Name: Annabelle B.

Dimla Instructor:
Subject: Course: BSBA - Financial Management

WHAT IS A POS SYSTEM?

A POS system allows your business to accept payments from customers and keep track of
sales. It sounds simple enough, but the setup can work in different ways, depending on whether
you sell online, have a physical storefront, or both.
A point-of-sale system used to refer to the cash register at a store. Today, modern POS
systems are entirely digital, which means you can check out a customer wherever you are. All
you need is a POS app and an internet-enabled device, like a tablet or phone.

THE 6 MOST POPULAR POS FEATURES

1. MOBILE APPS

Most POS systems have applications for both Apple and Android tablets and smartphones that
enable you to use your devices for mobile checkout, ringing up customers anywhere on the
store floor or giving waiters the ability to take orders and payments at the table.

While most POS systems are dual-platform, some are exclusively for Apple or Android. If you
have a strong preference for one platform over the other, you should take this into consideration
when picking out a system.

Most POS systems are designed for iPads, as they are more user-friendly and secure, though
more expensive, than Android tablets. However, a few systems are designed for Android,
touting the platform's greater allowance for feature customization than iOS.

2. INVENTORY MANAGEMENT
Whether you're in the food service industry and need a menu rundown on your system or you
have a retail store and need to track product quantities, the type of inventory management your
business needs will determine what type of POS system you should invest in.

Although most POS systems include inventory management features, some are more robust
than others. If your business needs an advanced inventory management system, make sure
that option is available for your POS system or that it integrates with your choice of inventory
software.

3. CUSTOMER MANAGEMENT AND LOYALTY PROGRAMS

Loyalty programs aren't usually part of the core feature set of POS systems. However, several
offer loyalty programs that you can add to the system for an extra cost, and some POS systems
integrate with third-party loyalty programs.

4. EMPLOYEE MANAGEMENT
If your business employs multiple people, you want a POS system that can help you manage
them. As the system administrator, you'll be able to manage employee access to different
features of the POS system. For instance, you can grant permissions to certain employees or
positions to handle certain tasks, such as issuing refunds or voiding transactions.

Some POS systems can also track work hours with a built-in time clock and help you create
employee schedules. If you already have a time and attendance system or employee
scheduling software that you like, see if it integrates with the POS system.

5. REPORTING
Every POS system generates reports, but you'll want one that comes with the right analytics for
your business, since the depth of reporting varies by system. Will you need basic reports for
sales per hour, inventory management or other metrics?

Look for a system with customizable reports that allow you to filter data by date range and other
factors. You may also want to look for a system that allows you to customize how the data is
visually presented and schedule automatic reports to be emailed to you.

6. INTEGRATIONS
Your business is likely already using other types of business software, such as for accounting or
CRM. The ability to integrate those with your POS system may allow you to work more
efficiently, as the systems will automatically share data rather than require you to manually
transfer it between systems. Look for a POS system that can integrate with your existing
software and any that you plan on using in the future, as this will make it easier to manage your
business as you grow.

Top 10 Advantages and Benefits of a POS System

What are the advantages and benefits of a point of sale system? Below are some of the top
benefits of POS systems in a business.
1. FAST SERVICE

No one wants to spend hours in lines waiting to be served. Customers will also be tired of such
a business and would prefer to shop in stores with fast service. One of the most significant
benefits of a POS system is that it facilitates quick transactions as compared to the manual
method. Most of these systems come with reliable hardware such as barcode scanner, receipt
printer which allows your customers to be quickly served.

2. BOOSTS PRODUCTIVITY

Another thing about these systems is that they lower the costs incurred in the business. For one
reason, you might not need as many employees in your store with automation in place. You
should also note that these systems come with essential features which boosts the productivity
of your employees, like time management features.

3. INVENTORY MANAGEMENT

Unlike when you are using a cash register, POS systems come with advanced features which
allow you to manage your inventory efficiently. With a good POS, you can track the sales of a
product, and you can also know when it is time to upgrade your stock. These systems provide
essential inventory data which you can’t get from cash registers.

4. IMPROVES ACCURACY

Once you change the price of a product, it will be updated automatically – this will ensure that
the costs of all the products match the amount given to customers to ensure that there are no
discrepancies in the pricing of the products.

5. MANAGEMENT OF EMPLOYEES

You can quickly check the sales made by every employee. Apart from that, you can use the
POS to manage your employees and also reward them. This will motivate your employees and
it may lead to increased sales. A POS system also enables employees to manage their sales
statistics. With such details, it will be straightforward for them to know what they need to do
better to make more sales. A cash register isn’t advanced enough to help you with managing
employees, that’s why it’s usually best to buy a POS if you have multiple employees where you
need to keep track.

Moreover, you can track the activities of each employee by using unique identification codes
depending on the number of employees you have – this is one of the best ways to prevent theft
from your employees since they are aware that you are monitoring their activities.

6. LOYALTY MANAGEMENT

Unlike the manual method, POS systems allow you to track your customer’s details. You can
easily tell the best products for each customer. This can be very useful when you creating
product offers and promotions for your customers.

7. BUSINESS REPORTS

Most of the POS systems provide access to different customizable reports. These reports can
feature important information such as daily sales and stock management reports. Through these
reports, you can quickly check common sales trends such as which products are in demand –
this will allow you to organize your stock in advance or before a particular season.

Apart from that, these reports will allow you to identify areas where you don’t need to spend a
lot of money.

8. EASY TO UPGRADE

You will find that a traditional cash register has very few options to upgrade. The best thing
about POS systems is that you can easily add extra features according to your requirements.
These systems feature different modules that can be added to the software to make it better.

9. PREVENTS ERRORS
A computerized system helps to minimize errors unlike when you are using the manual method.
Mistakes can lead to incorrect processing of orders and may also reduce profits.

10. DIFFERENT PAYMENT METHODS

Customers prefer different payment methods when purchasing goods. One of the benefits of a
POS system like Harbortouch is that it allows you to add different payment options which suits
your customers such as credit cards, checks among other possibilities.