Key Roles of Retail POS Software in Indian Retail Business
The retail POS or Point of Sale equipment is a technology that is used for computer-based order entry. This retail POS software is utilized by most of the retail stores for capturing sale details, record other essential data and display & print bills.
The Capabilities of Retail POS Software
The retail POS system allows the employees to control the inventory right as the cash register with the help of point-of-sale (POS) software systems. The POS software keeps the record of every single sale when it takes place, so the accounts records can be up-to-date always. Better still, you can acquire much more data regarding the sale in comparison to what you could gather with a handbook system. Using running reports on the basis of this data, you can make improved decisions regarding the process of ordering and merchandising.
Let’s have a look at the key roles of retail Point of Sale (POS) software.
• You can evaluate the sales data; understand how well all the products in your store sell and manage acquisition levels accordingly.
• You can easily keep up a complete sales history to help to manage your purchase decisions for the seasonal buying trends.
• You can improve the pricing accurateness using incorporating bar-code scanners and the credit card approval ability with the retail point of sale system in India.
There are a number of prevalent POS software systems that permit you to utilize the add-on devices at your sales counter, together with the bar-code scanners, electronic cash drawers, receipt or invoice printers and credit card readers. The POS system packages often come with incorporated book-keeping modules with general ledger, accounts payable, accounts receivable, inventory control systems and purchasing. A Point of sale system is an all-inclusive way to monitor your cash flow of your business.
Features to Ponder in a Point of Sale (POS) System
Ease of Use
Search for some POS software with a graphical interface that is user-friendly.
Entry of Sales Information
Most of the systems enable you to enter the inventory codes either by hand or mechanically by using a bar-code scanner. Once the code is entered, the systems call up the sales price, calculate the price at numerous quantities and deliver a running total. Various systems turn it to get easy to record the sales data manually when required by allowing you to find the inventory codes on the basis of a partial merchandise number, manufacturing code, vendor or description.
The retail POS systems usually provide an assortment of ways to monitor pricing, along with the additional amounts, margin percentage, custom formulas and percentage of cost. For instance, in case you offer volume discounts, then you can set up several prices for each article.
Updating Product Information
Once a transaction is entered, the POS systems robotically update the inventory as well as the accounts receivable records.
Sales Tracking Options
Diverse businesses receive payments in different manners. For instance, servicing or repair shops often keep the bills open until the work is done, so they require a system that permits them to put their sales on hold. If you vend the costly products and permit the customers for installment purchases, then you might appreciate a loan calculator that arranges payments on a monthly basis. Moreover, if you provide rent-to-own goods, then you will require a system that can easily keep up with the rentals together with sales.
In the retail business, it is essential to keep a tight hold over the cash receipts to avoid shoplifting. Most of these systems put forward the audit trails so that you can quickly trace any flaws.
A number of POS systems can easily support various tax rates beneficial if you run a mail order trade and require dealing with the taxes for more than one state.
Reporting abilities available in the retail POS programs consist of sales, profits and costs by separate inventory goods, by the sales assistant, or by the category for the month, day and year to date. The Special reports can comprise of sales for every hour of the day for any duration. You can also build up various formats for the price tags, accounting statements and invoices.
The Final Word
Possibly, the most appreciated way retail point of sale (POS) software in India assist you in getting better control on your trade is through their reporting facilities. You can evaluate the complete sales data in a number of ways to govern what items are selling top at what hour of the day. Additionally, to understand everything from the best ways to organize shelves & displays to what advertisements are working good and when you should alter the seasonal promotions.