How to Protect Your POS System and other Valuables from Theft?

Small businesses were already fighting hard to survive against the monopoly of large-scale retail chains. Later on, the arrival of COVID-19 strikes those businesses hard with worldwide lockdowns. Over the past few months, a lot of small stores were looted. Those events were truly horrifying considering how a sudden attack could be disastrous to the finances of small business owners. 

Independent and small business owners, however, can take some precautionary measures to avoid some common hazards. Of course, there is no way to completely prevent break-ins and theft in stores. But it is always wise to plan in advance to protect and insure your store’s items. Do your own research to figure out the coverage of your insurance in case any damage or theft happens. 

Secure your POS system – The POS or Point of Sale system is at the core of business of every store. You can go for POS systems that are all in one to check out the customers and manage reporting and inventory of your business. You should regularly backup the POS data in the cloud and get the hardware secured by insurance. Ask the vendor whether they provide theft insurance when you claim a police report. 

Every year, theft of over $13 billion of items takes place from retailers, as per the reports by NASP. Burglars who break into a retail store usually look for valuable items and cash drawers. They may not pick the whole POS terminal as it is too bulky and heavy. Some convenience stores use tablet POS, which can be easily looted and is a very costly device. 

Due to these reasons, you may want to have a sizable unit which can have faster and better software, larger screens and other features like payment processing and customer loyalty programs. A lot of vendors offer such types of systems. 

If you are using tablet POS, you may ask your insurance company if they can cover the same on their policy and ask the vendor about their damage and theft policy. It is always recommended to lock your tablet up in any secure location like your safe. Some POS systems also have the added feature of anti-theft lock so they can be useless if they get stolen. 

Manage cash the smarter way – It goes without saying thieves break in with a motive to steal hard cash. So, it is always better not to keep a whole bunch of cash in your drawer. You may use several cash drawers. Even better, you can deposit the extra cash in your bank and keep only a small amount for change. You can use a hidden drawer to keep extra cash.  Alarms and surveillance cameras can also help deter such crimes. A burglar may not want to risk his identity in a store full of cameras. 

How Cloud POS Helps in Better Management of Business?

POS has always been used for payment processing, billing, and inventory and they were not meant to stay ahead with rapidly changing scenarios. Old POS systems were not capable enough to handle complexities and changing dynamics for different customers, multiple segments, large categories of products, and to stand ahead with international giants. Modern business needs modern solutions like multiple payment options and receipt systems like credit cards, cash, mobile wallets and other options.  

Flexibility 

You can easily access your cloud POS system remotely from any device. All you need is a web browser. You can easily access your inventory at the comfort of your home or from work, from a tablet or smartphone. You don’t have to be in store all the time to manage your stock. 

Along with managing your operations in your store, you can also do it from home, which is especially important considering the current scenario. You can easily use your system on the way and sellers can move around with their device. You can get the product details on the go and it can be very flexible. This feature is widely used in restaurants as wait staff can easily process orders to the printer in the kitchen and receive payments at tables. 

No need to pay heavy upfront cost 

You can easily install your cloud POS system on your existing computer or mobile device. So, there is no need to buy a separate system and pieces of equipment. You just have to bear the subscription cost and sign in. The price of the software program varies as per the number of inventory items, vendors and cash registers.  In addition, a low monthly fee is generally required. You might be charged with a fixed amount of fee or as per charges of credit card processing. 

Personalized to Your Needs 

You can choose from different options for your cloud based POS system and choose the best for your store requirements. You can even choose the features as per your needs like loyalty programs, marketing and accounting. You can easily control your staff with a management option. An effective loyalty program can promote your business and improve profitability at the end. 

Always stay up-to-date with your business performance 

You can easily upgrade your cloud POS system as it can easily meet your business needs and track your progress. You can add additional features, product lines and stores to your POS software. You should ask your vendor about cancellation fee or any charges if you don’t want to be locked on a vendor contract for a long time. Figure out the way data is transferred from system to the cloud. If any problem persists, make sure the provider will be there to help you. You should have a stable internet connection and software. This is the best thing about cloud POS.

Inventory Management for the betterment of Business

Inventory Management is a technology-based mechanism stipulated for a supply chain management system which keeps an eye on the inherent ingredient of your business from raw material to delivery of product and services.

Aspiration of profitability can be achieved by the ASPECT mechanism, where A stands for Accessibility, S for Sustainability, P is Productivity, E for Efficiency, C means Capability and T is Technology, these six mechanisms involve and interlinked entirely with one another.  

Commencement with T, Technology i.e Inventory Management, played a crucial role as it embraces all others and proficiently manages them, prompting them for the upliftment of business and create better opportunities to overlook the competitive virtual and automated world.

Enlisting your vendors helps to diminish your manual work aid to maintain sheets of your vendors and customers. By this one can update himself by perceiving his peddler credentials for comparing delivery of services on time, quality of product, the worthiness of their customer services etc regarding which one came to know how reliable to bring onward with an appropriate vendor, manifest the Capacity to operate varied vendors at a time.

Accordingly, demand and supply chain inventory management maintains data which inspires the productivity and deliverance of services, by which one can easily evaluate the commodity in demand and outmoded goods together with that product which generates more profit even though vacillation in demand because of the supply-chain mechanism which endorses the Accessibility.

Through scrutinizing and tracking the product one ensures the timeline of expiry of the product, assisting to formulate appropriate strategies to sell those products before getting expired. Simultaneously informing or alerting when the stock is dropped up to a designated benchmark which indicates the finishing of the product, encourages Sustainability by curtailing the downtime of the product, and demonstrates sound stock management.

Timely delivery of product one of the most worthy elements of Inventory management is an effective deliverance mechanism by which not only delivered product in time but embraces credentials and new business opportunities in terms of new clients shows the Productivity of the business pursuance.

Inventory management indemnifies the Efficiency of the product through cash flow and capital working mechanism.along with looking after the worker’s issue, try to quickly resolve through tactics and strategic mechanisms by alarming the respected body about it. As it not only vigilanced the macro issues but managed the grassroots level. 

Consequently, we will analyze how inventory management helps to improve profitability based on its ASPECT mechanism which thrive the business and pave the way to attain elevation in your work. By harnessing the innovative technology one can stimulate and prompt the business, this is possible with the inventory management system and its application.