- by vincent soriano |
- September 19, 2016
- Growth Hacks | 7 min read
How POS system benefits your business
The challenges faced while setting up your own business are insurmountable. You need to prepared for the highs and the lows. And it’s inevitable that you take necessary steps to ensure that the business sails through all tides.
A smart, secure and easy to use Point of Sale (POS) is all that you as a business owner need to manage payments and billing seamlessly. It also helps you streamline processes, inventory, customer data and allows complete automation of sales, reporting and analytics.
Investing in a right POS can prove to be a boon for your business and here’s how they will benefit:
Simplify the accounting process
Every investment made by a business is a well thought-through process. Hence it’s imperative that these expenses are accounted for. A point of sale system simplifies the accounting process by using the built-in reports or lets you create your own. It also becomes easier to look up past transactions and receipts that are saved digitally over spending long hours finding the answer in your stack of bills.
In the last few years, we have seen a quantum leap in mobile payment technologies and this has opened a plethora of opportunities for businesses. Many businesses are moving towards setting up POS so that they can enable new payment options such as mobile wallets and online payments in their stores and accept payments from a wider audience.
Tracking your most popular selling items is a must for running a good business. Most businesses keep a track of their inventory by counting it at the end of the day. A point of sale helps you save hours of counting inventory by automatically updating it with every sale and alerts you when you are running low. This allows you to easily put an order in for the items you need to have in stock and monitor which items you are losing sales on. Most importantly if your inventory is managed and tracked the chances of tracking a theft also becomes easier.
Many business owners still make decisions based on their intuition which may not be supported with data. Estimating what works and what doesn’t can be risky and there is a chance that you are likely put in too much cash in your low selling item or fail to properly allocate it to your high revenue generator. A POS system generates accurate reports weekly so that you can keep a track of how the business is performing. This will help you demarcate busy days, seasons and understand the consumer behavior. It will also help you understand how the employees are performing. These reports can potentially help you increase sales and help you run a profitable business not just based on intuition.
Solidify positive customer experiences
Personalised approach towards the customers will give your business the competitive edge. Information about frequently bought products by the consumer, buying cycle, last date of visit, etc. can be accessed on the POS system to better understand them. Nurture and encourage the customers for repeat purchase by sending out promotional messages and offer rewards for shopping or value added services.
Automation of tasks is the biggest boon of a POS system. If the system runs on the cloud, it will maintain a database of all the products, reports of the products that are sold, in-stock, etc. so your data is always secure. Apart from the invoices that are generated, the system also automates inventory and accounts reducing a lot of paper work and maintains multiple registers to a great extent.
Maintain work-life balance
With the help of a POS you can understand your business and your consumers better and at the end of the day gives you at allied summary of sales. You can provide a tailored service and maximize your profits with reporting and analytics and get things done quickly, from wherever you are.
In conclusion, these are just some of benefits of using a POS system and overcoming most obstacles faced by businesses. With careful planning, investments in a POS can help you generate income rather than be an expenditure. Instead of opting for an option that is bulky or that requires you to make huge payments opt for monthly subscription based on your business needs and a system that is compact, user friendly and comes with an option of multiple languages.
Managing the business on your fingertips was never so easy!