Historic records show that accounting began in Mesopotamian Civilization, almost 7000 years ago. Traditionally, bookkeeping has more or less remained the same. The records get manually entered and organized into accounts daily.
The process would employ a trustworthy bookkeeper who would go through each and every transaction one by one. All of this was not only laborious but it was also inefficient.
However, strides in modern technology have made record keeping an effortless task. One such technology is POS (Point-of-sale) systems. Their demand among the retail sector is increasing and they are preferred for improving the efficiency of business accounting.
The POS system can be integrated with any retailer and change the situation of their business. POS incorporates an all-in-one method to streamline the tasks of record-keeping for your business. Out-of-order inventory, misplaced sales records, and other human errors combined with long hours of correcting them are some of the most common issues faced by businesses every day.
A simple remedy to these problems is to get a POS machine. It records transaction data and makes it easily accessible to you. Helping your business to function properly and lets you make decisions to improve it.
Down below are some of the reasons how POS system can change your business and help you in managing your accounts
Dependable Data Records
Conventionally, the bookkeeper had to sign-up for the sale software of the client, go through the reports to get the data and manually screen each record and then enter the numbers into an accounting program.
The POS system stores all the operational and sales data in a non-hierarchical record. This architecture ensures that your sales and operational data are available on-demand at any moment in time. And as a result, you do not need to sit at the end of the day and go through all the records and compile it into a report.
Improves Efficiency
A POS device will start improving the efficiency of your business the day it is installed. Saving time spent on documenting all the transactions, restocking of inventories and scheduling employees, and other important features in your business. As a consequence, you will have more time to improve your services. A reliable POS system will make your operations efficient and also improve the quality of customer service provided by your firm.
Helps Make A Reputation
The amount of time saved by installing a POS machine can be a determining factor in the quality of your customer service. It can provide you peace of mind so you can direct your focus on providing your customers top-notch service.
POS systems can answer your customer’s queries and resolve them beforehand. This way your customers do not have to reach out to your help desk each time. This feature is commonly found on website chat-bots that can instantly reply to you. The instant replies make a customer feel valued, helping you to create brand loyalty among customers.
Enables Feedback
Customers can share their experiences and give feedback on POS machines. This gives you helpful insights into how the customers feel while shopping with your business. For example, a negative review will help you to improve your service in a certain area. At the same time, you can compensate that particular customer so you do not lose them. On the other hand, positive feedback will show your strong area of service.
Helps In Inventory Management
The most important and beneficial feature of the POS device is that it can help you in managing your inventory. The device can keep a real-time record of all the stock in your inventory. It will also keep a track of incoming stock and outgoing orders/sales. This way you are never backlogged and your sales operations run uninterrupted.
This feature not only saves hours of your time but will also automatically place an order for the restocking.
Saves Labour Cost
A POS machine can help you cut down labor because it can perform so many tasks that were previously done by humans. The automation provided by the POS device not only saves hours that would be taken up by the accounting process but also saves operational costs. A POS machine will be great for a small business or startup trying to save money.
Faster Transactions
A cash register combined with manual calculation of total bills is a really slow method of transaction. It will eventually have a toll on the number of customers coming to your business because they know that they will have to wait in long queues to get a product.
A barcode scanner at a POS system can increase the number of products that can be billed and reduce the losses that occur due to human error. Increasing the number of customers served each day and reducing the waiting time for customers.
Conclusion
A POS system is one of the most cost-effective and efficient investments you can make. It will help increase productivity and enhance the chances of achieving your business goals. POS solution will save you quite a buck and time spent on daily operations. All these advantages of POS make business accounting smooth.
If you are an existing business or just starting up you should consider getting a POS system. At Epos Now we provide a cloud-based point-of-sale system for your business. Our solutions will help your business reach its true potential.
Our product line is tailored according to the needs of our clients. We have separate line-ups for the retail and hospitality sectors. Each of them is further divided into subcategories.
What makes us different is that we provide cloud-based POS systems. These are the industry-leading options for businesses operating in more than one location. The cloud-based system and database make it easier for your enterprise to manage tasks remotely and efficiently.
Cloud-based systems provide greater flexibility, location-specific pricing, and easier inventory management.
At Epos Now we make sure that our customers get the highest degree of service. We provide warranties, free replacements, and 24/7 server support so your operations run interrupted.
