Point of Sale or POS system is used widely across the restaurant and retail industry in countries and cities that are major tourist attractions and business hubs like Dubai, Bali, Las Vegas, London etc. This automated system allows business owners to track sales, food inventory, cash flow and can help to simplify your bookkeeping enormously. Since a high volume of credit and debit cards are used for making payments by customers every day, POS for high-end restaurants has become an absolute necessity in this tech-savvy age. A POS system not only tracks every dollar of sales, many POS programs also act as credit card processors.
Swiping debit or credit cards has become a safe and secure mode of making payments and increasing number of people prefer to use plastic money in place of cash. Having reliable POS systems across various counters also prevents employee theft by a considerable extent as it is impossible to alter checks in the computer unless the user has access to the password. There are many other benefits of using a cloud-based POS systems in the retail and restaurant industry that deserve to be mentioned in this post for better information of readers.
1. Detailed Reports: The essential feature of any POS system it can store plethora of information more quickly and efficiently, and eliminates the need to use cash registers (almost). The user has the facility to access and pull out any type of information from any terminal within seconds, directly through the central hub. You can easily get detailed and accurate reports on the fly and brings up to date and exact information about sales, items, time log, etc,.
2. Faster Checkout Speed: POS system primarily uses a bar code scanning and similar feature which enables faster transaction at a more rapid rate. Considerable transaction time difference is obvious when you make a comparison between the traditional methods and the point of sale process. POS system is faster and makes accessing date an easier process too. POS system makes using features so easy and simple that it’s just a click away.
3. Accurate Reports: Accuracy is the most important factor in industries dealing with extensive inventory. Even one single and small mistake can lead to a fatal error. Though human error is always possible, using POS for high-end restaurants makes calculation and database almost 100% accurate. Leaving aside technical errors, there can be no single mistake even to the 10th place of a decimal.
4. Fast Facts: Various studies have shown that standard keying of details by experienced cashiers is one error for every 3000 characters. The case with a POS system is completely different. For example, a barcode reader has a mistake in 15,000 to 36 trillion characters scanned. No doubt, the difference is huge. Traditional method involves a lot of mistakes and it is also costly to rectify those mistakes and faulty reports.
6. Easy Tracking of Inventory: A POS system tracks inventory much more easily as compared to traditional system. You get an accurate figure of how many items were sold in a day, week or a month. It helps retail businesses and restaurant owners to manage adequate amount of inventory in stock and make sure that no items never runs out of stock.
7. Improve Customer Relationships: Advanced POS systems not only make your hotel or restaurant more efficient and accurate, they also help to improve business-customer relationships significantly. New POS systems can devise a marketing strategy similar to loyalty programs, incentives and discounts. This will help to enhance your business-customer relationship and help to spread a good word about your business from new ones.