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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.

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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.

 

POS System - Complete Controller

What Is a Point-of-Sale System?

A POS or Point of Sale system is essentially a system that eases the payment process of a company or retail store. It is software used for recording all of the details of each sale while updating the inventory and providing customer management features that enable the smooth running of your store. It generates reports for you to analyze your sales data quickly. The hardware of a POS system may consist of a bar code scanner, cash drawer, receipt printer, order puncher, and other peripheral equipment based on your particular needs. Check out America's Best Bookkeepers

How to determine the Best Point Of Sale Systems?

The best POS System is affordable, user friendly, and capable of more functions than merely processing your sales and accept payments while printing receipts. A sound POS system includes features that save your time and help you manage your enterprise or business much more quickly. These features may allow you to analyze your sales data in a click. It helps you in managing your inventories as well as your staff and customers. A good POS system would include integrated email marketing and other features to enhance sales and support you in running your operations by saving your time and growing your business.

Features to Look for in POS Systems

You must buy the most efficient POS system to benefit your business and help it grow. Though the features of a Point of Sale System may vary from one industry to another, the basics of the features remain the same. Have a look at the top features necessary for you to look at before you buy a POS system for your business.

Employee Management

Your POS systems should allow you to set up your employees’ schedules, assign them duties and permissions, keep track of their tasks, and will enable them to mark their time in and time out using the software. Check out America's Best Bookkeepers

Inventory Management

The inventory management feature allows you to keep a regular check on the levels of your stocks. These receive alerts when the stocks are replenished and ending. Especially in restaurants and cafes, the inventory trackers in Point of Sale systems prove to be very helpful. The system reduces your time wasted in manual counting of the stocks available.

Offline Mode

Almost all POS systems are cloud-based. They come with a feature that allows access to the POS system even offline and when the internet is down. However, the amount of functionality used is limited when the system is offline and varies between POS to POS.

E-Commerce Integration

The best POS systems come with the capability to connect to an e-commerce platform at the backhand. This ease depends on the type of e-commerce platform to which you connect.

CRM Capabilities

Almost every new POS system is now available with a feature that allows adding related customer information and other marketing tools to maintain contact with customers and check customer feedback and recurrence to your business.  This information is often used to build strong business to customer relationships and enhance your business through effective customer interactions.

Purchase Order Management

Point of Sale Systems also come with a feature that allows customers to submit their purchase orders (PO). The PO management system would further allow you access to process all of the orders and maintain a clean digital record.

Bookkeeping

The Best POS Systems comes with built-in bookkeeping features providing you one glance reports to analyze the current standing of your business situation. Check out America's Best Bookkeepers

How would a POS System Benefit your Business?

Your business would benefit from the right POS System in more than one way. Transactions and sales are easier. You can manage things better by saving your time of going through lengthy procedures and helping you make timely decisions.

The following are some ways that you and your business would benefit from the point of Sale System.

Saves Money

A POS System helps multitask and tends to sales, accounting, customer engagement, and store management all from a single place. This streamlining saves money from different charges and resources you would have otherwise hired.

Saves Time

Do things quickly and efficiently by performing all crucial tasks from a single POS System.

Reduces Waste and Theft

The Best POS systems provide detailed insights on all of the essential things that may concern a business owner. The tracking of inventory and financial records vastly reduces waste and theft.

Check out America's Best Bookkeepers About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service 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, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Check out America's Best Bookkeepers

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.

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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.

 

 

POS Systems - Complete Controller

A Point of Sale, POS, is defined as the place where a sale or several sales occur. When seen on a macro level, a POS can be a mall, city, or marketplace where many sales are made daily. Whereas, if seen on a micro level, POS is where a customer completes a money transaction at the grocery store. A checkout counter is an excellent 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 huge problem, making it almost impossible to maintain bookkeeping records. Check out America's Best Bookkeepers

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 several varieties, ranging from expensive ones with improved features and mediocre ones that still get the job done pretty well. Despite the SaaS fact, the variations 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 POS systems’ prices when choosing one for your business. Notice the ones that have maintained a trend of switching their costs 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. Check out America's Best Bookkeepers

Reporting

POS systems not only help in maintaining bookkeeping records, enabling the 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, such as the top items sold in your business, reordering inventory accordingly, timely recording of your sales, and 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 allow 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 tools simultaneously by allowing various applications to speak directly to one another.

