Is the POS System Really Beneficial for Business Accounting?

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A lot of retailers prefer POS systems in order to make their accounting more efficient and foolproof. Choosing the modern POS technology really helps in daily issues, no matter what type of business you are running. Unrecorded sales, human errors, failed inventories to shape tallies, and time spent on fixing them are very common troubles that can affect your profitability in the long run. You can easily avoid these incidents using the best POS machine as it collects information and shows the status of your business and improves the same consistently. Here are some of the reasons that make POS the right tool for your business to manage accounting

Improved Efficiency 

You can really save your time on paperwork, accounting, scheduling staff hours, and inventories by installing a POS system in your business. It does all the regular jobs for you. This way, you can have a lot of time for serving the customers. You can literally make your business efficient with a reliable POS system and your customers will really love your store. 

Organized Information

Usually, accountants have to login to the clients’ software, gather several reports for the records, review each report manually, and enter the data to their accounting software at the end of the day. During this process, all of the accounting and operational records are unorganized. This way, you can save operational and financial records in balance in this approach and you can retrieve those records at any time. There is no need to look for the accountant to put all the reports together at the end. 

Improve Customer Relationships 

The POS structures have been really helpful to the retailers when it comes to save time and focus on managing customers. Choosing the right POS can be helpful to answer the queries of customers or interacting with them online earlier than contacting the customer helpdesk. It is a very common practice in e-trade where systems respond to the chats quickly. With the help of your business, quick remarks make customers valued and build loyalty. 

Inventory Management 

POS technology has great stock management features. From tracking the number of products in stock to putting reorder triggers together, the POS system can easily get you covered. It can save hours of inventory reporting every week. In addition, you can have real-time inventory information in real time with your POS System. It is something that even cash registers cannot deliver. 

Bottom Line 

All in all, you can save a lot of time and efforts using a POS system in your business. It can save a lot of man hours a bookkeeper takes to enter each document and process properly. It automates the accounting procedure and handles everything in a shorter time.  It can also reduce the expenses on operating a business while improving the end result and boosting productivity.

Importance of Table Management System for POS System

Delayed orders, annoyed customers, messed up kitchens and confused staff are some of the consequences of not having a modern and well-organized POS system. A restaurant POS system adds a lot of benefits with its modules like reporting, inventory management and table management system. In this guide, we will focus on the table management system. 

What is a table management system?

It is one of the modules of the POS system but it can also be bought separately from vendors. The software presents the layout design. Customization features are also available in which floor plan is much similar to the design of a restaurant. But others may come with a generic plan and provide an easy service. Users can take orders, check tables, and monitor seating time with it. Users can easily check table sizes on display. In addition, this system also sorts tables by categories like available tables, online reservations and the ones which should be cleaned. 

How does the table management system work?

Table management system is very easy to use. Staff members need a bit of training to use this system fully. The usage guidelines vary as per the vendor but they usually come with the same structure. It requires restaurant managers to add the design of the restaurant to work with it. A detailed floor plan should be created with all the walls, seats and tables, stores and sections.  This system is helpful for the restaurants to figure out the most attractive tables for the customers and which tables are turning slowly.

In addition, the software improves table-turning to improve revenue and place people where they should be. For example, it doesn’t seat a couple on a 4-seater table. It keeps big tables reserved for groups.  Users can check floor plans in portrait and landscape modes. You can also add a 3D floor plan if you have one. You can assign staff members properly or lock waitstaff to a specific floor, table or section. You can also lead guests from table to table or reduce/increase seat numbers. 

Do you really need Table Management Software?

It has been designed with great attention to detail. The developers have added all the great features to deliver a lot of benefits of table management – 

Customers no longer need to wait for a seat as they can get orders quickly. Customers may want to leave and go to another restaurant, especially if they are hungry and they don’t have time to wait. So, it could be costly for you to make them wait to hear their names. When staff members rush and yell names among an annoyed and hungry crowd, it seems unprofessional. Luckily, technology has evolved and restaurants can now use texts or other devices to inform them regarding the status of their orders. Users can easily see the waiting tables with table management. 

Is Cloud POS Profitable to your business?

Cloud POS has come up as a great move from a client-server platform that most of us know. But it doesn’t turn down the merchants. According to a survey, over 6 in 10 merchants are ready to move to cloud POS systems. This system has a lot of benefits over traditional POS. 

About Cloud POS 

Cloud POS totally redefines the way we think of the POS process that is used by merchants to do card transactions. A traditional POS simply connects your POS terminal to the server. This way, you can catalog and capture transaction details, payment details, and other information for storage. 

The system depends on a vast network of routers, wires, and other devices to keep the pieces connected together. However, it may have some issues. For example, you need a lot of hardware components. In addition, a complex system is more vulnerable to errors, malfunctions, and even hacks. On the other side, cloud POS comes up with a lot of benefits – 

Cost-effective

Cloud POS is simply a software-as-a-service (SaaS). You don’t have to pay for license fees, hardware, and terminal fees. You can get regular updates and support from time to time for monthly subscriptions. 

Simple 

You don’t have to bear the maintenance of networks, in-store servers, and equipment. You just have to download the software and you can accept orders right away. You will simply get the updates from your SaaS provider.

Flexible 

A lot of small businesses consider native POS overpriced and limiting. On the other side, cloud POS is easily available with a limited budget. 

Security 

Instead of keeping all the payment details on a single server that can be lost easily, you can back up the information with cloud POS to a remote server. This way, it adds up security and protects your business and customers as well. 

Are there any drawbacks?

There is another side of the coin. You may find a lot of myths related to cloud POS. For example, there is a fear that the cloud is a ‘digital NO Man’s Land’ or unsecured. Irrespective of this belief, cloud POS is even more secure than native on-premises POS. Of course, there are worries of internet connectivity. But your data is still secured if you lose connectivity. You can simply backup whenever the connection is restored.  

Bottom Line 

In the end, cloud POS really overpowers the traditional POS when it comes to benefits. A lot of businesses will enjoy lower costs, improved processes, and better management of data and processing by switching to cloud POS. No matter how information is handled, you need to do everything you need to control risk to prevent fraud. All in all, opting for cloud POS can be one of the best choices for your business success.