WHAT IS POS ACCOUNTING?

Do you know the POS accounting stands for what? It is abbrevated from the words Point-Of-Sales or Point-Of-Service. POS is applicated forf retail shop, store, or any business which involve transaction.

Todays, there are many business owners look for the POS accounting software which integrated with web based whereas attach with a reasonable price. Here are the list you may check it out whether is the POS accounting software suited for your business scope and criteria before you purchase on the POS software.

Convenience Installation

If you previously had been facing problem on installing and spending hours on error, it‘s time to consider web-based POS system. Web-based POS systems are hosted by the provider and some even require no installation. By using this POS system, you don’t have to worry about software updates, backups, and system configurations. You will only need less time to run the system and allow you to spend more time running your business. The cost of purchasing online POS system is lesser than traditional system. Web-based POS system also allows you to run the system on any computer with internet connection.

Easily Managing Cash Flow

For people who are using standard POS system, you may need to pay in advance for the hardware and software, which may affect your cash flow. At the end, you will be paying higher than purchase price of the system. With the benefits of web- based POS system, you may only need to pay for small amount of monthly subscription fee. The fees are usually included software updates, maintenance, and technical support.

Improve Inventory Management

With the convenience of web-based POS system, you can track and manage your inventory in real-time, unlike traditional system where you can only see the update hourly or daily. You can manage the stock flow which are on-hand, in-transit, and on-order, then decide the stock to order and you can save up money without over buying the stock. If your business is located at different places, you can also check the inventory of each store. You can then order stocks for all stores in once, which save up your time and avoid multiple order. The staffs can also easily check if the stock is available at other branch if customer asked. Some web-based POS system can automatically generate orders for new shipments, so manager can quickly manage and approve the order.

Provide Comprehensive Reporting

As the data is instantly updated, you can generate reports showing weekly, daily, or hourly details with web-based POS system. You can also monitor sales, profits, employees’ sales attribution, and other specification. The report generated allows you to analyze the new sales tactic effect, employees’ performance. With the information, you can also address the potential problems and raise your sales.

Reduced Paperwork

Web-based POS system allow business owner to track the sales of all stores in the same database. Store manager or person in charge is not required to generate their own paperwork. As the stock orders for multiple store can be done together, few invoices are generated and help on simplify the accounting process.

Improved Customer Management

You can also access customer purchase information made at each store with web-based POS system. This allow customer to do their return and exchange process at any branches. You can trace the customer’s purchase history and tailor special offer for each customer. This can increase satisfaction of customer and they would refer your store to their friends and family.

Source from: http://point-of-sale.com.my/choosing-the-right-pos-system-for-your-business/ 

If you have any enquiry regarding the POS System for your industries, please do not hesitate to contact MILLION ACCOUNTING SOFTWARE.