Every customer-facing business today needs a point of sale system that, at a minimum, can quickly record purchases, track taxes, and update inventory levels. However, the capabilities of POS systems can vary broadly from one another based upon functionality, price, and the peripheral equipment used. When you decide to shop for a POS, many factors come to mind, including number of employees, budget, and most desirable features.
Fortunately, cloud-based systems have made quick work of deciding on features since hundreds of functions are a standard part of the software screen display. You can also customize the POS interface and software for your business needs, including growth planning and forecasting. Scalable options offer a range from small to large businesses, at single or multiple locations for both eCommerce and in-store sales.
Point of sale system benefits now also include multiple analytical and reporting tools for managers that weren’t available to small businesses at affordable prices for many years. Modern, dynamic POS systems have so many powerful features built into the software that can run on a range of devices and allow you to use your POS as a hub for business management.
Point of Sale System Benefits Start at Personnel Management
Your most valuable assets are your loyal employees. However, personnel management can still be, at times, the most challenging part of a manager’s job. POS software developers were aware of the challenges of managing personnel and loaded it into a cloud-based system that can make your job a bit easier. Features such as payroll management, shift scheduling, and tax tracking are all data that can be recorded and transformed into the analytical reports you need to make smarter decisions about your business.
As administrator, you can grant a wide range of permissions based on job roles you assign. It doesn’t matter whether you want your shift leads to have the ability to run some of your reports or a temporary employee who needs only limited capabilities on your POS. You can input payroll data and employee information. You can also input and manage hourly shifts in your POS to ensure you have adequate coverage for as far ahead as you like to plan scheduling.
Every quarter, you’re required to calculate and file at least two types of business taxes (not all states have a sales tax):
- Payroll tax
- Income tax
- Sales tax
Cloud-based POS systems record all tax information required for your business. The software was designed to interface with accounting systems commonly used for:
- Retail shops
If you are already using an accounting program that you love, like Quickbooks, you can easily integrate it with your POS so that there is no disruption to your bookkeeping.
Inventory and Stockroom Management
Variable costs, by nature, are harder for your business to control than fixed costs. Variable costs depend on two primary factors: suppliers and sales. You can have a great month of sales, but profits take a hit if a supplier increases their prices right before you need to reorder. You can have a profitable month but miss revenue forecasts because inventory levels ran low, causing potential customers to go to a competitor. Real-time inventory tracking can resolve a lot of the customer-facing issues that can appear at the point of sale.
Point of sale system benefits can also help inventory managers introduce new products into a store and assign barcodes or discontinue them. When you own a restaurant or bar, you really want to set and then control the cost per menu item and the alcohol that you serve. With POS software, you can use features to track:
- Cost per plate
- Cost per drink
- Liquid stock
- Food stock
It’ll be much easier for you to identify what (or who) is causing a drain on resources with detailed POS analytical reports.
Integrated Accounting Management
POS systems for iPad and Android interface with most accounting software commonly used for all major industries. That means that you download sales results to calculate income taxes, payroll taxes, and the LIFO inventory values you need to report to the IRS. With analytical accounting features at your fingertips, you have the knowledge you need to make quick strategic changes to your business operations.
Transforming Business Management Through POS
Secure, cloud-based POS systems achieve just that—streamlined business management. Point of sale systems by talech pack many software-driven business intelligence features into an affordable package that runs on the device of your choice. You can add peripheral equipment as needed, integrate your eCommerce store, and empower your employees to hit new sales goals when you run promotions—whatever task you’re tackling, talech empowers smarter business management.
When you partner with talech for your technology needs, you get point of sale system benefits tailored to your unique business management needs. We deliver an innovative POS solution that levels the playing field and better serves your customers. Reach out to us today to sign up for a demo and to learn more about how talech can be your valued POS partner.