What Can An Epos System Track?

Point of sale (POS) system is a powerful tool that simplifies transaction management and provides valuable insight into business performance. What exactly does a POS system track? Good POS system tracks:

POS system includes many features that are useful to store managers. The listed below are things POS system can track:

1. Sales

POS system simply records every transaction made in-store or online. It records the date, time, and details of each product or service sold. It helps you track sales and stock levels.

POS system like EPOS Direct allows you to accept the payment method your customers choose. At the end of the day, you can also see the total number of transactions for each payment method you accepted.

2. Inventory

The POS system tracks your product inventory and remaining quantities in real time. The system automatically updates the quantities with each sale.

When you receive your inventory, simply scan it all and it's in the system. This system allows you to easily see how many items you actually have. It lets you know if any have been lost or stolen.

You can also set up certain POS system to notify you when your stock drops below a certain threshold, so you know when to place an order with your supplier. Using a POS also lets you know your current stock and allows you to better manage your inventory. It simplifies the difficult tasks involved in inventory counting!

3. Product Information

Cash register system stores a lot of information about the products you sell, including: name, description, price, and any discounts applied. The system uses this data to calculate the total purchase amount more accurately and quickly than you could do it in your head or with paper and pencil.

Cash register system also allows you to track items very accurately thanks to its serialisation features. These features assign unique serial numbers to items for their lifetime. This number allows the system, and the user, to track the item every time it passes through the store. Serialised item systems are especially useful if you offer rentals.

4. Customer Data

Cash register system records information about your customers. This information can include names, phone numbers, email addresses, purchase history, and more. This information can help you better understand your customer base and outline groups of customers (new, returning, belonging to a certain demographic, etc.). 

However, it is important to implement data collection and storage procedures that ensure the confidentiality of customer information and comply with the laws of the locations where you do business. It includes choosing secure checkout system.

5. Purchasing Suppliers

POS system allows you to connect with your suppliers, making ordering quick and easy. This connection also allows you to display all your products and their information (quantity, value, description, etc.) directly in your cash register system. Imagine how much time you'll save by not having to transfer everything yourself!

A good POS system allows you to track all your orders, giving you more control over your purchases and the products you order from your suppliers.

6. Payment Information

Your POS system is responsible for processing all transactions and recording payment information and invoices. This information will help you complete transactions later, keep your financial records up to date, and email invoices to customers if requested.

7. Returns, Trade-Ins, and Buy-Backs

When a customer returns or exchanges a product, the POS system captures the transaction and records the reason for the return or exchange and any other relevant information related to the refund or exchange.

POS system can help if your store is interested in purchasing items that customers want to resell later. POS system that tracks buy-backs and trade-ins allows you to buy and resell items at the same time. The system records repurchased products in the system, helping to speed up transactions and avoid errors.

8. Employee Performance

A good POS system allows you to see sales by employee, sales by period, and hours worked. It allows you to measure productivity and sales performance and calculate bonuses and commissions. The cash register records the hours worked and the access list for each employee.

9. Taxes and Accounting

The cash register system records taxes on products sold. It helps you calculate taxes and file tax returns. It also provides you with useful data for accounting purposes.

It helps you organise the financial management of your business and make sure everything is going smoothly. Thanks to the reports generated by the system, you can quickly determine the amount of tax to be collected with reduced risk of errors. Cash register system is different from accounting system.

10. Loyalty Programs and Gift Cards

POS system helps you track loyalty program member points and determine if they have enough points to receive rewards. The system stores all the information about your members, their purchase history, and how many points they have earned. It makes it easy to manage your loyalty program and the rewards you offer.

POS system also remembers gift card balances, making them easier to manage. You also have access to gift card reports where you can see the remaining balance and original amount on each card.

11. Rental

POS system accurately tracks rented products. You can rent items and keep track of all your rental records. It allows you to track rental details (late fees, rental date, number of days since the product was rented, expected return date, description, name, code and price of the product, customer name, customer phone number, employee responsible for rental and other  useful information). You can also increase your income by renting!

12. Repairs

If you offer repairs, POS system can help you track every step of the repair process. You can track used or missing parts and send updates to your customers. You can also set custom statuses.

POS system allows you to track the status of repairs, the number of days since the repair request, and all relevant information about the item in question with great accuracy.

13. Reporting

Cash register system collects a lot of data about sales, inventory, employee performance, and more. Today's POS solutions are often cloud-based, meaning transactional and inventory data is stored in the cloud and protected from unauthorised access.

Good POS system has advanced reporting capabilities that give you access to information about every aspect of your business. These reports include accounting, human resources, inventory, purchasing, loyalty programs, and sales. These reports can even be generated automatically.

The system also tracks the achieved profit and gross margin for products and services sold, so you know immediately if you have achieved your business goals. You save a lot of time by not having to calculate everything.

By analysing this data collected by the epos system, you can make decisions that help you optimise the management of your business and increase your income. You can learn which stores and which employees are performing the best and deserve rewards. After all, powerful POS system is much more than just a transactional tool. This gives retailer’s detailed insight into their operations, allowing them to track and manage multiple critical aspects of their business. From inventory management to collecting customer data to sales performance analysis, POS system is an essential ally to stay competitive.

Investing in the right POS solution tailored to your specific needs can help businesses optimise their operations, increase their success, and stay ahead of the competition.