Essential Features of a Good POS Software Package
When investing in a Point of Sale system what you’re really doing is establishing a centralised hub that will assist you in keeping track of your business operations and its cash flow. It is, therefore, essential to find the right solution that suits your business’ needs and creates efficient streams of data that will serve to equip you with the vital knowledge needed to build your business into an empire.
Depending on the type of business at hand, establishing an appropriate system for entry of sales information is imperative. Most systems do allow cost codes to be entered either manually or automatically using a bar-code scanner. Find a system that will enable sales to be entered manually as well; as this ensures smoother operations when codes need to be looked up based on partial merchandise numbers, descriptions, and manufacturing codes or even by vendor.
Pricing products is an essential part of any business. An efficient Point of Sale System will offer a variety of ways to keep track on pricing, allowing the appropriate industry-specific methods to be adopted. Most packages will enable add-on amounts to be utilised, percentage of cost, margin percentage and other custom formulas. Discounting is an equally important element that should be enabled should there be such a need.
Another efficiency of a good POS system is that product information should be automatically updated when transactions occur. A recorded sale should therefore update inventory levels as well as cash-takings for reporting purposes, streamlining the operational side of the business.
A variety of sales tracking options are usually found within a POS system and, as unique industries will receive payment in different ways, the system should allow for the most suitable sales tracking option. In addition to cash receipts being accepted at point of sale, some systems do allow for instalment sales with monthly payments (or laybyes,) as well as receipts based on project completion.
As security is also an important issue in any business, it’s vital to have a system that uses audit trails so that problem areas may be traced. It might also be beneficial to have a system in place that only allows certain levels of data access to particular users of the system, further enhancing data integrity.
A successful business needs to rely upon efficient and effective reporting systems. Reporting capabilities should include sales, costs, and profits by item and by salesperson, or even by category (e.g., day, month, and season). Appropriate formats for documents such as sales invoices or receipts should be available and adaptable, specific to the industry. Operational reports such as end-of-day cash reconciliation worksheets and stock management forms are useful and improve daily efficiencies and cash flows.
A good Point of Sale software package will only serve to enhance your daily operations and will take care of some of the finer details of your business’ needs. Make sure that your POS system is tailored to meet your specific requirements.
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* This article is the opinion of the Author and may not necessarily agree with the viewpoints of Regality Software. You should conduct your own research before making any financial decisions and should not rely on the information in this article.
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