A POS, or point-of-sale system, doesn’t merely serve as a cash register: It’s a one-stop shop for handling transactions and managing sales, customer, and inventory data. That data is then available on-the-spot for making quick pricing and purchasing decisions.
Want to avoid grappling with stacks of paper receipts or spreadsheets to produce usable data? Here are five ways that your POS system like Quickbooks POS can help you make better decisions as a business owner.
1. Manage sales. A POS system allows you to see what’s selling — and what’s not — at a glance.
2. Manage customers. POS reports show you what customers are buying and how much they are spending.
3. Manage inventory. A POS system lets you see in an instant where inventory is low or high and make pricing and purchasing decisions accordingly. It can also track inventory across multiple locations, so that you know how many units of a particular SKU are in stock at that moment at any given site. A POS system also makes it simpler to spot the early stages of inventory shrinkage (so you can work to identify the root of its cause).
4. Reduce paperwork. With a POS system, you won’t be entering data in multiple formats or locations to create reports to make comparisons. The system gathers the data in one place and makes it easy to interpret.
5. Mind the shop. A POS system means you can “watch the store” without actually having to physically be in it. You can access the POS data remotely to see how things are going and what needs to be done.