Electronic Point Of Sale
Imagine if you can a single piece of equipment that can help your retail company in all capacities, be it financially, organisationally or the overall functioning of your store. This one piece of equipment would reduce your shrinkage, help control your inventory and create faster customer purchase interaction. It may seem too good to be true, but an electronic point of sale system can do it all.
In our ever-changing, technology-driven world, innovations sometimes come along that revolutionize the way you do business. Electronic point of sale systems are just one of these innovations. Because of their ease of use and multi-functioning capabilities, these systems can save you time and money.
What Can It Do?
As you make transactions with your new retail POS system, the electronic inventory system automatically keeps track of your stock, adjusting as the products are sold. This has several advantages. First of all, you can set up your system to send you a message when your inventory reaches a certain number, assuring that you will be able to order new product before your current stock runs out.
Secondly, you are more certain of which inventory has come in, and when it has been sold. This gives you better control over your assets, which ensures that you will be on top of any situation that may arise, such as employee theft. Because this system allows to you keep exact records of your transactions, you may check the status of your inventory on a monthly, weekly or daily basis. You are thus allowed to be in complete control of any developing situation. If inventory is beginning to disappear, which unfortunately happens all too often, you can be certain of when it was taken.
Fortunately, because these electronic point of sale systems are so exacting in their inventory control, employees are less likely to steal, because they know their chances of being caught have increased once the system is installed. In companies that are now utilizing these systems, there has been a proven 2-5% reduction in theft. To a company making $500,000 a year, this could mean a savings of up to $25,000. Needless to say, that is money put back in your pocket, as well as ensuring you will have more honest employees.
The savings that go hand in hand with theft reduction are not the only way an electronic point of sale system can save you money. The system operates quickly and enables you to choose what options are necessary for an actual sale. Using a barcode scanner can reduce checkout time by up to 50%. That extra time can be spent on store upkeep and customer service.
Time is money, and these systems save you both. Another way that electronic point of sale systems enable your company to save money is by being compatible with the other systems you use in your operation. A good POS system will be able to automatically update files created by QuickBooks. You may also print out detail reports at any time, for any information available on your system. You won't need to be doing calculations, additions and subtractions on a separate machine when you'd like to know invoice totals, detailed sales reports or employee hours.
The technological power harnessed by electronic point of sale systems help your company in all ways, whether you are looking to expand, organize or just run a more efficient operation.