Want to manage your inventory, track and process sales all in one place? Consider getting point-of-sale (POS) software for your business. This software uses bar code scanners, computers, and/or mobile devices to process transactions between your business and customers automatically. As a result, it makes the sales process easier for your employees. But there are several other ways your company and its customers benefit from using a POS system, too. Here’s a list of advantages of POS system for your small business.
Store Customer Information Securely
Most POS systems allow you to create individual accounts for your customers. As a result, it makes the check-out process faster for your customers. This is because their information is already stored in the computer. It also lets you collect your customers’ contact information, which you can use for upcoming sales and promotions. POS systems are cloud-hosted. Hence, all of your customers’ personal information is stored securely on the software company’s servers in the cloud. This way, your customers can access their account online. This is ideal for companies that have defined points of sale that are both in-store and online.
Improved Accuracy and Consistency
When you have multiple people handling inventory and sales each day, it’s easy for mistakes to be made. But POS systems use a scanner to automatically input each item your customers purchase into the system. This way you know they are being charged correctly every time. And if you use your POS system to track your inventory as well, it can automatically update inventory levels with each processed sale.
If you have multiple business locations, it’s important to keep your prices the same across the board. By using a POS system, you don’t have to rely on employees to manually enter price changes or new items. When you enter your products into inventory and set the price, it’s updated at all of your business locations that use that POS system. Also, it’s done immediately because you’re using cloud-hosted software.
Makes It Easy to Spot Sales Trends
POS systems record every sale automatically. And each transaction includes a detailed summary of the items your customers purchased. But did you know that the software also lets you run detailed sales reports? By running sales reports through your POS system, you can see which products are hot commodities and which ones aren’t selling great. This makes it easier to plan for upcoming sales and inventory orders. The software can also pinpoint busy and slow sales periods for you. This way you can plan ahead. Say you know you have a historically slow sales month coming. In that case, you can plan to hold an event or sale to bring more customers into your business during that time.
Streamlines Your Accounting Process
Say you use cloud-hosted accounting software, such as QuickBooks, to track and manage your business finances. In that case, all it takes is a few simple entries each day to keep your information up to date. All you need to do is get your sales totals from the report and enter it into your accounting system. This is because POS software lets you run detailed sales reports. Because you aren’t calculating everything by hand, you’re less likely to enter something incorrectly. This will save you time and money in the long run.
While using a POS system isn’t necessary, it does have a lot of benefits. Over time, the streamlined processes you create using the system will save your business a lot of money and you and your employees a lot of time.