There is one single item in both the retail and and restaurant industries that employees and business owners cannot do without. Whether it’s a traditional or electronic cash register or modern, computerized point of sales equipment, every business needs a cash management system in order to process sales, manage transactions, and accurately keep records and data.
Not all cash registers are created equal. They can range from simple machines with basic input functions to more technologically advanced devices that can perform a variety of functions that are used in tandem with pos software and other pos solutions.
While many modern cash registers can now perform some basic pos tasks, pos systems are entirely different. POS software is comprised of a highly advanced computerized systems designed to not only track customer sales, but simultaneously run a range of other functions, such as create specials and promotions, and keep track of guest preferences.
While more sophisticated cash registers can give employees and business owners a rough idea or breakdown of item sold during the business day, a POS system has the ability to track the exact amount of items sold and compare it to the the available inventory. This allows employees to see how much of a particular item is left in stock. Additionally, POS systems can notify you when low-stock items need to be reordered. This invaluable feature allows businesses to run a cost of goods report, which is an essential part of profitable business operations.
Also, keep in mind that cash registers do not have the ability to enter customer information and preferences, as well as monitory their purchase history. However, POS systems can do this, regardless if purchases are made over the phone, online, or in person. Employees simply need to enter the customer’s name in order to view past purchases.
Additionally, POS systems can assist in creating new promotions and marketing campaigns directly from the POS through tasks such as email capture and obtaining the customer’s phone number and home address. This customer tracking feature also makes up-selling easier for employees.
Another advantage POS systems have over cash registers is their inherent reporting ability, which integrates seamlessly with a company’s financial software by exporting relevant data. Reports are also highly customizable, allow business owners to easily identify trends in sales. Or, business owners can run reports to see which employees have the highest and lowest sales for a particular day or over a period of time.
In the end, the greatest difference is price. However, both are invaluable assets to all businesses, regardless of industry.
