Precious time is often lost through the handling of Point Of Sale Software . Similarly, the more cash is handled the greater the security risk in stores. Fortunately, Point of Sale (POS) technology is making better control of cash in retail stores possible, resulting in benefit for both staff and customers.
One German furniture company has estimated that the payment process and handling of cash at the checkout takes between 15 to 25 seconds. As this is only one part of processing pos system, 15 to 25 seconds is quite substantial time and, when the seconds are calculated for the cash handling from every sale throughout the day…till operators are spending more time on this process than most business owners would like.
Then, there is also the concern of cash robbery and theft. On any given day in a retail business, one, a few or many more employees will handle cash. Think how many different times and how many different people will handle cash in a supermarket on any one day. It is also probable that many managers are reconciling cash and making deposits, which is why they use point of sale systems.
How Do You Select the Best Point Of Sale Systems in Point Of Sale Software ?
A point of sale system is an important tool in any business, whether it is large or small, that engages in any type of sales. These systems use the amazing power of computing to perform a number of tasks that can simplify every aspect of a businesses, including but not limited to; sales, inventory and ordering.
From simple functions, like scanning barcodes and calculating correct change, to more complex functions like inventory control, a point of sale system can help make any business run more efficiently. Even basic systems can represent a huge time savings. These systems eliminate paper work by simplifying every aspect of a business's operation. Not only that, because many systems offer back-ups and on-line information storage a business can access information even from remote locations. So, whether it is at a traditional cash register or with a sales associate that is working in the field, these systems are powerful tools.
Early in the life of a company perhaps a fairly simple POS system will be adequate, but it should be capable of taking on more complex tasks as your business grows. Not all systems, just like not all businesses, are the same. So it is important to consider, how you will use it, and how adaptable to your future needs a point of sales system will be for your business.
POS - Point of Sale Explained
An organized enterprise does not exist in a vacuum. Rather, it is dependent on its external environment. It is a humble part of many systems, such as its own industry, the economy, and society as a whole. Thus, the enterprise receives various inputs, changes them somehow, and releases the outputs to the environment.
However, this simple model needs to be expanded and developed into a model of operational management that indicates how the various inputs are transformed through the managerial functions of planning, organizing, staffing, leading and controlling. Clearly, an open system model that includes interactions between the enterprise and its external environment must describe Point of Sale systems.
One should never forget that the customer, who is the reason for the existence of virtually all businesses, is outside a company. It is through the Point of Sale systems that the needs of customers are identified; this knowledge enables the firm to provide products and services at a profit.
6 Tips for Controlling Cash in Your Store
The term point-of-sale is used to describe a variety of things. This can include the checkout counter in a store or a place where transactions occur. More frequently, the phrase refers to a computerized cash register. The commonly used abbreviation for point-of-sale is POS. Each letter in the abbreviation is pronounced individually (e.g. P-O-S) versus pronouncing the abbreviation itself (e.g. paws).
When computers were first invented, large retailers were the first to implement point-of-sale systems to help automate many of the tasks involved with operating a retail store. These computers were very large and expensive. This limited the adoption of point-of-sale systems to large retailers such as grocery chains. The introduction of low cost personal computers during the 1980s allowed retail stores of all sizes to improve efficiencies with the help of pos systems.
A common point-of-sale system includes a computer, cash drawer, receipt printer, pole display, bar code scanner, magnetic swipe reader, modem and point-of-sale software. Each piece provides the following functionality:
- Personal Computer - Operates the POS software and provides hardware interfaces for devices such as printers, credit card readers and so on.
- Cash Drawer - A lock box that stores cash and is triggered to open by the pos software.
- Receipt Printer - Prints a paper copy of the sales transaction for the customer.
- Pole Display - LED display that faces the customer and shows each item and price scan.
2. Create inventory records and SKUs via the purchase order
3. Receive goods against the purchase order
4. On hand stock levels are increased based upon receiving
5. Print price tag with bar codes
6. Sell the goods via the point-of-sale cash register
7. On hand stock levels are depleted based upon SKU scans
8. Perpetual Inventory is automatically maintained
9. Generate reports on sales, inventory levels, purchases, and receiving
10. Manage inventory buying and markdown behavior based upon sales trends
As you can see, the simple point-of-sale system grew into a powerful information system for managers and store owners. Today, point-of-sale systems continue to innovate and some even include:
- eCommerce integration
- Integrated accounting
- CRM - Customer Relationship Module
- Electronic payment processing
- Gift card management
- Service order management
- Revolving accounts receivable
- Customer traffic counters
- Integrated video surveillance
- Open To Buy planning
- Linear inventory modeling
- Special order management
- EDI (electronic ordering)
- And much more...
As retail management systems continue to add more robust features, the term point-of-sale will continue to refer to just a module within the overall system.