Fast and secure transactions:
A POS system enables a faster checkout time which will appeal to customers. Transactions are transmitted by a secure system. Also, using a scanner will help ensure accurate transactions.
Better Inventory Control
By utilizing a POS system as goods are sold, the inventory is adjusting accordingly. Notifications can be set to let the business owner know when inventory for an item is getting low and needs to be re-ordered. The business owner can also be notified if inventory is not selling as anticipated which may result in markdowns.
A POS system can keep track of inventory even if a business has more than one location. It eliminates the need to physically be at a location to check inventory. It also helps to reduce the amount of loss due to employee theft. One of the biggest benefits of a point of sale system is that employees and management can focus more on the customer service aspect of the business and less on counting receipts and inventory.
With accounting software, the POS system can accurately track transactions into the proper accounting categories as well as produce monthly or quarterly reports for tax purposes.
Financial reporting is essential to a business and can be used to create balance sheets, income statements, and cash flow statements. Coupled with sales data a business can adjust prices during a “slower” day of the week or schedule a recurring sale for the same period. The accounting data can then be analyzed to see how well the pricing strategy worked. Moreover, if a business already has accounting software, there is no need to purchase an add-on accounting module or to have to retrain employees on new, unfamiliar software.
Reporting and Analysis
A POS system has reporting features that allow a business to keep a close eye on sales, profits, and expenses like Cost of Goods Sold (COGS). Point of Sale system reports give the business data in real-time.
With cloud Point of Sale system reporting, owners can access reports even when they are at home or traveling. No matter where owners are, they’ll always have the information they need to make data-driven business decisions. Point of sale systems also enables management to gather customer purchase data to develop forecast models and create detailed reports.
Improved Employee Scheduling
Sales reports can show trends so that the business can more accurately schedule its employees so that productivity is kept high. POS systems enable the employees to check in or check out for their shifts, and so ensure accurate payroll data.
A good Point of Sale system gives a customer much more with detailed receipts than just a slip of paper with the date and the amount of the sale. The system can use inventory data to provide information such as item description, price, and savings from a sale or coupon. With the right system, a business can add coupons directly on the receipt, highlight a loyalty rewards program, acknowledge the return policy, and print a link to a survey about the customer’s experience.
A POS system provides a unique way to promote continued interaction with customers. It can increase customer satisfaction by providing personalized service tailored to the customer. A POS system can provide sales history, and enable a business to set up preferred shopping lists, discounts, and customer rewards.
A Point of Sale system can benefit a business in many ways. It can improve sales, keep inventory at manageable levels, increase employee productivity, and increase customer satisfaction.