What is POS (Point of Sales) System?
A point-of-sale (POS) system is a software application that helps your business to bill your products & services to walk-in customers, and accept their payments. A POS system is an essential requirement when you have a heavy influx of customers in a selling environment. The POS system can be integrated with a back-end ERP or an Accounting System.
The term “POS system” is used to refer to your cash register. But today, most POS systems are software-based and can be used on any tablet or smartphone, especially in a restaurant environment.
Features of Best POS Systems
Invoicing: Sell, Buy, Rent and Repair
One of the main functions of a POS system is to record transactions that your store made. Recording sales transactions quickly in your system is very important when waiting lines are growing, so having a software that allows scanning and selling products without wasting time is beneficial for a retail business.
Inventory Management
A cloud-based point of sale allows you to manage your stock in real time and know the quantity of goods you own over a given period of time. When you receive your order, all you have to do is scan or enter your items and everything will be saved in the software. Once you scan all of your items, it will be much easier to know the quantity you have in your inventory for each article. This makes it easier to know how much you should have and how much you actually own.
Customer Orders and Supplier Orders
Sometimes your customers may ask you to put a product aside for them to buy later. The same happens when you no longer have stock of a certain item and a consumer is very interested in buying it. This is a customer order. As mentioned in the invoices, an order is made when you write down a customer’s contact information so you can warn them that the product, they are interested in is now available in the store. Once the product is available in your shop, the clerk consults the order module and can see the product is available. The employee can then contact the customer to inform them that the product has arrived. The customer picks up their product and completes the transaction to finalize the order. This function is effective for customer satisfaction because it helps the store meet the customer’s needs and ensure they are satisfied with their purchases.
Integrated Supplier Purchases
A POS system can also record purchases sent to suppliers. Supplier purchases can be made to ensure the operations of the business and are considered necessary for good inventory management. Any purchases the shop makes can be directly recorded in the POS system for tracking purposes. Inventory tracking will be easier to follow by having a POS system that allows you to make purchases with your suppliers. By having a purchasing functionality, it will be simpler to plan your orders with your suppliers in order to know the quantity you need.
Consistent and Customizable Reports
A POS system allows you to have reports on various subjects such as accounting, sales, inventory, etc. It summarizes the company’s activities over a given period of time and makes it possible to know the company’s evolution.
Reports will be easier than ever to create and analyze. Thanks to a POS system, reports are automatically created for several aspects of the company.
Multi-Store Management
Best POS systems allow you to manage several stores within the same software. In reality, most POS systems are made for single store or one location store owners, and therefore do not meet the specific needs of network stores such as franchises, buying groups and corporate networks. With a POS system that manages multiple stores, you can manage your data and optimize inventory for each store. With multi-store management, it is possible to customize each type of store according to their needs and manage them from a central location.
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Frequently Asked Questions
Point of Sales software system, or POS, can be complex to understand. Here are 4 questions answered for you to help you get the most out of your POS System.
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Why should I use POS Software?
In general, a POS system helps you improve your operations for your customers. This includes reducing waiting time, faster scanning of items, quicker payments, etc. With these operational improvements, customers will tend to get better service and come back to your store for their next purchase.
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Why is POS important in retail?
Points of sale (POSs) are an important focus for marketers because consumers tend to make purchasing decisions on high-margin products or services at these strategic locations.
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How POS can help businesses?
A POS system gives you a good overview of your business and keeps a record of its cash flow automatically. Data about a product range can be found easily. Another POS system benefit is its ability to save information about your financial status, your inventory status and your sales status.
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How can POS increase sales?
POS can tell you about which products are selling, what time of day or season is busiest, and help you anticipate your changing inventory needs based on consumer buying behaviour. This is particularly important during the holidays when you need to pre-order inventory and meet your customers' product expectations.
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