What is Point of Sale system and how POS system works? Discover all information you need to know by reading this article!
A Point of Sale system or a POS system can help track inventory, reduce your paperwork, and market to your customers through a simple and easy-to-use process! By having a POS system you will be able to focus on your business and not on some unimportant details.
A lot of Point of Sale systems are equipped and adjustable for small business, while others are industry-specific. The beauty of the POS software is that all the data is contained in one place (in one database) making it easy to search for any information and connect it to others through analysis and reports to keep your organization running smoothly.
Let’s see how the POS system actually works:
- Installation and Setup: The POS software can be expensive, however, the cost of setup, installation, and training are usually included. The software consists of the main server, a cash drawer, a credit card swiper, and a receipt printer. Depending on the business you run, you may need a bar code scanner or other tools and equipment specific to your type of business.
- Data Entry – The POS systems are specially designed to lower the time you spend on entering information on your buyers and their purchases. Almost all POS systems allow you to pull up buyers by name, customer number or phone number, which can save you a lot of time in the long run.
- Inventory Management – The inventory management software can be as specific or general as you need to keep your company running smoothly. There are some POS systems who provide alerts when some of your inventory items get low.
- Customer Marketing – By keeping an eye on your customers’ habits and their purchases, you can make great marketing strategies to help you attract more customers. Most Point of Sale systems allow you to add notes as well, so make sure to use this option and get as many new customers as you can!
- Reporting – One of the best features of the POS systems is the option to run reports. The financial reports usually can be transferred to your accountant, which means that you no longer have to add every transaction at the end of the workday.
Now that you know more about the POS systems, are you ready to adopt one for your business?
— Financial Post (@financialpost) 16 de junio de 2017