Point of Sale (POS)

Point of Sale (POS) systems are much more than cash registers. In retail, the POS can track item information and communicate with your inventory software so you don't have to do a physical inventory. You will also have flexibility to make price changes as needed because it can be done within the software. Because most POS systems integrate with existing accounting software, you will be able to check your profits for the day, compare sales to a prior time period and identify your businesses' most popular products or services.

Benefits

• Flexible price changes
• Instant visibility of sales and inventory information
• Increased security

Considerations

• Integration with Accounting Software

  The accounting system is usually needed to store the sales data and inventory changes so you will need to ensure that the point of sale software is compatible. Integration can be complex and time consuming so it is in your best interest to make sure that it is as seamless as possible. Some accounting applications include POS packages so be sure to check with your current accounting application.

• Hardware Compatibility

  POS software may be designed for certain hardware.

• Niche POS

  If you have a retail business you will want a retail POS. If you have a restaurant then you will want a restaurant/hospitality POS. Hospitality POS may also include the ability to display or print orders for the kitchen.

Features

POS systems will usually add the following features in addition to storing cash, printing receipts and doing the math.

• Credit Card Processing

  Accept credit cards and debit cards.

• Track Inventory

  Barcode scanners look up item numbers to display pricing and track inventory.

• Track Customer Information

  Track customer zip codes and contact information.

• Reporting

  Reporting may be included in the POS software or facilitated through accounting software integration.

• Security

  Assign different levels of security to users.

• Loyalty Cards & Gift Cards

  Track points for discounts for participating members or create your own gift cards.

Implementation Options