A small business POS is an integrated system that can join inventory, bookkeeping, purchasing, and sales or it could be just a glorified cash register. If your business is still running on the old-school cash register, then it’s time to realise the benefits of using a point of sale system. Most basic systems include barcode capability that includes a barcode scanner and printer. Here are some of the reasons your business needs a POS system:
Elimination of Human Error
If you are calculating stock takes or adding orders manually, then you are exposing your business to unnecessary errors which are caused by humans. During a stake take one error found might be okay, however multiple errors going undetected may end up costing your business a great deal over time and it’s unnecessary given the wide range of POS systems now available. Here are a few reasons POS systems are all the rage.
Loss of Revenue From Employee Theft
Unfortunately a high percentage of losses in businesses directly results from employee theft. A small business POS can track and evaluate all steps in the lifecycle of the product from purchasing it from the supplier to selling it to the client. Since employees understand how these processes function, they have the ability to understand the flaws and thus cover up the theft resulting in losses for your business. A small business POS system has the data so you can understand the source of your losses, determine where the weakness are, and determine where action needs to be taken.
An efficient small business POS needs to balance your inventory and sales for you and then any discrepancies found need to be mitigated with measures to prevent repeatable offending. Any POS system worthy of your investment needs to be able to enter the sales information automatically and update inventory so the task of double-checking sales and what is in the stock is eliminated. Plus when your accounting software integrates with your POS software, you will gain even more insightful data that can be used to focus your efforts on generating extra revenue for the business.
Know Your Return On Investment
Do you know your best-selling product? Or the best performing store? Do you know why it is performing? Maybe you have a sales person that who is not selling so much. A small business pos can generate sales reports that will help you to analyze the effectiveness of the running campaigns. Through this method, you will find products that have the best margins, the best sales person in all your stores, top pricing deals and structures that will convince customers to buy, and the most successful marketing activities in your business. It will become easy to optimize your sales processes, marketing, and ordering to improve your profit margins.
Optimize the checkout process
You need to speed up your business process by use of barcode scanning. Your customers will become satisfied if they will no longer have to queue for long to make a purchase. Using a small business pos will help you serve many customers per day. You will also record more data at all your stores and help you incentivize loyal clientele.
If you are using pen and paper to run your small business, a simple spreadsheet software or calculator, it is time to consider using a small business pos system. When choosing a pos software, you need to focus on the future and settle for a system that will help you grow and scale.