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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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Point of sale software helps a business function smoothly and efficiently. The software has many features and benefits that we will discuss below. POS Software allows its users to understand the cost and process a financial transaction. Some even connect it directly with inventory to tally numbers and give a real picture of the stock. POS Software has a balancing system for the convenience of those who desire it such as huge department stores and supermarkets. A wide range of fields are available for all businesses who wish to use it. However, needs are carefully met by understanding the requirements first.

There are many features with thousands of versions of POS software to choose for a business, which may be ideal. By understanding the needs of a business, you will be much more effective in getting the right features in your POS Software. This is very important; otherwise, using features that don’t comply will end up being a waste of money, time and resources. The requirements for a restaurant would not apply the same to a gift shop but they could still use the same POS software.

By being industry-specific, many benefits of POS software are derived, adding to the efficiency and better performance of a business. Here are some features that help businesses globally, to smooth their operations and make an impact on consumers’ lives.

Ease in Checkout Lines

With consumers stocked to the elbow with products, the ease of checkout is the first thing that comes to mind. Long lines in the checkout further impact the overall efficiency. This issue can be resolved by installing POS Software at the counter to ensure speedy processing and ease in checking out. If the customer isn’t offered this, chances are that they will opt for more proactive enterprises for their consumer needs. This is a positive effect of POS software and using it wisely is most important.

Reveals Inventory Statistics

A POS software also helps in keeping track of stocks and informs accordingly of upcoming shortages well beforehand. A good inventory management software makes it all possible with its simple features. Big warehouses, who have to take into consideration what comes in and what goes out, can be directly informed of shortages and, thus, countered well beforehand so that no inconvenience is caused at the store. This software allow users to monitor stock levels and raise up a warning when the inventory is in critical stages. Use of POS software will help with any inventory requirements.

Gathers Customer Data

Businesses deal with vital customer data that helps them follow up and indulge in customer engagement, informing them about new products and services.

POS Software can effectively store, manage, and retrieve any sort of data about the clientele securely. It also eradicates the need to install heavy-duty CRM software for an organization, thus, being cost effective as well. It can help marketing experts aim for consumers to determine product performance evaluation so those who buy frequently are recognized and sent an appreciation email automatically. With the utilization of POS software, you get a great client relationship manager.

Automatic Purchasing Program with Vendors

Giant stores use this feature by replenishing diminishing stock without human intervention until delivery. This also helps a firm conduct business online. The system generates an order, complete with stating terms, conditions, and particulars of the order such as invoice number, date, artifacts, and their quantities. It gets the right material at the right time, with minimal efforts. And, better yet, it’s all done on time. This e-procurement system is part of the features of POS software, which makes it a powerful procurement specialist right where you need it.

Remote Connectivity for Mobile Use

Many business owners want to be aware of the activities occurring at all times, such as sales. They want to know what the daily intake was that day, even when they are on the go. They can connect via the internet and monitor the stats themselves such as sales, inventory, time of transactions, etc. It helps them to watch over their store without being there themselves. This feature is prevalent in multiple locations, for instance, a chain of stores. It connects with many locations to view information, making it effectively convenient. This feature of POS software appeals to franchises and brands.

Reporting without Supervision

A retail POS software enables it’s user to point out attendance, punctuality and hours worked. This feature of the software is a reporting tool that helps supervisors get vital employee details. In retail, it can record reports about product performance in previous sales and generate reports about their movement in sales. It can also provide details such as weekly, monthly, and annual sales along with hourly transactions.

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.

 

 

 

 

The businessman chooses on the shopping cart on the touch screen with a futuristic background.The concept of online . Auctions.online store. Shopping cart icon. Ecommerce.

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.