For entrepreneurs of today the cash register is
attached to a computer via Point of sale even in the smallest business. These
systems became popular over cash registers because they not only just ring up
sales. They amass vital information about your inventory and customers which is
real time.
The systems are standard issue computers running
with specialized POS software, usually with a cash drawer and receipt printer,
bar code scanner and a card reader. Vendors often sell pre configured systems.
You can also add extra peripherals as your requirement grows.
The biggest advantage is getting an immediate up
to the minute accurate assessment of the inventory. Every time when you check
out a customer, the goods are immediately subtracted from your inventory list.
It is maintained on your local hard disk drive.
That may be surprisingly a large inventory. For
example many boutique clothing stores, stock SKUs in thousands, while the
actual count exceeds more than 10,000 items. It is the same scenario with the
shops selling bicycles to cameras to cosmetics. It will be a real chore for
small business for keeping track of thousands of items. However, keeping a
constant hard to find items in stock can add up competitive advantage over
larger competitors, it is how to strike the balance?
A good epos package allows you to set an alert when a given item is
at the re-order point. Some POS systems will let you know the most recent price
you have paid and also the average price you have paid in the recent past. It
helps in striking the best deal with the suppliers. In off hours, you can also
generate reports of your inventory activity for the day, week or month. There
are some epos package which allows you to generate reports and track your
inventory year to year and allowing you to compare helping you to anticipate
where you are heading in the coming months.
The most time consuming and labor intensive
tasks every store owner faces is tracking inventory, which is one of the most
crucial. It will be costly if you have too much stock or too little stock.
While a POS system track your inventory and does not count substitute for a
physical inventory count. Many shopkeepers find they must conduct this time
consuming task. When the time comes, the use of a wireless portable scanner in
conjunction with a POS system reduce your foot steps and save hours in the
process. A good POS system also helps you to know your best customers and their
likes apart from tracking inventory.
If a business is running well, then the POS is
more than just the place where the money comes in. If you have a right
equipment it can be your strategic service center, which help to grow your
business and keep your customers to come back.
Choosing a right epos
package
Words of advice: When you are looking for a POS
system then the price can range can be from hundreds to thousands making final
decision difficult. A good POS lets you to access your inventory easily and
able to set alerts for items running low, readily add new items when ever new
items arrives, account for back orders and generate purchase orders to send to
vendors.
Weigh ease of use against functionality: When
you have more complex orders you need to have more features. Consider the time
needed to bring new employees to speed up and also time you will invest in
training them. The best POS system can balance the both.
Choose a system that start small and grow
simultaneously with your business needs. If you are on a budget, you can choose
a basic set up: Choose POS software that can run on a PC with just a drawer and
receipt printer. You can add later on as your needs dictate just like barcode
scanner and card reader to begin with then you can add an inventory tag
printer, pole display or a PIN debit pad. Also, while picking a system you
should be clear about your needs that doesn't require having someone set it up
for you.
When
you are choosing an epos package make sure that you are choosing a right
one that meets your business needs and which comes within your budget.
