Point of Sale Definition
A good point of sale definition is a system that combines hardware and software that allows business owners track inventory and sales simultaneously. A point of sale system can help you shrink losses due to theft and sales lost due to lack of inventory.
POS systems also enable companies to manage special offer campaigns. You can also use a POS system to put a customer management program in place because the system can gather customer information at the point of sale, creating the opportunity for you to engage your customers with future targeted marketing information and customer loyalty and incentive programs. This can increase customer satisfaction, which leads to increased revenue.
Another Point of Sale Definition
A POS system is a bookkeeping assistant. That’s right. Point of Sale systems can aid with reconciliation, provide reports, cash flow, and even assist with payroll preparation.
Another way to define Point of Sale system is “streamliner.” A POS system can streamline a multitude of processes within your small business. For instance, a POS reduces communication time between order-takers and kitchen staff in restaurants. Certain POS functions and reports can be accessed remotely, allowing managers and owners to monitor activity when they’re away.
There’s an old phrase, “It’s all over but the paperwork,” which really means, there’s still a LOT of work left to do, because all business owners know running a company involves a lot of paperwork. The good thing about a POS system is that it can reduce the amount of paperwork involved in running a business, which means you and your employees can use the time saved in a more productive manner. This translates to a bigger bottom line.
So, what is the best point of sale definition? Point of Sale equals peace of mind!