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What is POS or Retail management software and why it is required?

1

“The term speaks for itself”. POS or Point-of-Sale software is used at location where goods are sold to customers. All sales transaction are made through the software and stored in computer. You provide information like item description, selling price, quantity sold, amount of discount given, tax collected and a few more.

Since the computer records everything, it automates all kind of tasks for you. For example, it gives you a few reports on key tips such as sales for the day, day end report, tax registers, stock statement and more for any specified period.

This is just and example of POS software but there’s lot more to it.

Infact, a few good POS software works as a complete retail management system and does one or more of the following:
·         Point of Sale
·         Inventory / Stock maintenance
·         Financial / Retail Accounting
·         Customer Relationship Management
·         Management Information System
·         Supply Chain Management
·         Store Management
·         Automatic Order Generation
·         Planogram / Space Management
·         Electronic Data Interchange
·         And much more
Now you must be thinking that one or more of above listed features are easily available in any general business application or any standard accounting software. They simply track inventory and maintain financial books. They’re all same.

 

WRONG…

Every system is designed to suite specific need. There are some features or benefits in common because they share a common business model. But when you start evaluating you will find…
POS software is designed to suite your business
A retail or pos software is designed to suite the needs of a retail atmosphere where as a generic business application targets mass and do not cater to specific needs of retail.
Fast, Accurate and Time saving
Another advantage of retail software is they use barcode technology which makes checkout faster, accurate and there is minimal scope of human errors.
Integrated system saves time and money
Retail management software has add-on modules like loyalty programs, decision-making tools and reports, and also keeps financials in place. This saves your time as you have to record each transaction in only one system and also helps you in fast retrieval of information as and when required. Hence scope of human errors is minimized.