POS tutorials – Retail POS system
POS tutorials – Retail POS system
Did you know that the point of sale (POS) is crucial to obtain good commercial results in a company?
It is not enough to have reasonable financial control, inventory control and check the cash flow. It is also necessary to manage the point of sale, as it can leverage business profits, and that is precisely what every business owner and manager wants.
A point of sale system (POS) facilitates payment transfers between customers and businesses.
POS may be as simple as a cash register or as complex as a networked computer system that links payments with an inventory.
Modern POS systems involve multiple business operations in addition to payment processing, including inventory management, promotions, customer relationship management (CRM) and much more.
There are several different types of POS. It is crucial to choose the one that suits your business type.
What is a POS System?
POS is a system comprising a combination of software and hardware designed to maintain records of sales and purchases of a store. These systems have grown in popularity over conventional cash registers because they can provide real time information about your inventory, customers, and much more.
At the core of these systems are standard issue computers running specialised POS software, usually with a cash drawer and receipt printer, and often with a bar code scanner and credit card reader. Vendors sometimes sell these systems pre-configured, or you can add these peripherals on as your requirements grow.
The Point of Sale System is ideal for stores that deal with a large daily flow of customers and who need to make quick and agile sales. With one click, you can make sales and choose the payment method the customer wants.
All transactions are integrated with inventory and financial control, allowing everything in your business to happen automatically.
This functionality allows you to select the payment method and finalise the sale at the touch of a button.
Make life at your retail store more accessible with a POS system that processes sales, tracks inventory, and helps grow your business.
Main advantages of a POS system
Many businesses are swapping out their old cash registers for POS systems primarily because of the ease of use during service, and there is tremendous value in the analytics and reporting features POS software brings to the table.
The back end management system offered by electronic point of sale can provide several advantages for the company, especially when integrating it with ERP software. The operations start to work in a more aligned way, optimising the work routine. Here are the main advantages of this system:
Benefits of Using POS Systems for Inventory Management
Nothing can drag down the profitability of a business like carrying the wrong amount of stock.
As part of POS software, an inventory tracking system can help identify when to order inventory, preventing stockouts or avoid having too much stock.
Here are some advantages of using POS systems for inventory management:
- Automates keeping track of inventory
- Generates reports automatically
- Increases business profitability
- Allows remote management
- Offers dynamic inventory management
The Importance of the Reports for your Business
Retail stores need to be able to view reports precisely; daily, weekly, monthly, or yearly. Reports from your POS system can provide detailed insights into your business’s performance.
Thanks to software working behind the scenes, POS systems capture a lot of essential data that can be used to direct business decisions.
They allow you to organise this data into reports that you can use to analyse different aspects of your business, such as which employees make the most sales, and which products your customers buy the most.
Our Epos System, for example, has several reports you can count on to have complete control of your business.
Check here just some of them:
- Supplier Name and Address
- Payments Due
- Supplier History
- Customer Name and Address
- Customer Age Analysis
- Customer History
- Top Customers
- Shop sales
- Daily Hourly Sales
- Product Sales Report
- Product Sales by Week
- Product Sales by Hour
- Reduced To Clear Sales
- Product Comparison
- Lowest Margin Product Sales
- Highest Profit Product Sales
- Lowest Profit Product Sales
- Irregular Transactions
- Gross Profit
- Stock Level
- Stock Valuation
- Over Sold Stock
- Stock Adjustment
- Over / Under Stocked
- Control Item Discrepancies
Tips for Choosing the Best POS System for Your Business
- A word of advice: INVENTORY – All POS systems ring up sales and track inventory. But a good one will let you assess your inventory easily and manage it thoroughly.
- The best systems offer a balance of important features, functionality, and ease of use.
- Look for a system that can grow with your needs, and match your future expansion plans.
Who are we?
Retail Solutions is a market-leading EPOS provider with over 25 years of business experience. Our leading sectors are convenience stores, supermarkets, forecourts, and pharmacies.
We are dedicated to providing your store with the most up-to-date and reliable point-of-sale hardware and software tools to help you manage your business effectively.
To find out more about what we do, get in touch to chat with one of our knowledgeable consultants:
About the author:
Juliane Camozzato is the Head of Marketing at Retail Solutions. You can follow her on LinkedIn!