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What Is a Point-of-Sale System?

A POS or Point of Sale system is essentially a system that mixes and eases up the payment processes of a retail store. It is made up of a software that is usually 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 that enable easy operation of your store. It further generates reports for you so that easy analysis of the 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.

Innovations in the POS System

Point of Sale 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. The innovation has brought more ease and comfort for both customers and retail shop owners, with paying just by your face via PayPal or generating e-receipts. Retail business owners are demanding more unique innovations in order to stand out from the rest.

Some of the innovations that we might see around in the POS systems in 2018 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, look for your required item, pick it up and walk out of the store with it. It is possible as an innovative POS automatically generates payments the minute you walk out 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 mainstream retail businesses. The new POS system makes use of sensors and artificial intelligence to make the payments by a customer’s virtual cart where the customer is charged for the products.

Mobile POS App

Order and pay on the move the next time you head out to eat or grab 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 pay for it as you go. You can enjoy your meal and leave quickly during your busy lunch hours. This innovation was introduced by a UK based coffee shop. It simply quickens your procedure and cuts your mealtime, allowing you ease and comfort while providing business owners 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 while making your 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 in the window, allowing customers to go through the latest collection of clothing of their favorite brand. The customer would have access to designs, colors, and a whole variety of choices on their fingertips without wasting their time going through stacks and rows of clothing. The same tablet could then be used to place your order and pay for it, too. This POS is gaining quick popularity in the US.

Make your Face your Money

A hotel in Birmingham has come forward with a unique innovation in Point of Sales where all customer just have to smile as they check out. It triggers a picture that is matched to your profile picture on PayPal, allowing you to make payments on the go without having to go through any hassle of waiting in line. 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 created, the customer experience is enhanced, providing both the business and customers numerous 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.

 

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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 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 and providing customer management features which enable easy running of your store. It generates reports for you to analyze your sales data easily. 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.

How to determine the best Point Of Sale Systems?

The best POS System is affordable, user friendly, and capable of more functions than simply processing your sales and accept payments while printing receipts. A good POS system is inclusive of features that save your time and help you manage your enterprise or business much more easily. 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 systems would also 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

It is necessary that you buy the most efficient POS system in order 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 that are 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 employee’s schedules, assign them duties, permissions, and keep track of their tasks as well as allow them to mark their time in and time out using the software.

Inventory Management

The inventory management feature allows you to keep a regular check on the levels of your stocks, while all the same receiving notifications and alerts when the stocks are replenished and ending respectively. Especially in restaurants and cafes, the inventory trackers in Point of Sale systems prove to be very helpful as 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 when it is offline and when the internet is down. However, the amount of functionality that can be 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 you are connected to.

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 keep a check on customer feedback and recurrence to your business.  This information could be 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), which are similar to the invoices that a buyer would usually send to its seller. 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.

How would a POS System Benefit your Business?

Your business would benefit from a good POS System in more than one way. Not only does it makes your transactions and sales easier, it allows you to manage things better with great ease by saving your time of going through long procedures and helping you to make timely decisions.

Following are some ways that you and your business would benefit from a Point of Sale System.

Saves Money

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

Saves Time

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

Reduces Waste and Theft

The Best POS systems provide detailed insights on all of the important 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 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.