Epos System For Inventory Management
Advantages of Retail Epos System
Epos inventory management system is an upgrade from the use of a cash register. SME’s who sell services and not products may be able to survive with only a cash register and a basic accounting system. If your business is product based, chances are you will in the end need to switch to at least a simple POS system. With a retail POS, you don`t need to worry how much stock you have available. The retail POS tracks that and you have the data at your finger tips.
A retail POS allows an entrepreneur to have more than one business location and adequately track stock at each without being present — no more worries over staff theft or pricing irregularity between one store and another. The supervisor can be away and not worry about staff theft. Staff efficiency can be maintained. POS system deals with those issues that result when the management is not present.
Another issue with more than one business location and stock management is that POS system help keep costs of stock stable from one location onto the next.
Epos system makes discounting prices and recording the markdowns simple. Rather than experiencing a heap of receipts toward the day`s end, the POS system figures the markdowns automatically as sales happen.
Like markdowns, if you want to promote your products, POS make it simple. Promotions, discounts and coupons can be tracked and the impacts of these promotions are tracked daily. Tracking the affect of promotions of products is difficult without a POS stock management system.
Which Type of Businesses Use POS Systems?
Retail businesses are the primary users of POS inventory management as tracking small units of stock are especially significant in retail. A few POS systems feed directly into a retailers accounting software for efficient use of the data. Also to the fact that they not only feed in stock numbers, but also sales, accounts receivable and returns and exchanges, along with multiple factors.
The restaurant business, particularly the fast food industry, uses the POS system effectively. These POS systems can handle customer-owners, processing payments, just as drive-through windows. Remote POS is used broadly in restaurants to call customers to tables, such as hotels and the hospitality business are also overwhelming customers.
Required POS Hardware
Depending upon the kind of business, the hardware requirements will vary. The POS terminal includes a PC of some design, a display for the customer to read, a card reader if the business accepts card and some type of keyboard system, scanner, receipt printer, and cash drawer. There might be other components included to the system based on the type of business and the complexity of the epos system the business has set up.
Maybe the greatest advantage of the POS inventory management system is that employees and the management can focus more on the customer service aspect of the business and less on checking receipts and stock. EPOS also allows the management to collect customer buy information to create forecast models and make detailed reports.