Point of Sale (POS) Systems Made Easy
Nick Roberts
I’m always surprised just how many retail businesses still measure their performance just by comparing current turnover with previous periods and cash in the bank. A successful business these days needs effective systems and up-to-date information and a POS system is just the job:
You can maintain control when you’re not there just in case your staff think you’re not paying them enough!
Totally consistency in prices (especially in different locations) and no more guessing prices or wandering around trying to find the price while the customer gets impatient.
Much better control over discounting, sales and store promotions e.g. you can look instantly at the cost price if someone asks for a discount.
Day-to-day control of gross profit margins, so important in any business e.g. why stock products with lower margins?
Less shrinkage and theft of stock e.g. obsolete stock can be identified along with stock which has gone missing.
Inventory control so you know exactly what items you have on hand or have been ordered and can access historical sales data.
The ability to start building a customer database for more effective and targeted marketing.
Quicker and more accurate transaction processing e.g. with bar code scanners you don’t keep customers waiting.
However, before you rush out and buy one, get advice from a decent accountant with experience in POS systems and speak to other retailers first - there are, unfortunately, some poor systems out there!
If you have any tax or business queries of any kind telephone 0800 ASK NICK, e-mail nick@abac.co.nz or use “Contact Us” on www.abac.co.nz. The information in this article is of a general nature and should not be relied upon as a substitute for specific advice.
