POS represents Point of Sale which used to track the complete transaction between the product seller and customer. There are many POS system available on the market.
When you are purchasing at the retail shop you are completing the Point of Sale (POS) or Point of purchase (POP) transactions. To record that sale transaction retails using the POS System.
What is Point of Sale System?
Point of Sale System is synonymous with POS terminal that an electronic device used to perform the sale transaction and process the credit card payments. Every day sales transactions and operations are managed by the POS software which combined with a computer terminal. At simple words, the POS system is the combination of POS software and POS hardware that used to track the transaction and payment through POS machine.
A point of sale system is essentially used for inventory management, labor reporting, menu customizations, price adjustments, staff management, sales reporting, customer management, marketing initiates, and so much more.
Example of POS software
- Square – for credit card processing.
- TouchBistro – for restaurants iPad POS solution
- Poster POS – for point of sale and inventory management system
- Vend – for retail business
Types of POS Systems
- Restaurant POS Systems
For what reason is a point of sale system required for a restaurant? To accept cash and credit card payments the restaurants require a point of sale system. In addition to receiving payments, you should able to track all the financial and tax information. Restaurant POS have built-in reporting feature to monitor your transactions by date, time and type. Through the time clock feature, you can follow the payroll and track the inventory and food usage.
- Retail POS Systems
Retail point of purchase (POP) systems is mainly for retail environments. With the goal that implies you would never use restaurant software for a retail shop and vice versa.
Some software or Apps available on the market claim to be cross-platform, but that doesn’t mean you should ever use them.
Color and size matrix, inventory tracking, employee commissions, gift registry, customer database, layaway, and purchase orders, digital scale or barcode scanner for weighing or scanning items are features of the retail shop. You can also get the following report based on your transactions such as detailed sales reports, customer reports, vendor reports, and inventory reports.
Through this blog post, you can know about the Point of Sale Software and its few types. If you want a free demo on POS system for your business call us on + 65 6227 1797 / +65 6746 2613 or write to us on sales@ezaccounting.com.sg@ Hurry up!!
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