Point of sale system is a centralized system linked to various checkout terminals. If you ask any business owner about POS, they’ll surely emphasize on its key importance within their business handling. With advent in technology, inventory software solutions are providing multiple features for smooth inventory handling and data acquisition.
These software programs allow tracking of usage, monitoring of changes in unit dollar cost and analyzing inventory levels for re-ordering. Point of sale system allows you to control the inventory right at the cash register. Each particular sale is recorded with POS keeping your records always up to date. POS ensures that you get maximum information about your inventory to help you make rational decisions about your business.
With POS system, you can monitor sales data and item’s success rate coming off your shelves to help you price them accordingly. It provides you with accurate sales history so you can adjust your buying decisions for a particular season. You can also integrate bar code scanners and credit card authorization ability to improve with your pricing accuracy. Most POS systems will allow you use various third-party devices at the checkout station including bar code readers, receipt or invoice printers, electronic cash drawers and so forth.
POS is generally a complete solution to help a business handle its cash flow effectively. It has integrated accounting modules such as general ledger, accounts payable and receivable and other inventory control systems. There are multiple POS systems available in the market however there are some key differences amongst all of them. A typical POS system may suit to your business so it is important to list down your individual requirements and needs and scout for the right solution.
Some key factors to consider while choosing a specific POS system are as follows.
- A user-friendly graphic interface.
- Options for entry of sales information manually or via a bar code scanner.
- Features to add-on amounts and adjust pricing of various items accordingly. You should be able to custom set the prices in case of volume discounts.
- Update of the inventory and accounts receivable records.
- High security and auditing system so you can track any problems and prevent theft.
Every particular business is unique therefore choosing a POS system is entirely your own choice. However, with the reporting capabilities of a POS system, you can surely make the right choices and generate more revenue.
— Financial Post (@financialpost) 16 de junio de 2017