Benefits of an Integrated Point of Sale (POS) System

What is a point of sale system?
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In its simplest format, a POS system is a cash register that captures sales. According to Wikipedia, the basic and fundamental definition of a point of sale system is a system that allows the processing and recording of transactions between a company and its consumers, at the time when goods and / or services are purchased. The system calculates the amount payable for the products or services, and an invoice can optionally be printed. The customer then pays, usually having options such as cash or credit card for example. Sometimes the point of sale (POS) is called a point of sale (POP). With the advent of more sophisticated and integrated POS software systems, the term retail management system is sometimes used in place of point of sale systems, but the most common terminology is point of sale (POS) integration with FBR.

What is an integrated point of sale system?

An integrated point of sale system will manage sales transactions as well as inventory control, which means that customer and inventory information and all related data are accessible from a central database which is maintained and updated by the ERP system (Enterprise Resource Planning). So rather than having retail sales managed by a stand-alone system, which then needs to be updated in the main accounting, financial or inventory system, the point of sale system is fully integrated with all other aspects of business processes. An integrated point of sale system combines all the advantages of a sophisticated cash register and fully integrates it with what is often called the back office system.

The advantages of an integrated point of sale system

Precise prices

One of the main advantages of a point of sale system is that prices are controlled via the Inventory Management section of the system. The cashier no longer depends on a price tag to calculate the price of an item. The system uses stock or product codes to retrieve prices. If barcode scanners are used, the item is simply scanned without the need for manual capture of product codes. Price changes are monitored in the inventory system and new price tags for shelves and products can be printed by the system. In addition, the system will recover all discounts. Scales that produce special barcode labels can be used to manage products sold by weight. The system will automatically retrieve the correct VAT rate for each item in stock.

Efficient inventory control (stock)

When the stock is sold, the stock levels are updated simultaneously. The result is the ability to effectively manage inventory holdings. Purchase orders can be generated when stock falls below an optimal user-defined level and stock can be transferred in a timely manner from warehouse to workshop. If there are several branches, the stock levels in all branches can be seen and the stock transferred if necessary. This type of inventory control prevents stock outs which result in lost sales and even lost customers. All inventory items that have serial or lot numbers can be tracked precisely. Stock sales reports and statistics can be extracted showing the top selling items, seasonal demands and other information vital to the owner and managers of the business.

Customer information

An integrated point of sale system will be integrated into the customer database. This allows special discounts to be given to specific customers and the implementation of loyalty programs.

Customers can easily settle their accounts at the point of payment and goods can also be exchanged or returned. In fact, POS can mean Point of Service. All of this means that the customer has a better point of payment experience, which improves customer satisfaction.

Better control

Unfortunately, in a retail environment, the possibility of fraud and theft is a real problem. A point of sale system can greatly reduce the chances of these events. System price control reduces the risk of using incorrect prices, and tighter inventory control, combined with regular inventory intake, can quickly identify inventory losses so that they can be remedied quickly. The integration of the point of sale system with credit card devices ensures that the correct amount is paid by customers, thus avoiding the intervention of the counter and providing better security to the customer. The POS system also offers the possibility of checking cash in the cash register using collection procedures and identifying differences in relation to sales received and cash in the cash register.

Speed

The implementation of a POS system will speed up the payment process. Using barcode scanners, the scanners scan the products, making the process quick and precise. Touch screens can be used when barcode scanners are not practical. Errors are easily corrected and with the use of point of sale poles, the customer can see the total amount to be paid when scanning the items. Once all items have been scanned, the customer can choose their payment method and the system will connect to a credit card device or otherwise calculate the change amounts. An invoice or cash register can be printed. There is very little manual intervention required by the cashier, which improves speed and accuracy.

Knowledge

A POS system means that transactions are captured and updated as sales progress. Because the system is integrated, there is a multitude of information that can be obtained, in real time and precise, about the company. Basic accounting functions are automatically taken care of and the system will provide information on income and profitability with the ability to drill down into specific areas. Sales data can be analyzed and forecasts can be obtained for future inventory requirements and sales. The retail industry is focused on margins and inventory management. An integrated point of sale system will provide the tools to manage all of these aspects.

The Xcentric Accounts Point of Sale (POS) system is unique in that it is an integral part of the entire Xcentric Accounts software solution. As such, it has fully seamless integration with all other aspects of Xcentric account functions, such as full ERP functionality which includes functionality such as manufacturing and cost of works, etc. Xcentric accounts offer the added benefit of being scalable due to its combination of switch bundles so you can best tailor your system to your accounting and management requirements and controls, regardless of type or size your company.