A point of sale (POS) system is used by businesses to make transactions, record sales and keep track of inventory. These systems can often be customised with a variety of functions to suit the specific needs of the business.
POS systems were predominately used by larger companies in the past, especially those in the retail sector. However, many small to medium-sized businesses have taken to using them thanks to an improvement in their accessibility and the levels of customisation available.
If you are thinking of getting a POS system for your business or you are just looking for some more information regarding them, we have looked at some of the most common features below:
Components of a POS System
The general set up of a POS system includes a server with one or more checkout terminals, depending on the size of the business and how many payment stations they require.
After the terminal, each POS system can vary drastically depending on the need of the business. Many companies will have a keyboard for entering data (if they are not using a touchscreen system), a chip and pin pad, cash drawer and receipt printer. POS systems can often be found with a barcode scanner for quicker entry of information, customer display and scales for weighing products.
As we mentioned above, some newer systems now offer touchscreens for a more streamlined experience. Smartphones and tablets can also be utilised for a more cost-effective option for businesses who are looking to minimise their start-up expenditures.
All of the components mentioned above would not work correctly without POS software. This software allows information to be stored and managed within a database, and similarly to the hardware, can be customised depending on the industry.
Our Touch Software is an advanced all-in-one software which can be used for any industry. It allows for remote access, enabling you to stay in control of your business from wherever you are.
Access to features and functionality can be tailored to individual or groups of users. With the addition of the screen designer, you can set up your systems the way you want and to best suit your needs.
Within a software database, there is a wide range of functions that can be undertaken so you can manage many different aspects of the business. For example, you can keep track of sales, monitoring the quantity of items being sold and how much money is being earned as a result. This can be used to compile accurate reports.
Inventory management is another key function which helps you to know the quantity of items you have in stock, which simplifies the process of keeping up with inventory. Whenever a product is sold, the system updates automatically, which saves valuable time being spent on manual stock counts. By doing this, the system will let you know when a certain product is running low so it can be recorded to keep up consumer demand.
If your business has many employees, the system can be used to clock them in and out, keeping track of the hours they are working. This helps remove the guesswork element of monitoring working hours while giving employees a convenient way of starting and ending their shifts.
A POS system can also be synced with accounting to produce financial reports. This can be used to monitor the number of transactions made and the money earned through them. This function makes it much easier to keep up with tax reports, helping to reduce the likelihood of mistakes being made.
With all the features and bespoke options a POS system can offer, it can be a great investment. Please feel free to contact us for more information about how our software could benefit your business.