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Benefits of POS Software: Examples of Leading Solutions Explained

Category: B2B News
What are the benefits of POS software solutions?

Key benefits of POS software are:

  1. Improved customer service
  2. Simplified stock management
  3. Better financial reporting
  4. Streamlined business operations
  5. Optimized record keeping
  6. Accelerated transactions
  7. Easier employee management

Benefits of POS Software

What do a restaurant, a grocery store, an electronics shop, and a cosmetics boutique have in common? They all process an overwhelming amount of transactions on a daily basis. As an entrepreneur who owns a business similar to the abovementioned, you have a clear idea of how complicated it can be to process sales data, especially when you have to accomplish it alongside other back-office responsibilities.

This is the dilemma that POS software programs are made to resolve. These software solutions not only process sales transactions faster. They are also created to handle a variety of other responsibilities within your business. It can optimize record keeping, automate a number of tasks, ensure more efficient inventory tracking, and help you create data-backed business decisions.

Advantages of POS System Usage. Source: www.allbusiness.com

Are you interested in reaping the benefits of POS software usage for your business? In this article, we will be discussing what POS software is and what it can do for your operations. We’ll also take a look at popular POS software rankings. However, even after reading a ton of info about this tool, there’s still the matter of finding the program that suits your needs. So, we have compiled a list of top examples of POS software to help you get a better grasp of what to expect when you invest in one.

POS Software Explained

square dashboard example

POS or point-of-sale systems are applications built to process transactions and track sales. Commonly used by businesses in the hospitality and retail industries, these serve as multifunctional tools that can replace traditional cash registers. POS software provides users with advanced, comprehensive features that go beyond calculating transactions.

Fully featured systems often include a slew of capabilities that range from recording sales data to managing inventory levels. On top of that, because this software is connected to computers, they can be integrated with a number of other business platforms, helping you streamline your operations effortlessly. Among its key features are:

  • Inventory Tracking
  • Purchasing Management
  • Credit/Debit Card Processing
  • Networking Capability
  • Mobile Access
  • Sales Reporting and Analytics
  • CRM Integration
  • Accounting Integration
  • Customer Management
  • Employee Performance Management
  • Barcoding/Scanning
  • E-Commerce Integration

What are the types of POS software?

It is also important to note that there are different types of POS software solutions available on the market. They vary depending on the size of your company, your business model, as well as your preferred deployment of the system. As you look for a product for your business, be sure to find out if your prospective vendors offer the type of POS you require. This will save you tons of time and money in the long run. The three classifications are:

  1. Mobile POS – This type of POS system mainly manages payments and inventory. It is great for entrepreneurs who are always on-the-go because this is accessible using mobile devices. However, because of limited functions, it is only suitable for small businesses and individual retailers.
  2. Terminal POS – Inclusive of both hardware and software, terminal POS systems provide you with all the advanced functionalities that a standard POS software has to offer. It is an ideal option for those who want a secure system that can only be accessed within office premises or through a controlled database. However, this type of POS system can be expensive, making it unadvisable for companies with limited financial resources.
  3. Cloud-Hosted POS – A cloud-hosted POS is a system that lets you utilize the features of your software online. This allows users to use whatever hardware is at their disposal–desktop devices, mobile devices, or other types of gadgets that is compatible with the software. This type of POS system combines the flexibility of a mobile POS and the complete functionality of a terminal POS, making it a good option for businesses of all sizes.

If you want the types, uses, and features of POS software explained in more detail before you start browsing for platforms, take a look at our article on the different features and uses of POS systems.

What are the benefits of POS Software?

