Functions That Only Retail Billing Software Can Perform
A point of sales software and hardware ties the inventory of a store to its sales and its management functions using a single system. Some billing systems operate on many devices while others can work on just one mobile gadget like a tablet or a smartphone. There is some software that utilises cash drawers, scanners, and printers to work completely, while others don’t connect to external gadgets at all. No matter what kind of management system a retail store selects, they all have one core function. POS systems take the place of conventional cash registers and simplify the entire procedure of checkout and money transaction.
We move beyond scratching the surface of a POS system and take an in-depth look at the number of tactics they improve the overall operations of a store.
- They complete the sales transactions by utilising countertops registers or through a mobile device like iPad.
- They instantly process all payments done through credit and debit cards.
- The software keeps a track record of every sale done. It stores information on cash, cheque or card payments.
- The billing software can add products of each transaction and keep a record of them. They even create a soft or a hard copy of the sales receipt for the use of the customer.
- With each purchase, they track stock quantities in real time. The POS is can also generate product lists that have every little detail ranging from colour to size to SKU number.
- The billing software also collects customer information like contact details and stores it for future. This data also includes what a customer has purchased and when. The knowledge turns out to be useful when creating loyalty programs and giving out reward points. Customers who are regular can be targeted using email programs that the management system creates.
- A good point of sale software is not just limited to in-store sales. It can even track items that are sold online using the same system. This translated to congregated information on all purchases.
- When it comes to employees, the billing system can record all staff logins, the schedule of each person and the sales made by them. It is additionally helpful in tracking the tips given to each staff member, when applicable, or commissions.
- It connects inventory data with sales information and then with top-notch bookkeeping programs.
- The last function that a sales software can do is generate reports on sales and inventory that can be put to use for business decisions.
These applications prove that a retail store which is functioning without the best retail pos software is making an egregious mistake. No business can grow to its real potential if it doesn’t install a point of sale software. From pharmacies to hospitals to supermarkets, the POS has to be the basis of all functions. It is only then accurate transactions at the checkout counter can occur. To help you understand the invaluable worth of sales systems, we take up an example.
Let’s say you have a brick and mortar shop and an online presence. An item that has just become out of stock is bought online by a customer. Because the product is no more in stock, you will either have to tell the online patron to wait for it to be restocked or return their money. Both scenarios lead to you losing a paying customer due to low satisfaction. Now, if your store had a POS system, it would have automatically updated the web-store to show that the item was no longer available. The lag time of physically updating the website is totally eradicated.
This seamless process of simultaneously updating the online and physical store is just one function of a POS system that aids managers. Another example is of managing returns. When a customer wants to return a product, they bought it leads to a long drawn out process. The system takes care of it automatically. It records the return, removes it from purchase and adds the item back to inventory. All of this is done in a matter of minutes. These examples prove that the functions performed by a point of sale software are immensely valuable.