A POS (Point-of-Sale) System, sometimes called EPOS, where ‘E’ stands for ‘Electronic,’ is a computer system with a combination of hardware and software that facilitates the processes of billing, sales documentation, stock and inventory management, accounting, and much more.
An all-in-one POS system can make your sales transactions easier and help with smart business management. Any growing and ambitious business concern must make use of a digital POS system as it can simplify the way you do business and help manage things better.
With a POS, you can view all your transactions in one place and even customise the dashboard as per your convenience. When diverse data are available on a single platform, it becomes easier to observe and analyse the trends and make business decisions accordingly. A POS system is not merely a billing station, but also provides a bunch of other useful and smart features.
Here are some of the many benefits a POS system can offer your small business.
Integrated and smart billing
An all-in-one EPOS system helps you easily connect your barcode scanner or credit card reader so that you don’t have to enter the billing details manually. Sales become so much convenient with the automatic billing process using an EPOS unit because everything is available in one place, many you don’t have to juggle many files and spread sheets.
A POS unit saves you a lot of time as you can do away with entering large volumes of data repeatedly for each sale. Information entered once can be readily used whenever it is required later. Also, this automation will help avoid human error that is all too common if each bill is manually typed.
Efficient inventory management
Besides billing, stock and inventory information is another prominent feature of a POS system. It clearly shows the level of various stock, which helps you to quickly determine which stock should be replenished and in what quantity.
Once you log a product into the system with its stock quantity, its count is decreased automatically with each sale related to it. The system can also give alerts when a particular item has reached the reorder level. Once you have the information on stock levels of particular products, you can even process the purchase order directly from the system.
Staff rota management
Your POS can even serve as a staff rota monitoring system. As each employee that uses the system signs in to it, it is easy to track staff attendance, the number of hours worked, and work shifts. Accordingly, you can calculate wages per hour and set or modify future staff rosters. The staff information displayed by the POS system can even serve as the basis for monthly salary calculation. Such staff metric features are a significant advantage for human resource management!
Smart sales reporting and accounting
With an efficient EPOS system, you can quickly evaluate how sales are going in just a few clicks. It also helps in generating different reports in various formats. You can view all kinds of statistics on the screen or as a printout and get accurate information about revenue, sales volume, and which products have the best sales records.
This gives you valuable insights into business performance, and you can make many crucial decisions based on it. You can set the system to automatically generate various reports in your preferred format and email it to you on a weekly, monthly, or annual basis. Such features are a valuable addition to your business’ entire accounting process.
Improved customer relations and promotions
When you create customer invoices on your POS or EPOS system, it stores all relevant information automatically. This facilitates easy regular billing for the same customer without the need to feed in the details every time. You can collect customer information such as names and contact numbers from the POS unit and send them notifications and promo offers to boost your sales as well as maintain good customer relations. In turn, this can help to build customer loyalty and boost repeat business.
Anywhere business management
The advanced POS systems available today are not stand-alone units. They can be connected to a private network as well as to the internet to be accessed online. Today, most POS software is cloud-based, making it convenient for a business owner to access business information from anywhere.
If you have multiple branches, you can view data related to sales, inventory, and accounting generated from all locations as parts of a single system from your central office. Moreover, online accessibility helps you access relevant data using any device such as a laptop, tablet, or smartphone. All of this makes for efficient business management even when you are on the move.
Whether you own a restaurant, a wholesale dealership, or essentially any kind of business, you can tailor a POS system to meet your specific business needs. Beyond billing and accounting, an all-in-one EPOS system helps you with smart inventory management, staff, customers, and documentation, not to mention the freedom to do it all from anywhere in the world. Such flexibility and state-of-the-art innovations make a POS unit an indispensable for your business.