We are living in the era of digital billing, gone are the days when shopkeepers made bills using pen and paper. These days bills can be made using Point of Sale (POS) software for retail shops. POS software can transform your business in several ways.
In this blog, we will understand why POS transactions are most important in today’s competitive business world. Let’s get started.
What is POS Software?
POS stands for Point of Sale. As the name suggests, it is software that helps the shopkeepers maintain all the transactions digitally in a single place. Be it purchase, sale, or expenses, POS software can track all financial transactions. It allows you to scan each product using a barcode to key in the product details in the system. Moving forward, let’s understand the benefits of using a POS machine in your business.
Benefits of POS Software
Some of the benefits of using retail POS software are as follows:
Boosts Efficiency
Creating a bill traditionally takes time and you have to use your brain actively to do all the calculations which can reduce your efficiency if you continuously keep on making the bill. On the other hand, creating bills digitally allows you to create bills digitally and it does all the calculations automatically, which saves time and also boosts your efficiency to work even for longer hours.
Reduce Human Errors
While working for long hours or doing complex calculations, human beings tend to make mistakes that can hamper your accounts at the end of the day and may impact your revenue. Conversely while using POS software, the calculation is done automatically by the system which ultimately assists you in working and less human errors.
Manage Live Inventory
POS transaction allows you to track your inventory live. That means when you make a bill using a POS machine, the software automatically deducts the stock after the bill is saved. Suppose you run a grocery store and you have a stock of 50 oil tins. When you sell an oil tin and make a bill for it, the system will automatically deduct it from the stock and bring it to 49 which allows you to know the livestock of any item. Moreover, it alerts you if any particular item is going to get out of stock so that you can place an order with your supplier on time.
Use from Anywhere
POS software allows you to use the system on your mobile phones as well. That means even if you are traveling, you can have a look at the sale or purchase of your shop even while you are in a different part of the world. Typically, point-of-sale software has the flexibility and you can log in to multiple devices as well.
Data Security
You can secure data of all the transactions and allow access to the POS system only to authorised persons. The best POS system allows you to limit access to limited users and is end-to-end encrypted, keeping the data secure.
Maintain Customer Relationship
In POS systems, you can feed customer data such as their contact number, address, date of birth, anniversary, etc which allows you to retarget them and maintain a long-term relationship with them.
Prepares Accounts Automatically
POS systems create accounts for you automatically such as expense books, profit and loss statements, etc which are very complex to create if you make them manually. That means you can access these reports within a few clicks from your POS software.
Ease in GST Compliance
GST is compulsory if the value of goods sold exceeds INR 40 lakhs in a financial year if you are selling goods and it is compulsory over INR 20 lakhs if the revenue crosses INR 20 lakhs for service businesses. A POS software charges GST automatically for different products as set to it for different products which makes it easier for you while filing GST every month.
Better Customer Experience
When you create bills digitally, even your customers get a good experience as they get printed bills with a thank you note on the bottom and they can checkout quickly when things are digital.
Better Employee Performance
When you use a POS machine, the efficiency of your employees also increases because they can create bills quickly and everyday tasks are less stressful.
Also Read: 5 Tips To Take Your Business Online
Conclusion
With the points mentioned above, it is evident that having POS software in your business is a must as it increases efficiency, saves your time, and gives a better experience to your customers.
Captainbiz is all-in-one GST Billing Software that allows you to organise your invoices in one place so that you get paid on time, control your inventory and grow your businesses smoothly.
Frequently Asked Questions (FAQs)
Can the POS system save from human errors in billing?
Yes, the POS system allows you to make bills with ease and automates the billing process which reduces the chance of human error.
Can I use POS software for customer relationship management?
Yes, you can use your POS software for maintaining relationships with your customers as it stores all the information you key in while making the bills.
Can I use a POS system for my small business?
Yes, POST systems are suitable for small and large businesses both, every type of business can have a POS system to organise their inventory and billing.
Does the POS system make sales analysis and trends?
Yes, POS software makes sales data and trends automatically which can be used to make business strategies effectively.
What are the benefits of using a POS system?
A POS system organises your billing, allows you to make digital bills, reduces human error, increases efficiency and it also tracks the live stock of your shop.