Five reasons your retail outlet needs a POS system.

Running a business in this day and age of technology does not have to be hard. As new technologies and softwares are being created and improved day by day things have changed, and the way we do things has been simplified by these inventions because of their efficiency.

It’s now simply a matter of choice; will you choose to do things easily and efficiently by adopting new technologies? Or will you simply ignore and continue to laborious strain to complete tasks? Over the past couple of years, the retail sector has seen tremendous growth mostly because of various innovations created specifically for them. Many who have wisely chosen to make use of them, have seen their businesses grow and run smoothly. Though many, one such software which we will take an in depth look at in this article is the Retail Point Of Sale system. In short it’s termed ‘POS’. To summarise : "A POS software is a software package specifically created to simplify and make efficient the process of keeping track of sales, stock, receipting clients, and giving detailed analysis and summaries of the state of affairs of a company."

At this point you might be wondering if it is really necessary for your business to have a POS system. Perhaps, you would much rather continue using the 'pen and paper' method which has been in use for centuries.

When it comes to a POS for your retail outlet, it is no longer a question of choice, but rather it is now a necessity. Below are five good reasons why your retail outlet should move with the times and make use of a POS system.

01 - Detailed analysis of your sales

In business there is a common adage which says time is money, and that is certainly true. Every unnecessary second, minute or hours you spend doing something that could have easily be done by a certain software or machine, is time that you could have used to create more money. A POS system allows you to keep track of all sales records and refunds. No need to strain your eyes going through piles of papers, or a gigantic book, trying to see how the days’ sales went by. With a POS system all you need to do is print out a report, which will tell you everything you need to know for yourself or your bosses. There are daily, weekly and monthly detailed reports which will show how each and every product is performing in terms of sales.

02 - Keeping track of your company's stock

One thing most managers and business owners in the retail sector complain of, is stock ‘mysteriously’ disappearing. It’s a centuries old problem, that even stock taking cannot take care of, but alas with a good POS system you can rest assured you’re covered. A good POS system keeps track of your inventory, and notifies responsible personel when a particular stock item is running short.

03 - Accurate records

Not many people think that it is necessary, but having an accurate record of all transactions is very important. A POS helps to create and store records for you. Some even go as far as producing hourly reports on all transactions. That’s why you should always make sure to shop around for a genuine POS system and avoid pirated versions which are limited in functionality.

04 - Helps in making informed business decisions

If you have an accurate analysis of your transactions, you are able to QUICKLY make informed decisions for your company. For example, if you have bought a new product in bulk, you’re able to track its popularity by sales. If at a certain point you notice that it is not selling well, you can then immediately cancel your order, before you lose more money. For a popular product the logical decision would be to increase stock levels. The key is to QUICKLY and ACCURATELY take note of market changes. Nowadays the success of a business depends on how quickly it adapts to market changes. A good POS system will show you exactly how your products are moving, and also give you a detailed reports of your stock at any given time. Remember; no business is too small to employ such systems.

05 - Professionalism

Lastly, A POS system for any retail outlet exhibits a high level of professionalism to its customers and shareholders. Businesses that use modern technology show that they are considerate of their clientele and workforce.