If you’re investing in a point of sale system (POS system) to make checkout experiences faster and more efficient for your customers, it’s also worth considering other ways it can benefit your business. In addition to improving customer experiences, your POS system can help you reduce operational costs and improve your bottom line.
Utilize these seven POS system features and functions to lower expenses and get the greatest return from your technology investment:
- Optimized scheduling: With labor costs increasing, merchants are looking for ways to keep this part of their budgets under control. Data from your POS system will give you a better handle on which times, days, or events are likely to be the busiest — or the slowest — so you can schedule the right number of staff. The insights from your POS system can help you eliminate paying for unnecessary people scheduled during a shift while still having enough staff on hand to provide great customer service during high traffic times.
- Customized reports: With your POS system, you can create customized reports relevant to your business to optimize which items and services bring in the most revenue and how to best manage labor and operations.
- Time clock: A busy store, restaurant, or salon may make it hard for managers to account for the exact time that employees start work, take breaks, and end their shifts. Employees can clock in and clock out on your POS system, ensuring that you only pay for the time they work. By taking advantage of your POS system’s access control features, you can assign each employee a unique ID, so they can’t “buddy punch” for a late or absent coworker.
- Accounting integration: Your POS system may also give you the advantage of integration with your accounting system. Integration means that data is automatically shared with accounting, eliminating the hours each week you need to re-enter it — and eliminating the time it takes to fix errors that can occur when you rekey information.
- Vendor and distributor pricing: Your POS system can also provide you with information about your agreements with suppliers, helping you to get the best pricing. With data from your POS system, you can quickly see if buying a certain volume or placing orders by a specific time will help you keep costs down.
- Inventory management: Managing inventory manually can lead to overstocks that take up space, tie up capital, and often result in markdowns. Using the inventory management features of your POS system, you can track inventory and order products when they’re needed.
- Email receipts: Many consumers prefer email receipts because they’re easier to find and environmentally friendly. From an operational costs perspective, digital receipts mean your business will have lower printer costs and less paper to buy.
Use Your Time Wisely
We’ve all heard that time is money — and your POS system is designed to save you time. It automates many routine, manual processes allowing your business to run more smoothly. POS systems can also provide you with insights from data with just a few clicks that you can turn to when you make decisions about marketing, promotions, your business, loss prevention measures, and other aspects of your business.
Want to learn more about the potential ROI of a POS system for your business? Contact PlazSales.