Cash Registers and Point of Sale (POS) systems are critical tools to create internal controls and manage your business.
SME business owners live, work and breathe their business. They understand how their business operates and how it is performing and therefore may dismiss the functions of a POS as being unable to benefit them. The view that POS systems only record transactions and nothing more is a myth. Using the right POS system will assist with daily operations, financial management, monitoring staff and reduce many business risks.
DO YOU HAVE THE RIGHT POS FOR YOUR BUSINESS?
Is the POS just a gigantic calculator?
What other functions would benefit your business?
How many buttons need to be pushed to process a sale? Time is money, so efficient sale processing is important, especially in peak sales times.
A user friendly POS will help eliminate errors.
Do you have to manually handwrite orders?
Once again, time is money, so an order should be able to be printed at the push of a button!
Can you reconcile your cash takings at the end of the day?
You must be able to determine if there is a cash or EFTPOS discrepancy at the end of each day as this will indicate processing errors or even potential theft.
Do you know WHEN you are selling?
Did you know that reviewing sales data can reduce your wage costs? When you know your peak sales times, you can roster staff to work only at those specific periods and can potentially reduce your labor costs.
Do you know WHAT you are selling?
Find out what sale items might need changing or re-pricing. This information is important when you calculate the profit margins on each item to determine what you SHOULD be selling to optimize profits.
How does sales information get from your POS into your financial system?
Manually transferring data from one system to another is time wasting. See if the two systems can be integrated to eliminate any bookkeeping tasks.
What do staff have access to?
Only managers and owners should have the ability to process refunds and discounts to customers. All staff should be accountable for the transactions they process.
Do you need inventory management?
Being able to conduct stocktakes is an important internal control especially for high risk items or alcohol.
DO YOU NEED TO UPGRADE YOUR POS?
Depending on the size, budget and operations of your business, there are many affordable and easy solutions to upgrading your POS to meet your specific needs.
Small businesses can benefit from having a system that simply automates and reduces the bookkeeping. Solutions can be as simple as using an iPad and a POS app.
Larger businesses benefit from systems that can be used to implement internal controls and can be standardized across multiple locations. Also automating and streamlining financial processes can save time on bookkeeping costs for transaction processing.
Ask yourself the following questions:
- What information can you obtain from your POS?
- Does your POS help implement controls?
- Can you save time with processing and printing orders?
- Are you behind with processing sales information in your financial system?
There are many POS options available on the market.
Enquire with Precision to find a cost effect solution that meets all of your business needs