Whether you own a small business or a large one, a restaurant or a clothing store, as a business owner, the one thing you can’t succeed without is a cash management system. Whether it is a comprehensive computerized point of sale (POS) system or a traditional electronic cash register, every store needs a cash management system to manage their sales.
When you open your doors and turn on the lights, you need more than just a safe place to store your profits – you need to be able to quickly process your customer transactions and keep accurate records. When choosing between a point of sale system and a cash register, you need to consider your specific business needs.
Your Specific Needs
Before weighing the pros and cons of purchasing a cash register or a point of sale system, there are several questions to ask yourself to identify your company’s needs:
- What types of payments will your business accept?
- How busy is your location?
- What taxes will your business collect on a sale?
- How many registers will you need?
- Will you accept coupons?
- How many products will you carry?
- How will staff process refunds?
If you are already operating a retail store, restaurant or cafe, you probably have some of the data you’ll need to make an informed choice. If you are a new business, you may be initially concerned only with how the purchase will fit into your budget. By doing your homework and examining your business needs and goals, and understanding the cash management options available, you’ll be more likely to make an educated decision.
Point of Sale Systems Vs Cash Registers
In terms of managing your cash, both traditional cash registers and POS systems bring benefits to the table, depending on your specific business needs. Keep in mind that overall, a good cash management system will end up paying for itself through enhanced control of data, services, organization and improved sales.
Key Cash Register Benefits
- Low initial investment, however, may need to be upgraded within a few years
- Stores money securely and efficiently
- Easy to use — straightforward and simple functions and basic reporting
- Improves efficiency and transaction processing
- Provides required tax reporting functions
- Contains printer, keyboard and display in one unit
- Secure — no common PC issues or dangers of hacking or viruses
- Small footprint and power consumption
Key Benefits of POS Systems
- Adds value that will quickly recover its initial cost
- Handles greater product volumes. If your business is relatively large with numerous products, purchase a comprehensive POS system with a bar code scanner and product codes to streamline transactions.
- Provides tracking of sales, refunds, pricing, menus, time clocks, revenue maximization, and other operational activities
- Streamlines pricing, inventory control, stock management and ordering
- Detailed reports and analysis
- Provides advanced functions for restaurants, bars, hotels and other food service industry businesses, such as reservations and table management
- Has the capability to multiple transactions, such as events, rooms, meals and services, into a single invoice
- Improves customer service by handling large numbers of customers/groups
- Management of areas, such as departments, or tables, rooms and bar
- Back office integration
Before you make any decision regarding a point of sale system or a cash register, contact the right system solution provider to get detailed information about the warranty and support that will be provided for each type of system. Need more information? Contact us!