POS Systems: The New Cash Register
by VENDIREX on 02/26/2015 - 12:31 pm |
Tag: Merchant Services
Essentially a Point of Sale (POS) System is an electronic network which is installed on and operated by your main computer, and can be linked to several terminals throughout your place of business. Allowing your customers easier checkout at multiple locales is just one of the many advantages of owning a POS. Running a business which has a very large number of person-to-person transactions daily (such as restaurants and hotels) will almost certainly result in lost sales in today’s busy world without an onsite POS System.
If you have ever watched the television shows Hotel Impossible or Bar Rescue, you’ve noticed that the end of show makeover ‘reveal’ always includes the installation of a POS system - to bring the floundering establishments out of the dark place in which they were mired, and into the light of day. With good reason. Not only does a POS ring up your sales, it tracks inventory and line item usage, and the newer software can even monitor changes in unit dollar costs.
The Added Value of Peripherals
Your checkout stations can be enhanced to include computerized cash drawers, credit and debit card readers, barcode scanners, and print out receipts and invoices. Most POS packages also feature modules which will handle your accounting - complete with general ledger, and accounts receivable and payable, expenses and inventory.
Essentially your POS system can replace the manual paperwork you’ve been burdened with since opening your doors - allowing you to access real profit and loss numbers, and to make future purchase decisions wisely.
The Benefits are Endless
Reporting is particularly important in retail, and a POS system can break down the data into so many categories that it will provide you with phenomenal insight into your operations. For instance, you can easily review one product or service - detailing its cost and profit, and break it down further by salesman and category by day, month or year. Of course, reporting includes one of retail’s most important functions; that of end-of-day cash reconciliation.
There are POS packages available for many specific industries - and these may more easily additionally handle processes unique to the type of business you own. From beauty salons to auto repair shops, specialty software can simplify your transactions even more.
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