Most In-Demand Features of POS Software. Source: www.pointofsale.com

Businesses in the retail and hospitality industry can often be vexing to manage. They require entrepreneurs to exert a great deal of effort and time in both front-of-house operations as well as back-office duties. The purpose of POS software is to alleviate these tasks and help you find time to focus on other aspects of your business. Other than enabling you to automate mundane tasks and giving you a bird’s eye view of how your business doing, there are many other benefits of POS software usage to be had. Among them are:

Boosts Customer Service

No matter the business, better service always leads to a higher revenue. And one of the best ways to boost customer service is by implementing a POS software. Oftentimes, these advanced systems will provide you with best-in-class features that enable easy customer management and operations automation, making it easier to improve customer service. In fact, according to a study by Hospitality Technology, results revealed that within 18 months of using a POS system, 90% to 95% of the customers at a certain restaurant enjoyed faster service and improved speed. Eventually, this helped them increase their sales up to 27%.

Sample Features:

  • Customer Management – This tool helps users keep track of crucial customer information. The data it can store may range from contact numbers to transaction history.

Simplifies Stock Management

Keeping tabs on inventory is probably one of the most challenging aspects of managing a business. This is why it comes as no surprise that almost 80% of POS platform buyers deemed inventory management as the top feature of POS platforms. Usually, it comes in the form of tracking tools that give you updates on when you should repurchase certain items as well as how much. Through this, you can ensure that you are ordering the right amount of stock at the right time. On top of that, it helps you make sure that none of the items in your inventory will go to waste.

Sample Features:

  • Inventory Tracking – This feature monitors the amount of items going in and out of your inventory and provides you with real-time updates.

Improves Financial Reporting

Maintaining your business relies on your ability to allocate your financial resources efficiently. To do this, you will need to be meticulous when it comes to your company’s financial reports. By using POS systems, you can get in-depth reports on your business’ income and inventory status. Some even provide analytics tools that you can filter however you want, so you can easily get answers to questions regarding your finances. With these data at your disposal, you can manage your finances more efficiently without having to spend extra time checking your books.

Sample Features:

  • Sales Analytics – This is a tool that enables users to easily gauge their sales’ progress and determine ways to improve business strategies.

Streamlines Your Business Operations

Consolidating information from different aspects of your business is easy when you use a POS system. Other than gathering data in an instant, it can also integrate with a number of other business software so that you don’t have to transfer information manually. Additionally, most POS systems have the capability to collect and store data from multiple units, making it a boon for entrepreneurs with multiple stores.

Sample Features:

  1. CRM Integration – This feature lets you merge your POS software with your CRM platform to simplify customer management.
  2. Accounting Integration – This allows users to run their POS system alongside their accounting platform, making it easier to handle finances.

Optimizes Record Keeping

Whether you own a restaurant, a pharmacy, or a grocery store, having a detailed record of your business’ sales data is important. However, this can be time-consuming when done manually. By using a POS system, you can store information on daily transactions and other aspects of your business instantaneously. These information can then be used to identify trends in your operations, protect you during a lawsuit, gauge financial stability during expansions, as well as find areas for improvement.

Sample Features:

  1. Sales Data Recording – This tools lets you monitor and record sales information for financial reporting purposes. Oftentimes, this can be filtered according to your preferences.
  2. Inventory Data Recording –  This feature lets you store inventory information in a an easily accessible database. It will help you track how much inventory you have at a given time.

Speeds Up Transactions

Nowadays, it is much more common for customers to purchase items using their credit cards or debit cards. While you can always find a standalone card processing system for your business to accommodate this method of payment, it takes time for this data to reflect on your financial report. By having a POS system with a card processing feature, you can speed up these transactions significantly. This also makes it easier for you to implement loyalty programs that are tied to credit cards.

Sample Features:

  • Card Processing – This tool enables users to quickly process credit cards and debit cards as well as deposit the payments straight to your business’ bank account.

Helps You Track Your Staff

Monitoring the productivity of your staff is helpful in calculating wages. However, if you own a small business, chances are you don’t have enough money to spare for a full-fledged labor management system. Luckily, there are a lot of POS software solutions out there that come with time tracking and performance monitoring tools. This will help you get accurate computations of billable hours without having to manually check time cards.

Sample Features:

  1. Time Tracking – This tool allows you to monitor the number of hours that an employee renders during a particular workday.
  2. Employee Management – This feature lets you track the performance of employees as well as manage their schedules.

What are examples of POS Software?

