Revenue Profit Software

Cash Register VS POS System

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Cash Register VS POS System

POS System a new technology for your Financial Transactions

A familiar item, cash registers are simply machines that record sale transactions, give change and store money. POS system on the other hand is a relatively new technology that has additional capabilities of handling financial transactions, keeping inventory track, recording business data and providing help in decision making.

In short, the biggest difference between a cash register and a POS system is real time tracking, efficiency and communication. Both technologies are very useful if one install the right technology to his/her business. In this article, we’ll have a look on key features and benefits of both cash register and POS systems. We’ll also discuss which technology is suitable for which business.

Key Benefits Of Cash Registers

A typical cash register may bring following benefits for you.

  • Provides safe and secure money storage options.
  • Improves transaction speed and efficiency.
  • Cheaper as compared to a POS system.
  • Less training required most of the time.
  • Comes with built-in software and hardware components.
  • Straightforward with basic functions and reporting.

Key benefits of POS Systems

A POS system will cost you more than a traditional cash register but it will also provide you more benefits. Some of them are:

  • Generates bills automatically via Barcode
  • Saves all transactions data in a database.
  • Capable of dealing with products in large volumes.
  • Provides advanced reporting and analysis features and helps in data mining.
  • Streamlines inventory management.
  • Enhances team collaborations via different available options.
  • Comes with up gradation options.
  • Provides data access from anywhere in the globe.
  • Safest option regarding data security.
  • Provides options for data recovery in case of any disaster.

So now, as you are familiar with the benefits of both cash register and POS systems, you’ll be able to decide among both technologies. However, let’s discuss more this selection in detail.

When To Choose Cash Registers?

You should only go for a simple cash register if your business is on a small scale or you are a startup with limited financial resources. You don’t have trained employees and you don’t need to deal with bar codes etc. If this is the case, you should select cash register. However, there might be inefficiencies that you will have to deal with. Like having to keep manual record of everything and dealing with maintaince problems. It will take longer to know which are your fast moving or slow moving item(s). Your transaction processing time will also reduce in this case.

When To Choose POS Systems?

Unless you are a startup with very a very tight capital or a small business with not much income, you should always go for a point of sale system. A POS system has countless benefits and they grow as your business grows. The reason behind all these benefits is that POS systems are operated by computers. And where there are computers, there are countless possibilities of innovative and new ideas and features. Although POS systems are expensive and you’ll have to make an investment in the beginning, the investment is worth it and you’ll get your investment back soon.

Source : sgbestpos

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Why Use A POS System To Manage My Store

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Why Use A POS System To Manage My Store ?

POS systems will solve a multitude of problems in your business

One of the focal points of any retail or hospitality business is the cash register. The ability to process transactions and tender cash are essential to the efficient operation of the enterprise. If you have a lot of cash transactions, replacing the cash registers with a Point-Of-Sale (POS) system save you money. A POS system is computer software and hardware networked together to track sales and inventory as they occur. POS systems will solve a multitude of problems in your business.

Since implementation of a POS system is requires a large investment in time and money, the selection of software and hardware requires careful research into the features available and associated costs.

Generally, if your business has annual sales is more, you can achieve considerable savings and benefits from a POS system. From a Return-On-Investment perspective, it should pay for itself in between 1 and 2 years. For the new business, a POS system is a smart investment. The savings in labor hours and increase in efficiency makes balancing staffing easier, and the POS system automates many time-intensive tasks. Most POS software helps you stay aware of how your business is performing.

Many owners and manages find that the reports generated from the POS system invaluable in the day-to-day and long term management of the business. From revenue and profit reports, ordering reports and product sales reports, the POS system offers a perspective of the total business that is difficult to grasp in other ways.

Here are some of the advantages of using a POS system to track and manage your business:

  • Reduce Shrinkage– since inventory quantities are tracked in real time, understanding shrinkage becomes easier. Every modern POS system includes receiving and inventory functions. Proper use of these functions helps pinpoint the causes of inventory loss, reduces “out of stock” conditions and makes overall business management easier.
  • Manage Specials– POS systems automate the process of tracking current and marked down pricing. Discounts, coupons and promotions are often critical to attracting and retaining business. POS systems excel at managing and reconciling short-term discounting automatically.
  • Maintain Control – Many business owners discover that efficiency and customer service suffer when they’re not on site. POS systems give you the ability to track volume and performance when you’re not on the floor or you’re busy with other tasks.
  • Improve Efficiency – POS systems allows your staff to tend to revenue generating tasks such as helping customers.  It eliminates the need to double-check inventory disparities and cash register reconciliation. POS systems dramatically reduce the effort required to do inventory and other repetitive paperwork. Improved efficiency means higher customer satisfaction, lower costs and higher sales.
  • Timely and Accurate Reports – POS systems give you the ability to analyze sales data. You can measure the effectiveness of pricing or advertising campaign. You’ll know what items need to be ordered and in what quantity. You can identify high margin items and promote them further. You can easily calculate daily gross revenue, cost and profit. Historical data analysis helps to forecast your future needs.
  • Improve Customer Satisfaction – Using a POS system with barcode scanner will significantly speed up the check-out process. It gives you the ability to recognize your best customers and reward them for their patronage. It can easily collect customer data (from credit card transactions) that you can use for targeted advertising and incentive programs.
  • Manage Using Remote Access – Many POS system software packages give you the ability to manage the system while mobile. Whether you’re traveling between stores or taking a day off, remote access gives you the ability to see what’s going on at the location and take action when needed.

Flexible Expansion Options – Most POS system software gives you the ability to add registers and administration computers. If you have an eye to expansion, make sure that you can connect the multiple stores via the web or other connection method. This will allow you to use a single system to manage all your locations.

Source : carolina barcode

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