Every business, no matter which industry or size, can benefit from having a POS system. POS stands for point of sale, and it refers to the point in a transaction where a customer pays for your product or service. A POS system, meanwhile, is the combination of hardware and software components that helps you facilitate this process.
Traditionally, the POS system would be the humble cash register. Nowadays, however, POS systems have evolved into high-functioning tools that cover multiple areas of your business. Aside from serving as checkout counters, they can also help you manage inventory and employees, among many other features.
For a clearer picture of why POS systems are integral to business infrastructure, check the following reasons below on why businesses should consider getting one.
Saves Time and Money
Running a business is no easy task. You have to oversee multiple things at once, and every business owner knows that time is money. Hence, if you could accomplish a mundane back office task more efficiently (like counting inventory), you will have more time to work on the revenue-generating aspects of your company.
However, people can only do so much with limited time, and today, there are tools that you can use to handle back-office tasks. When you choose the right POS system for your business, you are opening up pockets of time that you can allocate to other more profitable avenues. These can include meeting up with clients and potential partners, strengthening marketing efforts, or improving customer service.
Reduces Human Errors
People make mistakes, and while they may seem small, they can build up over time. Mistakes like inaccurate data entries, miscalculations, and oversight in perishable stocks translate to losses that chip away at the company’s profits.
With a POS system, all information is stored in a centralized database, which results in accurate, up-to-date, and consistent data. Since employees no longer need to re-enter info in different ledgers or platforms, you reduce the chances of mistakes. Thus, you can feel assured that the numbers you are using come directly from the source and are dependable for data-driven decision-making.
Efficient Inventory Organization
As the company grows and your inventory increases, tracking inventory stocks becomes more difficult. A large inventory, in particular, is more susceptible to having supplies misplaced, stolen, or flat-out forgotten. Modern POS systems can help address this issue by synchronizing the numbers at the checkout counter and the inventory stocks. In this way, you can quickly determine the number of products sold and how many remain.
Some systems even have features that remind you of the expiration date of perishable goods, which you can use to plan discounts or product bundles for more effective marketing and sales opportunities.
Faster Checkout Process
When the checkout process is slow or unintuitive, you risk losing customers. Having a POS system in place can significantly improve checkout speed, allowing you to serve more customers. As all product info is listed already in the POS system’s database, checkout is a simple matter of determining which products are getting purchased.
Paired with barcode technology, the checkout process for retail businesses will be especially faster, and customers will be happier for it.
More Payment Options
Consumers in the Philippines have become more aware of the numerous payment options available to them. They can use debit or credit cards, e-wallets, and even online banking to purchase items. Consequently, if your company’s payment options are limited, you limit the customers that you can serve as well.
Implementing a POS system opens up numerous payment options, as well as easy organizing features that allow you to oversee the company’s financial assets. Moreover, having multiple payment options will also be critical when you set up an online store.
Better Employee Management
Many business owners struggle with monitoring their employees, especially when they have to oversee them remotely. It can be difficult to check who is working, who is slacking off, and who is excelling when you are not working in the same location.
A POS system helps you address these issues by taking into account log-in times, the number of purchases sold during shifts, and role assignments for your employees. In this manner, you can compute salaries accurately and reward top-performing employees, which will motivate the entire team to perform better.
Access Info Anywhere at Anytime
Cloud-based POS systems have their databases and platforms online. If you decide to make use of a cloud-based platform, you will be able to access the system and company information whenever and wherever you are. Whether you are managing another store or going to a business meeting, you will still be able to accomplish on-site tasks, such as checking on employees, monitoring sales, and overseeing inventory stocks. As such, you can still manage your business, even if you are away from the establishment.
Truly, there are many reasons why businesses need a POS system. With that said, implementing one is another matter entirely because there are so many options to choose from in the market. To pick the right one, identify what your company needs first, so you know which features to get. In this way, you can properly set up your company for the next step and bolster operations for growth.