POS; yes, the same machine you see when you reach at the billing section. How strange it is, right? We see things but we don’t know what it is and for what purpose they serve! We can have a look at what is POS software and its system is about. POS or when expanded Point-Of-Sale software is an advanced cash register integrated with computer, tablets or even mobiles where the cashiers could input and tally the cost of ordered products and make the financial transactions. You can also widen the flexibility and capabilities of the business by integrating other systems and software such as accounting apps or e-commerce platforms with networks and databases. POS systems help to increase reliability, consistent operating speed, remote supportability and functionality to meet the requirements users.
By definition POS software means to process sale; but in process their functions are much more farfetched. They can manage sales monitoring, customer data management, inventory tracking, reporting, employee management, mobile connectivity, and robust integration. With regard to the need, POS software can be in the form of simple processors to highly equipped cloud-based systems with customizable properties. Whether it be large or small enterprise POS software could meet your needs.
POS software is broadly classified into three categories. They are as follows:
- Mobile POS (mPOS):
Any smartphone or tablet can be transformed into a mPOS with a downloadable mobile app. When the business owner registers the app, he gets access to a card reader to plug into the mobile device’s audio jack and thus allow the mobile device to read barcodes and print receipts. It is the appropriate one for small businesses entrepreneurs as it is easy to set up and operate. Also, it is available at affordable as you can turn any smartphone or tablet into mobile POS by installing a downloaded app.
- Terminal POS.
It can be both software and hardware based system that can carry add-on devices such as barcode scanners and cash drawers. It is the most commonly used system by businesses because of advanced functionality and reasonable prices.
- Cloud-Hosted POS.
It is the current trend in POS software because it can be accessed from anywhere through online or web-based system through your desktop or mobile phones. Because of its affordability, scalability and convenience, it can be used both for small scale and large scale industries.
In POS systems both the hardware and software have their equal importance. Hardware is the physical body or the machine which can be a cash register connected to a PC or a tablet device linked to a cloud-based system. A receipt printer, barcode reader and card machine to process payments made via debit or credit card could also come under the hardware category. When it comes to the software part, the information collected through the hardware is processed and stored in the database with the use of the software. The POS software can be integrated with accounting systems to create comprehensive financial reports at month ends.
Still, you are confused. Let’s look at the benefits of POS software, and then you will get a clear vision of it:
- Error-free accounting:
Accounting is all about digits, money, clients and customers. To re-check every customer order and bill information is not a practical solution. POS Software records each and every transaction like sales, expense, and customer data and hence reduce the chance of missing any data which can easily take place when it is done manually. POS software eliminates most of the problems which improve customer satisfaction.
- Data is just a bunch of disparate figures and serves no purpose without a powerful analytics and reporting system that can extract relevant information to reveal trends, strengths, weaknesses and solutions. Analytic features of POS software can provide you with useful insights to guide business decisions. The accounting process is always a hurdle to business because it’s very complicated, but just billing made it easy, it calculates all the details and provide accurate income & expenditure statements, balance sheet etc. Just billing also give accurate reports on how your sales going, business performance. You can generate hourly, daily, weekly reports a click ahead.
- Networking with other terminals:
You can manage sales from a single platform with the networking capabilities of POS software that allows the system to connect and communicate with other terminals and handheld devices for tracking operations from any location. As it’s impossible to visit all stores regularly and track the details of it, Cloud POS connects all your stores in cloud, there you can check sales, purchases, business insights etc. of each store from anywhere at any time.
- Affordability and quick accessibility:
Even with all the powerful features tucked into POS software, it is relatively cheaper than other sales apps and business productivity software. With many cloud-based platforms, POS software features can also be scaled to match the requirements of your business. Above all features can be done very quickly within no time in just a few clicks. So the remaining time business person can concentrate on his business happily.
- Personalized offers:
With the inbuilt features of POS software, a great understanding of your customer takes place and can offer special offers accordingly. This can increase the customer satisfaction.
- Everything at a single point:
Cloud POS based software can save your time by covering the tasks from billing to tax return filing like invoice, inventory management, business accounting, expenses management, purchases recording, customer loyalty management, customer feedback etc.
POS software can have as many features depending on the requirement of the end user and the industry it will be used for. Some POS software comes as integrated modules in comprehensive ERP software packages, while others are sold as standalone solutions.
However, their basic functionalities common to POS systems such as the following:
- Inventory tracking:
This is useful if you have storage facilities or multiple branches since a POS system inform you if you have enough stocks in your store or other branches, and if more stocks are needed.
- Sales reporting and analytics:
This feature allows you to capture and analyze vital data on product sales as well as revenue rates and ROI. You can determine which products need more marketing efforts, or craft better sales-boosting strategies.
- Customer management:
POS systems store and maintain customer’s full purchase history that you can access on your dashboard. You can access customer information anytime and gauge who among them are your most valuable customers.
- Employee management:
This allows you to efficiently manage your employees’ time and optimize productivity by keeping track of when and what your employees are working on.
- Mobile access:
Cloud platforms allow you to access your sales data anytime from any location using web-connected mobile devices, giving you and your business much flexibility.
- Integration capability:
The POS system must be capable of smoothly integrate with other business systems and apps you use such as accounting software or e-commerce solutions so that you can manage other tasks and processes from within your system. It should also integrate with your existing hardware components.
There are dozens of POS software solutions available in the market today. You can choose software that can be installed in your on-location computer or can choose cloud-based POS platforms. POS system Dubai is undergoing rapid inventory changes in the recent years. Essentially the POS software can bring a lot of advantages to your business. It can increase the returns, improve savings, enhance productivity and find detailed data on sales condition and performance of a business. In the current scenario, retail businesses are in a boom with developing economies & number of organized retail outlets is increase day by day. People enjoy shopping under the same roof; retail stores enjoy benefits of quantity and customers to obtain the discount on various products.
Look for these features in your POS software:
Your POS system could adapt to the expanding needs with the expanding business be it by number of users or integrated hardware services.
- E-commerce integration:
We are living in a digital world; and even a small shop in the locality go for online business and hence we should make sure that your desired POS system could sync data in real time.
- Integrated CRM:
It’s best to have CRM functionalities, especially for gift cards, loyalty programs, customer engagement, etc. The POS system captures raw transactional data, which an integrated CRM can leverage for sales opportunities and market insights. POS Dubai system opts for an integrated CRM system for their needs.
- Industry-specific feature:
In an industry-specific business, you should opt for a POS system built specially for it. For example, there are POS systems specially designed for software vendors, retail chain and e-commerce.
POS System Cost
Cost of POS system cost mainly depends upon three matters:
POS system is not the same for every industry; it varies from each industry. And hence the rate of the POS system too varies.
- Feature set:
Depending upon the features they provide from high end to low, the cost too varies.
Different companies offer different deals on hardware systems and software solutions. For example, POS system price in UAE is not the same as the system price in the USA.
POS costs had come down in recent years because of the competition between suppliers.
Exciting opportunity for you to reap the benefits of advancing technology.
Retail POS Software or the Point of Sale Software is made use of by many retailers worldwide in order to perform a wide range of operations in their retail outlets. Be it the restaurant owner or the coffee shop owner, or the garment store, or even the automobile shop, bookstore or gift shop, with the assistance of the retail POS software one, can easily track their sales, orders, employees, payment processing and many more things!