A Point-of-Sale (POS) system is more than just a modern day cash register. It’s computer-based system opening up a new world of data pertaining to your business. So, before thinking a POS system is an unnecessary expense, here are some of its advantages over the outdated cash register. The most important of the two are accuracy and analysis. Let’s explore these in more detail.
The power of precise transactions
Moving to a computerised sale transaction system can prevent irregular cash transactions, which can be costly. Scanning is a fail-proof method of ringing up items at the check-out points. There’s no need to manually punch in the numbers on a barcode or expect your cashier to remember the price of every item. The risk of miscalculation on your staff’s behalf is greatly reduced, which limits any losses in sales. There’s a built-in check to ensure that information is entered correctly. These days, staff working the check-out point tend to be more comfortable using POS devices instead of outdated cash registers. The workforce is dominated by a generation that has grown up with computers and is comfortable working with a computerised system. A good POS will save the workers time, making them more productive, and increase the till turnover time.
Not only do POS devices provide an accurate service, they also provide a faster service. Everything from printing a customer’s receipt to authorising a credit card transaction is performed quicker on a POS system. This is great during the busy festive season, where long queues for the tills are meandering through the store.
Better analysis and management
In short, POS systems allow for better inventory management. You can also flag items for reordering and analyse sales patterns. It provides sophisticated and detailed sales reports. You are able to analyse sales in different ways, by items sold, promotions, time periods, by different branches, and also by specific sales assistant. Your inventory manager will be better equipped at ordering the right amount of a certain product within the perfect time frame.
It’s also easier to track past transactions. If you need to know your sales figures from last week, a POS will give you that information immediately. Imagine the amount of hours it would take to track down that answer by using a cash register. Your customers also benefit from your receipts being more informative. Unlike cash registers that only print the date and sale amount, POS receipts can provide details which include a description of the items purchased, the list price and the sale price as well as any store account details belonging to the customer.
By going digital, your sales can be connected to a network that runs the back-office computer system and captures results from all your sales points, combining and monitoring the data in various ways. This can also all be integrated into your business’ accounting and inventory software systems. Gaining access to this instant supply of detailed information will enable you to focus on better competitive strategies to grow your business.
Don’t be fooled into thinking these modern devices require higher running costs. In fact they come with cheaper maintenance and repair costs than a cash register. This is due to a higher demand for POS system repairs than for cash register repair services. Many vendors can now repair POS devices, and offer lower service costs than the competitor.
The bottom line
There are a number of reasons for your business to move toward implementing a state-of-the-art POS system. Your business will see an increase in productivity, which is more profitable. If you are ready to make the switch from a cash register to a POS system then partner with an expert in retail software solutions whose motto is driving business growth and increasing profitability.