Small Business POS Software

The Whole Retail Package

For most business owners, technology is now a natural part of the everyday running of the business, and this is especially true when you begin to look at the way business interacts with its customers. Many businesses now use CRM software, or customer relationship management software, as this enables them to use the data they collect from their customers in the best way possible, which usually enables them to make more profits and revenue while serving their customers in a much better way.

However, one of the most important pieces of technology that helps business owners to get the best from the customers and serve them better, is POS software, and there is now such a wide range of systems available that any business can use this type of technology to save time and help the business run much more smoothly. One of the major types is small business POS software, systems designed specifically to help a small business run more efficiently. This article will take a look at some of the considerations that need to be borne in mind before buying a POS system for a small business and some of the advantages and disadvantages of the different approaches.

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Off-the-shelf package

The first thing that needs to be decided is whether to go for a custom POS software system or whether an off-the-shelf package would be better. The advantage of a custom-built system is that it can be tailored to fit the needs of the small business exactly, and this can be a great advantage in many ways. However, the disadvantage is the cost, since a custom-built POS solution is usually too expensive for the small business owner, especially when they are not sure of how this will affect their profits.

For this reason, many small businesses decide to invest in a ready-made POS solution, which can include both hardware and software, or perhaps just the software itself, with the hardware being bought on an ad-hoc basis, or perhaps with the help of a professional POS consultant. The added advantage of using a ready-made software solution is that it is extremely cheap when compared to the custom alternative.

Invoicing and stock control

The software is the main driving force behind any POS system, and one for the small business is no different. The software will usually be dealing with three main elements, which will include billing and invoicing, accounting, and stock control.

For most small businesses the billing and invoicing function of POS software is the most important, because this is where most of the transaction will take place. If you are dealing with a retail environment there will be a POS cash register, which may include a touchscreen to enable the cashier to quickly calculate the bill. There will also need to be the ability to carry out credit card processing, and of course a barcode scanner.

Inexpensive hardware

Luckily there are now some very cheap ways to get POS hardware, and as long as this fits in with the software solution you have chosen this should be no problem. The software should be able to calculate the bill quickly, and then enable payment to be done in a timely manner. But it is once you move away from the billing function and start to look at how a POS software system can affect the accounting function that the true benefits can be really seen.

The software should enable any data collected during the billing phase to be integrated straight into an accountancy package so that the accounts are always up to date and can be produced extremely accurately. There should be no need to input any data by hand, since there should be seamless integration between the checkout and the accounting function.

Accountancy POS modules

For most businesses this would be enough to help the business run extremely smoothly, but for those who really want to have a fully integrated system it is possible to go one step further and integrate both the billing and accountancy functions with stock control. Once the billing function has taken place, the software should link to a stock control system which will then register that a certain item has been sold. Once the stock level falls to a certain amount, the software can be programmed to order the item automatically so that the merchandise is constantly replenished and the stock level never falls below that which causes supply problems in the store itself.

A decent small business POS package is the Wasp Quickstore POS system from Informatics. Costing about $2,000, this software enables you to track sales, customers, and inventory. Integrated inventory management tools are included, including the ability to create discrepancy reports and reorder products. For more specialized inventory tracking, there is another Informatics product, Inventory Control V5, which costs around $500 and gives built-in reports to tracking sales data, sales graphics, inventory control, customized forms and the ability to print custom labels. For marketing software that can work with your POS system, look at Millennium Small Business Software, which enables you to manage appointments, review profitability and employee productivity, track your inventory and monitor sales and marketing programs.

Payment processor systems

If the business is not a consumer retail establishment, there may be a need for extra software modules, particularly some which enable internet transactions to be carried out, and deal with payment processes such as PayPal or other merchant account providers.

As mentioned above, the hardware can usually be bought once the software is in place. The POS cash register, barcode reader, and credit card terminal is a fairly standard approach for a popular solution. By taking the advice of a consultant you should be able to find the right software package and then buy the hardware once you know how the system will be developed. Once it is in place you may find that your small business will be much easier to run since the software can be a great time saver.