferring data from one function to another.

Another point to remember when choosing the right system is that the POS checklist should ensure the price for implementation of the whole system is clearly illustrated by the vendor. If the system can track information related to business analytics, it is a huge benefit and you can only observe its real advantages once you implement one in your business.

Check out America's Best Bookkeepers
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.