Many companies, especially those using Order Entry software, have
a point of sale aspect to their business. Whether it be walk-up sales
at the warehouse, physical retail locations or even the company cafeteria,
the need to process transactions that affect cash and inventory occurs
every day.
A cigar box or a standalone register may be adequate for a very limited
number of transactions, but what about when the volume increases and
you need to concern yourself with credit cards, inventory balances,
customer recognition and overall security? Let’s take a look
at what a point of sale system really does, and how this may apply
to your own business.
The ability to manage the processing of cash and credit card payments
in the retail area of the business is the primary reason for the existence
of point of sale. It allows you to easily and securely process transactions
and to eliminate, or at least reduce, shrinkage from internal sources.
If it is linked to your accounting applications, the point of sale
system also brings the ability to accurately impact inventory immediately
and to automatically record transactions in accounts receivable and
general ledger. During the sale, the application can also act
upon appropriate information such as customer specific pricing and
payment terms. Gift cards, layaway and special promotions are capabilities
that you can find beneficial in helping drive business.
While the capabilities described so far are all that is required by
the vast majority of businesses doing retail sales, today’s point
of sale systems offer even more advanced features. Depending on the
level of sophistication required, a point of sale system can seamlessly
work in branch locations, schedule staff, and even influence your purchasing
decisions, just to name a few.
Yet, for most point of sale installations to be successful, two basic
issues must be addressed. First, the system must have the ability to
easily manage point of sale hardware - for example, slip printers and
cash drawers. Second, the entire solution must be easy to install.
These two issues, more than anything else, affect the overall return
on investment of the system that you install. Once installed, the POS
system should operate with very little outside assistance, including
functioning seamlessly as a subset of the accounting system.
The end result, or at least the promise, of all point of sale systems
is that they save time for both management and employees, making the
whole purchasing experience better for your customers and your business
stronger. By default, the system will give you better control of your
inventory and cash. A point of sale system can easily pay for itself,
but only if the promise of ease of use, ease of setup and ease of installation
are realized.
Feel free to contact us to see if a point of sale system might be right
for your business.
