There is little doubt that running a business is a lot more pleasurable and profitable when you use a POS or Point of Sale system. A retail Point of Sale System can collect all the information you need to track sales, inventory, employee wages, customer orders, receipts, and more instantaneously. You can save hours or even days off your schedule as the tedious chore of manually tracking information (already contained in a POS system) is no longer necessary.
Yet for many business owners, they may not fully understand the point of system basics to get the most out of this remarkable device. When you consider the investment and the potential that POS systems have to dramatically improve a business, then understanding all the POS basics becomes vitally important.
If you are considering purchasing a retail POS system or perhaps have taken over a business that has one, then you will need to know what it can do for you. First and foremost, a POS system combines all the pertinent information you need to run your daily business in one place. From sales, employee wages, orders, receipts, inventory, tracking repeat customers and the like, your POS system can almost do it all but take the cash from the customer’s hand.
Inventory: Perhaps the most important aspect to understand about POS basics is how this unit can track your inventory on an up to the minute basis. Inventory tracking is the key to maximizing sales because you instantly know what items are in stock and what items need to be ordered. Doing inventory manually is a time consuming, inefficient task. Having a POS system in place means doing physical inventories on a more reduced basis while getting the valuable information you need.
Tracking Customer Purchases: In learning POS basics, it’s not just what items are being purchased, but by whom. By gaining an awareness of what repeat customers are consistently buying, you can simply cater to their needs and make even more money. This is especially true for repeat customers who come in on a regular basis. Having what they want in stock means quicker sales and more satisfied customers.
Payroll: You can not only keep track of your employees, but you can focus your attention on the yin and yang of business: wages vs. sales. You can see your total paid wages at a given time and compare the figure to the total amount of sales. You can easily deduct your most profitable times of day. This helps create a more efficient business as you better allocate schedules to meet demand (i.e., the times when the most sales are transpiring). In this manner, you can save money by having fewer employees when sales are naturally at their slowest.
In understanding point of sales basics, you will want to have a system that can accurately track inventory, have the features needed to handle all aspects of your business, and find one that fits your budget as well. One advantage of many POS systems is that they can have add-on features that you can purchase later to meet more of your business needs. Technology is rapidly advancing and today’s breakthrough may be obsolete tomorrow.
Understanding the myriad of uses and benefits inherent in a retail point of sale system will allow you to get the most out of your investment. The power is in the POS and you should know how to harness it.