POS Software InformationGo to products
Point of sale (POS) software is a program with a dedicated database installed on a computer or mobile device that is utilized to manage Sale transactions, Inventory, Employers, Customer records, Orders, and keep track of retail transactions.
Importance, Automation, and speed
Point of sale software is the main component of the Point of sale systems. The main purpose of POS software is automation, speed, and accuracy. Most businesses invest into the POS system to make sure that all records are properly maintained and process expedited.
Advantages of POS software
- No hassle of remembering everything
Data is input into the software through transactions, but users don’t really need to each retail transaction. Instead, the software keeps the record of everything.
- More accuracy
Contrary to the traditional system where cashiers had to enter every record manually, POS systems can automatically scan entries. The software stores the entry and the risk of inaccuracy is diminished.
- Detailed records
Another advantage of POS software utility is that it offers more detailed sales reports, which gives merchandisers a clearer idea of their sales and inventory.
- Thorough Analysis
Like we mentioned earlier, POS software creates detailed reports. The reports are available to the user, which makes it easier for merchants to manage inventory, flag items for restocking and analyze sales.
- Transparency of stock movement
As each sale transaction is recorded in a POS system, the software keeps track of things like inventory and cash earning. In this case, if anyone plays with the inventory or cash earned they will not be able to cover up their actions.
- Taking timely decisions has become possible
Without POS software, it was hard to tell which items are in demand and when a new stock should be restocked. With the help of the analytics tools in POS utilities, it is possible to make such decisions with ease.
Types of POS Software
- Mobile POS
Used to process payments and manage inventories on a mobile device. A suitable option if you travel a lot.
Most people who use mobile POS are street and market vendors.
- Terminal POS
You see this type of Point of Sale software at business counters. They are assisted by all the necessary tools like barcode scanners, cash drawers, etc.
Terminal POS are mostly used in restaurants, grocery stores, etc.
- Online POS
Online POS lets you process payments or manage inventories using your own phone or tablet.
Online POS is often used in small cafes, art galleries, and salons.
- Self-service Kiosk POS
This POS utility is intended for self-checkout.
For example, you want to prevent a specially-able person from standing in a large queue. In such a case, a self-service kiosk POS will be useful.
The history of POS software dates to the early American industrial period when general store owners used to keep a money box behind the counter. The money from every transaction was put in the box and counted at the end of the day.
Later these money boxes were replaced by cash registers. The biggest benefit of these machines was that merchants didn’t need to remember prices.
After that, came the era of bar codes that not just made it easy for merchants to sell their products, but also to track their inventory.
However, after the arrival of the Internet, POS systems have also advanced. Smartphones and tablets have made it a lot easier to manage sales and track inventories.