Point of Sale 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

Contact Us : www.singaporeaccountingsoftware.com

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Small Business Accounting Software Everything You Need to Know

Small Business Accounting Software Everything You Need to Know 650 x 367

Small Business Accounting Software: Everything You Need to Know

1. Look in the proverbial mirror and make a list

Arguably the most important, if mundane, tip is list your small business’s accounting needs. Most owners have a general idea of what they want, but if you want to minimize cost then a specific list is key. Otherwise you end up paying for features you don’t need.

Not sure where to start? First, pick the low-hanging fruit.

Take all the functions you are already doing with Excel/graph paper/post-it notes and put them at the top of your list. Things like invoices, inventory, and income and expense tracking. Then ask yourself who accesses, or will need to access, this information. (Sales staff, the bookkeeper, the accountant?) Check off the number of seats your new accounting software will need to support. Now your list has its basic framework. And if you’re a very small business who just needs the “basic framework” then stop here. But if not, it’s time to determine what “advanced” features you’ll need out of your accounting software. Use these three questions as a guideline:

What functions will help save time on employee management? What functions will help save time on customer relations? What applications and processes will the accounting software need to integrate with?

Employee Management

Payroll, sick, personal and vacation day tracking are the most common employee management tasks a small business handles. Small businesses with significant head-counts should research dedicated human resources management tools and/or payroll processing services for these tasks, but for very small businesses

Base your decision on the value such time-saving will generate for your business. Could the time spent on employee management be instead used to generate more revenue? If so, tasks like payroll should go on your list.

Customer Relations

Customers will take note of your sales and delivery strategy, but they will remember forever how you present your bill. How you manage your accounting procedures says a lot about how you manage your customers.

Your new accounting software must maintain the goodwill you’ve worked so hard to build with your customers – and help you get paid faster too.

Evaluate each stage of your accounts receivable process, from purchase order to bank deposit, to see where software can clean up any inefficiencies. Cash flow is a top priority for a small business. You want accounting software to speed up payment, not slow it down.

Integration

Consider the applications you’re already using to run your business. How would new accounting software integrate with those applications?

Maybe you’re a retailer that needs its point-of-sale system to instantly give sales and inventory updates to accounting. Maybe you’re a direct sales organization that needs customer invoices to post directly into your CRM. (Or maybe you’re any business that just wants its old Excel files to load without wingdings infiltrating the spreadsheets Whatever you are, save yourself the pulled-hairs and check compatibility before you make a decision.

2. Consult with professionals

Sure, you ignored the warnings from your parents when you married your long-time sweetheart, but with a software marriage, you can’t afford to ignore those with experience.

If you have a bookkeeper, ask them for a recommendation. At the very least make sure your accounting staff is proficient with your software choice.

Get your IT staff involved too. If you’re going to keep accounting data storage and security in-house, your servers will have to be up to the task

The most obvious, and critical, consultation is with your accountant or CPA firm. They are not only experienced with many of the platforms you’re looking into, they are also deeply familiar with your business. Ultimately you’ll want a program your accountant is comfortable using. Why make the professional who’s trying to keep you out of IRS hell miserable? Make sure they endorse your choice. If this isn’t an aphorism, it should be: if you’re accountant isn’t happy, you’re not happy.

A side-note: you may want to give your accountant year-round access to your software so they can head off any tax-angina. If so, online or cloud-ready capabilities are something you’ll want to put on your software wish list.

3. Demo, demo, and demo again

You have your list and your professional recommendations. Now you need to get your feet wet – but in the shallow end of the pool. It’s time to demo products.

Most products on the market offer free trials, and a couple of hours spent clicking around is incredibly useful. Use this time to check how intuitive the interface is, how well it jives with your work habits and task flow. Remember, you’re getting married. You don’t just want fancy features, you want to be able to talk to it on an average Thursday afternoon too. Don’t dismiss a curated demo. Yes, you’ll probably have to listen to a sales rep point out features as breathlessly as a kindergartner with a new macaroni necklace. Put up with it so you can ask questions about everything on your list.

Support is often overlooked when choosing software, but as a small business you’re more likely than most to need it. Ask if the vendor offers product training. Ask about the hours and breadth of their tech support. And don’t forget to ask how much all that support costs.

If your small business has limited, or even non-existent IT, ask the vendor how your data is backed up and how they keep it safe. And how easy it is to recover all your files if your systems are damaged by an act of God (or man – or office cat.)

Most importantly, inquire about the product’s scalability. Do you really want to go through this matching process again when you grow from small to medium to (fingers crossed) enterprise? Good software should grow with you.

4. Don’t overbuy

This one’s quick and dirty: remember all that time you spent on your list? Honor that effort and stick to your guns. Suspect anything that sparkles. The program that does what’s on your list is the best program. As a small business, cost is key – you only want to pay for what you’re going to use today. If the program is scalable (and it should be) then its bells and whistles will be there for you when you’re ready.

Age-less pro-tip: Garbage In, Garbage Out

You did it. You made your list, you asked your accountant, you hounded a few sales reps and you didn’t overbuy. Congratulations again. This time on your software marriage. Want to stay out of divorce court? Develop good data-entry habits. Your new accounting software, for all its power, won’t fix sloppy data-entry. Neither time nor money will be saved when you need a secret decoder ring to figure out your chart of accounts.

Source : techradar

Contact Us : www.singaporeaccountingsoftware.com

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