This means that, with an efficient POS system that has powerful 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. Check out America's Best Bookkeepers

Customer Support

Customer support should be one of the top factors to which you give attention. 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 significant loss for your business. 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 daily for so many purposes. Therefore, when choosing your order, make sure that it is easy and straightforward 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. Once you are done, please leave it to the system and see how magically natural 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 bookkeeping, providing service 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, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Check out America's Best Bookkeepers
POS Checklist - Complete Controller

The job of a retailer is to put all its focus, time, and resources into trying to find ways to generate more sales. Sales ultimately lead to revenues, which are integral to the growth of the business. However, the actual process of sales involves many critical steps, physical processes, and systems that allow a transaction to occur. A Point of Sale (POS) system that is precisely right for your business will help you in that regard. A POS checklist would not only include conducting sales transactions. It should also handle several 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. Check out America's Best Bookkeepers

POS Checklist – Understanding your Needs

Due to many POS systems available in the market, it cannot be obvious 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 suited to your needs. Before pursuing a specific 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 item in the inventory. Check out America's Best Bookkeepers

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 your business’ marketing aspect. 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 software, but it is essential to run it on the correct hardware. Typically, small businesses will only require a tablet or system that supports 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.

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 specific unique needs, your business is no exception. Therefore, the POS system must cater to the individual demands of your business. Check out America's Best Bookkeepers

Ease of Use

This is perhaps the most critical capability associated with a POS system. Processing time is of the 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 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 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 vendor clearly illustrates the price for the implementation of the whole system. 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 bookkeeping, providing service 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, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Check out America's Best Bookkeepers
POS System - Complete Controller

The days of the analog cash register are over. In the Digital Age, tools exist to help streamline your life, and your POS system should be one of them. People don’t know what to look for when shopping for the right system for their business, much less the different options they have. Let’s talk about what steps you should take to make sure you choose the best POS system for your retail store.
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Think About What You Want Out of Your POS System

Before purchasing your new POS system, think about all of the parts of your business. Put yourself on the customer side, the employee side, and the management side to identify what processes create a successful transaction and what tools you need to fulfill that exchange. Think about your inventory, checkout process, customer profiles, and bookkeeping. If upgrading, make a list of features that are absent in your current POS or what issues you have had with it. The right POS system will make running your business more efficient, saving you time and money.

 

POS and Customer Service

You want your customers to get as much out of your POS system as you do. After all, your customers keep you open. Your POS should run seamlessly throughout the busiest of days, providing quick and efficient service. Some can even save credit card transactions when the internet fails, then run the card when the connection is back up. POS systems can save customer profiles, allowing shoppers to look up earlier purchases, saving the employees from having to look up specific items. POS systems can also be integrated with inventory lists, allowing employees to check items in stock from the storefront instead of having to dig through the back stock. Also, consider security options for your system, ensuring your customer information is safe from costly data breaches.
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POS and Business

Choosing and tailoring your POS system to fit your customer service needs are one thing, but don’t forget about utilizing it to boost your business. Choose a POS system that can analyze sales and create the reports your business can use to make sure you are getting the most return on your investment. Your POS system can save you money by identifying items to keep stocked and which ones can be replaced. Consider the accessibility of your POS system. Some systems are cloud-based, so you can access them from home, another retail location, or even vacation as long as you are connected to the internet. Are you the one that is going to be creating reports, or can these functions be produced by someone with minimal knowledge of the software? Do you plan on expanding at any time in the future and want a system that can handle the increased transaction volume? Do you want your POS system to integrate seamlessly with your accounting or bookkeeping software? Do you already have hardware that you want your new software to be compatible with? These are all questions you should consider when researching a new POS system.

 

Compare POS systems and Create a Budget
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Now that you have considered all the functions you can use your POS system for, do your research. Look at all the components needed, and fees required. Some systems are more costly upfront but have more integrated features. Others have monthly fees but charge for each individual tool. Ask around similar businesses or check online forums. Call the POS system’s company and see if you can trial the software. These companies want you to use their POS systems and are usually willing to allow you to trial their systems and offer support for setting up and streamlining use.

 

Purchase Your POS System

Now that you have thought about your needs and desires from your POS system and have created a budget, it’s time to purchase yours.  Enjoy how it simplifies your life and supports your business.

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About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service 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, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

Check out America's Best Bookkeepers