Point of sale equipment does more than make sales and track total revenues each day. As a business owner or manager, you can expect your POS to put more tools at your disposal to run your operations smoothly, efficiently, and remain competitive in your industry. Prepare your small business to become more profitable with advanced software and hardware systems in place.
When you invest in new point of sale equipment for your small business, it’s better to search for one that has more features than what you’re going to use right away so that your software can scale with you as you grow. One industry is different from the next so make sure your POS has all the specifications and features that you need for your specific industry. Powerful, new features in point of sale equipment for your small business can help you save you time and money. Here are some of the most important features to be on the lookout for.
What Is Essential Point of Sale Equipment for Small Businesses?
A lot of effort goes into properly running a retail business. You oftentimes have a long list of inventory to stock and many barcodes to scan. Part-time and full-time employee hours need to be tracked for accurate pay schedules and payroll tax reporting. The storefront itself must be kept in order and function in a way that will get more customers into the door that want to make purchases. The right POS can help you manage the many different aspects of the business so it can continue to run smoothly. The essential POS terminal hardware for retail may include:
- Cash registers
- iPad or Android tablets
- Receipt printer
- Barcode scanner
- Touchscreen monitors
Although debit and credit cards are becoming the preferred way to buy, most businesses should still have a cash drawer. A cash drawer isn’t just for cash, but it allows you to secure anything of value, including gift cards. Combine a touchscreen monitor or tablet and printer to complete your storefront POS.
On the back end, you need software that can generate barcodes and a barcode scanner to input product inventory. On the front end, have a barcode scanner at the register to scan customer purchases to quickly complete the sale. Plan to purchase one to multiple scanners depending on the size of your retail store and number of registers. Another option is to have a tablet with software installed for a “credit card only” payment terminal which can cut equipment costs while also speeding your checkout lines.
POS software keeps a history of customer purchase data which can be used to develop forecasting models that you can use to plan your seasonal sales promos. Data can become one of your most powerful tools as you learn to leverage it to better track inventory patterns, the ebb and flow of your sales, and staffing-related needs.
What’s the Best POS for Bar and Restaurant Owners?
Restaurants and bars share many of the same business needs within a unique industry. One of these needs is food and drink menu management. A great POS software system should allow you to:
- Create and manage menus
- Run multiple detailed sales reports
- Update a live order from any POS
- Track employee hours and tips
- Manage food and beverage stocks
These are major categories, obviously, but not an exhaustive list of features to expect from point of sale equipment for small businesses. Your system should also combine business reporting software with:
- Cash registers
- iPad or Android tablets
- Receipt printers
- Touchscreen monitors
- EMV capable credit card readers
Customer data features allow you to keep a record of what your customers buy so that you can study purchasing behaviors to create a more personalized and optimized dining and bar experience.
POS Systems for Salon and Aesthetic Services Providers
A highly-personalized customer experience brings extra value to the services that you offer your clients in the hair and beauty business. The more clients you see individually as your salon grows larger, the more new challenges can arise. These challenges don’t have to be stressful to manage; instead, they can help you adapt and tailor your services to provide the unique experience that you want to offer to your loyal clients. Essential features for your salon point of sale equipment for your small business will include:
- Customized appointment scheduling options
- Staff and employee payroll and scheduling
- Inventory tracking and management
- Integrated payment processing
Enhanced features enable you to input more detailed information about the customer, such as email and mailing addresses, birthdays, family information, and the usual services rendered. Tracking client preferences carefully increases trust and rapport with customers and increases the likelihood of return visits.
Your POS should help you to show you care about your customers by better maintaining those relationships and creating new sales opportunities down the line. One of the biggest benefits of a POS system is that employees and management can focus more on the customer service aspect of the business and less on counting receipts and inventory.
Better Operations Management with Your POS system
It’s okay to expect more out of your POS system. In addition to helping you manage your day-to-day business, a great POS will also generate the sales reports you need for monthly tracking and to file your quarterly taxes. Having the cost of goods sold (COGS) from your POS at your fingertips makes it easier for you to enter inventory data into your accounting software. Note that you should not need to change your accounting software—any POS worth its salt will have the capabilities to integrate with your accounting software. This data can also help you improve how you run your business with the ability to:
- Create balance sheets
- Generate income statements
- Develop cash flow statements
- Meet GAAP standards
talech has helped thousands of small businesses run better by providing them with POS systems that give owners better insight and confidence that they are making data-driven decisions. Whatever industry you’re in, a POS with a wide range of capabilities can help you create a working environment that you are excited to be in.
When you partner with talech for your retail technology needs, we devote our time to identify your business challenges. We use this information to work with you to provide innovative point of sale equipment for small businesses. Reach out to us today to sign up for a demo and to learn more about how talech can be your valued POS partner.