With POS software explained, we can now start finding one that meets your business’ requirements. Below, you will find some great examples of POS software to help you get started on your search. If you want more options, feel free to check out our list of top 20 POS systems for 2019.

toast dashboard example

  1. Toast POS. Toast POS is a cloud-hosted POS software created specifically for restaurants based in the United States. It aims to provide users with complete control and visibility over their business through top-of-the-line functionalities. Completely tablet-based, this platform has all the restaurant management tools you need, including sales monitoring, customer management, and employee performance tracking. For subscriptions, Toast POS offers flexible pricing that starts at $79. They also offer hardware products starting at $899. If you want to try the features at no cost you can easily do so when you sign up for a Toast POS free demo here.
  2. Square. A POS system accessible via mobile and desktop devices, Square was built to cater to the needs of varying businesses. Equipped with inventory management, reporting and analytics, as well as integrated payment processing, this platform can also handle email marketing efforts. In addition, this system is powerful enough to support multiple integrations, should you want to modify it to your liking. Square offers a transaction-based payment plan that only charges you 2.75% of the payment of each customer. The best way to evaluate the features is for you to try them. You can easily sign up for a Square free trial here.
  3. TouchBistro. TouchBistro is an iPad POS system designed for businesses in the food service industry. Offering tools to help you manage orders and process payments, this platform can help full-service and quick-service restaurants optimize their operations. In addition to table organization, payment processing, and order management, this POS software also provides menu branding, check splitting, and staff management options. TouchBistro is available in four payment plans with prices ranging from $69/month to $399/month. The vendor offers an attractive free trial plan. Simply sign up for a TouchBistro free trial here.
  4. Poster POS. A cloud-hosted POS system for small businesses, Poster POS prides itself on being easy to set up, use, and maintain. It offers an intuitive yet straightforward interface that both professionals and novice users will be able to appreciate. From order taking and floor management to sales reporting and tax management, this platform can handle all of your POS and restaurant management needs. Poster POS offers five enterprise pricing plans. It may cost as low as $19 to as high as $121 for its monthly plans. Want to try the features before committing to a plan? You can easily do so when you sign up for a Poster POS free trial here.
  5. Vend. Vend is a hybrid web and mobile POS software for businesses in the retail industry. Flexible and easy to implement, this system can handle order management, custom receipts, product returns and refunds, as well as barcoding. It can even serve as your centralized data repository for easier record keeping. Vend offers a free plan for small businesses, but they also have paid subscriptions ranging from $69/month to $199/month.
  6. Nobly POS. An iPad EPOS system aimed at small and mid-sized, Nobly POS offers an intuitive interface designed to help businesses provide faster services to their customers. This software is widely used in a variety of industries, including retail, food and beverage, and personal services. More than a POS, this solution has a loyalty and CRM tool so you can gather essential customer information for more personalized services and offer various reward programs to establish a stronger bond.

Conclusion

While your old cash register system may have been handy during the first few years of your business, it can certainly slow you down as you strive to grow your company. By investing in a POS system, you can work smarter and more efficiently, thereby opening up new avenues for your firm.

No longer will you have to sort through the clutter of printed receipts, undergo time-consuming inventory checks, or spend long hours on bookkeeping. All you have to do is find an intuitive POS system that can keep up with your business’ pace, and reap all the benefits that this software solution has to offer.

Still not convinced about the purpose of POS software in your business? Be sure to check out our article explaining the most important uses of POS systems. This should help you gain a better understanding of what it can do for your company once you implement it.

By Jenny Chang

Senior writer at FinancesOnline who writes about a wide range of SaaS and B2B products, including trends and issues on e-commerce, accounting and customer service software. She’s also covered a wide range of topics in business, science, and technology for websites in the U.S., Australia and Singapore, keeping tabs on edge tech like 3D printed health monitoring tattoos and SpaceX’s exploration plans.

1 Comments »
BLH Hitech says:

Benefits of using POS in business.
1.Greater Accuracy
2.Inventory Management
3.Employee Management
4.Reporting

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