Precious time is often lost through the handling of Restaurant Cash Register 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 Restaurant Cash Register Software ?
Precious time is often lost through the handling of cash in retail outlets. 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 the sales transaction, 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.
A number of retail outlets, such as major supermarkets, have introduced customer self-serve POS systems. While some staff members still need to be available to assist customers and approve some credit card transactions, automated POS systems serve to reduce cash handling and ultimately reduce costs, such as staff time, for businesses. While not necessarily appropriate for all retail businesses, the popularity of such systems in supermarkets suggests benefits for these retailers.
There are a number of tips that can be followed to assure effective control of cash in retail stores. While not all of these tips will apply to all retail businesses, the principles behind them are relevant whenever cash is handled. Simply put, the handling of money is an important responsibility within the retail context and businesses should have policies in place to successfully control cash.
6 Tips for Controlling Cash in Your Store
It can be challenging to find the right Point of Sale software system for your business. This article provides a checklist of features you should consider when making your decision. In part one, we will look at point-of-sale, customer tracking, and security features.
Point of Sale
This is the heart of a POS system. Does it feature an intuitive user interface? Will you be able to train employees quickly? Can you customize the software for your unique needs? Features to look for:
- Touch screen support.
- Customizable menu buttons to access frequently sold items.
- Customizable receipts and invoices.
- Ability to email receipts.
- Ability to create and manage quotes, layaways, special orders and workorders.
- Ability to manage gift registries.
- Ability to set up automatic add-on sale suggestions or substitutes for out-of-stock items.
- In-house gift card/store credit tracking.
- Ability to import tickets from a remote location, such as a trade show.
- Ability to interface with credit card processing software. Will you need to switch to a different processor than the one you are currently using?
- Support for electronic signature capture.
- Support for debit card cash back.
- Support for foreign currency.
- Ability to calculate and track sales tax for different municipalities, different customer types, and different types of inventory items.
- Ability to manage recurring billings, (for example, subscriptions).
- Ability to manage tips and customer tabs
- Ability to compute and track commissions and spiffs.
Your point of sale system can help you prevent employee fraud and assist you in loss prevention. Features to look for:
- Bad check tracking.
- Integrated video surveillance.
- Ability to limit employee access and rights.
- Option to require login for each sale or after a specified period of inactivity.
- Security tracking log so you know which employee handled a void, price override, return, etc.
What Is A Point of Sale System?
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.