I absolutely love old cash registers, especially the really vintage ones that you’d need to restore (or not!) so it can be a rocking display and conversation piece. If you have a business and the only employees are you, your spouse and maybe your teenage kid, then a cash register (the newer model, of course!) is enough to help sort out the cash, dispense change and give your customer a receipt.
But if you have more than five employees that aren’t family and if you have a lot of inventory, then a cash register just won’t cut it. You need a Point of sale system to handle that much load and help your business be in the clear and primed for growth. Here are a couple of reasons why you need a POS system to help you run the business effectively and efficiently.
1. Reduce/eliminate employee “errors”
As much as I hate to accuse other people, employee “errors” plague businesses big and small. For large multi-national companies, they would hardly feel a $50 excess in a padded receipt or a missing stapler. But if you run a small business, every little thing counts, so everything should be accounted for. Remember, your business is your baby. It took time, effort, love, commitment and money to build and establish your business. You can’t afford costly errors that can shrink your revenue hurt you in the long run. And theft is theft! There should be no excuse.
2. Simplify your accounting processes
Having a POS system is a godsend for many small businesses because it eliminates the need to do old school accounting. It also saves money because you wouldn’t need to hire the services of a CPA to sift through all your receipts and invoices. With a POS system, every single entry and every single sale is in the system and can be printed out. You can generate your own reports based on a specific time period for example, to see what item sold the most and which employee outsold everyone else. Some POS systems would generate their own reports. No more guesstimates!
3. Manage your Inventory better
Stocks and inventory can be the trickiest part of managing your business. This is one area you really need to be on top of if you want to stay competitive. Cash registers simply don’t have the option to manage and track your inventory for you. With POS systems, inventory management is integrated into the system, so everytime you ring up a sale, it automatically deducts an item from your inventory and warns you if your stocks are getting low. Some high tech systems will even print out the purchase order, so you don’t run out of stock!
4. Be a Payroll Jedi
Managing your employees can be a headache. If you don’t have a time monitoring system in place, you will lose money on extended breaks, tardiness and general slacking off. POS systems have a built in employee time monitoring system that can help you prevent employee time issues and be on top of your payroll. Know who among your staff goes on extended breaks and who’s late every day and either deduct it from their pay or get rid of them based on your records.
5. Faster checkout and a personal touch
Speed, safety and convenience: if you can give those to your customers, you’re golden. A POS system is faster and safer than a cash register. It can minimize errors in ringing up an item if you have a bar code scanner. Credit card checkout integrated into the system is also faster and a whole lot safer and cheaper than stand alone terminals.
You would also know instantly who your customer is, how many times have they gone to your store and what their favorite items are. You can incorporate loyalty programs and even greet them on their birthday. As a customer, I love stores and shops that personally know me and go out of their way to provide me with great customer service.
If you run a business and you have employees, you definitely need a POS system. Having a system in place will help you keep you and your customers’ interests safe and secure. You can manage your people better and keep tabs on your inventory situation. If you’re still relying on your good old cash register, I suggest you put it out to pasture and get your business a POS system.