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* Technical Specifications of the Software

Purchase Module

Purchase Return Module

Sales Module

Sales Return Module

Payment Module

Inventory / Stock Module

Collection Module

Cheque Management Module

Accounts Module

Security Module

* Setup Options

Company Name, Address, Phone, E-mail setup

Purchase/ Sales Tax percentage option (If Needed)

Location Setup option

Product Information like Product Group, Brand & Category Setup

Product Price, Unit Type,

Location, Division, Zone/Area setup,

Sales person and User setup

Customer setup, Supplier setup,

Chart of Accounts setup

* Purchase

Supplier Detail Information setup option

Auto Purchase No generate

Purchase Discount & Carring Cost option.

Supplier Name, Date, Time Tracking

Purchase Edit option (Password Protected)

Confirmation/ Approval of Purchase Order

Barcode Facilities

* Purchase Return

Supplier Name selection

Auto Purchase Return No generate

Purchase No selection, Date, Time Tracking

Purchase Return Edit option (Password Protected)

Confirmation/ Approval of Purchase Return

Purchase Return (Whole/Partial)

* Payment

Cash/Party wise Payment Option

Auto Payment No generate

Auto payment Date, Time

Payment Type (Cash/Cheque etc.)

Searching option for payment (Today/Current Month/Last Month/Last Quarter/Current Period etc.)

Confirmation/Approval of Payment (Password Protected)

* Sales

Sales Order generation by Sales Person

Quick Sales option (Mouse Click option)

Edit option Sales Order/Invoice

Discount option of any Invoice

Vat and Tax amount entry option

Barcode Option

* Sales Report

Individual Invoice

Daily Sales (Cash/Cheque/Due)

Date wise Sales Report

Advance Sales Report (any set date time)

Customer wise Sales Statement

* Sales Return

Auto Sales Return No generate

Invoice Wise or Menual Return .

Sales Return (Individual/Whole)

* Sales Return Report

Sales Return (Individual)

Date wise Sales Return

Customer wise Sales Return (any set date time)

* Collection

Auto Money Receipt No generation

Cash/Customer wise Collection option

Collection type (Cash/Cheque/TT/PO/DD etc)

Different option for cheque treatment like Cheque Bounce/Dishonor/Honored

Cheque/Deposited Cheque treatment etc.

Cheque Management Module

* Accounts

Group Wise Expenditure Entry Option.

Accounts Setup Chart of Accounts.

Journal Voucher or expenses voucher entry option.

Voucher edit option. (Password Protected)

Individual voucher reports

Date wise voucher reports

Date wise income statement

Date wise receipt & payment

Date wise cash book

Date wise trial balance

Date wise balance Sheet

What is The Point of Sale (POS) System ?

A point of sale system, or POS, is the place where your customer makes a payment for products or services at your store. Simply put, every time a customer makes a purchase at your store, they’re completing a point of sale transaction.

The POS serves as the central component for your business; it’s the hub where everything—like sales, inventory and customer management—merges.

As evident as the benefits of a POS system are, we found that 56 percent of single-store retailers are still not using one. Instead, we found, many are still using a combination of manual methods, cash registers, QuickBooks and Excel for bookkeeping.

So why have retailers not taken that step to POS yet? To begin with, implementing new technology—especially technology that’s central to your business process—can be scary and overwhelming. Retailers need to consider the negative consequences of failing to have a POS in place.

Software Components of a POS System

Every POS system comprises of software and hardware components that make running the daily operations of your business easier and faster. It’s important to understand what POS software options there are and what each have to offer.

When deciding what to look for in a POS software, Marylise Tauzia, product marketing and evangelism lead at Square, says ease of integration is imperative. “Flexibility is key. Ensure your POS vendor works with the payment processor/gateway of your choice, so that you can control cost. If you’re already using applications important to your business, make sure the POS can integrate with them seamlessly, so that you can continue using them.”

Hardware Components of a POS System

These are the common physical components required to get your POS up and running.

Monitor/tablet: Displays the product database and enables other functions, such as employee clock-in and viewing sales reports. Tablets—especially iPads—are popular for replacing bulkier monitors.

Barcode scanner: Automates the checkout process. Scanning barcodes pulls product info and adds it to the checkout total. Barcode scanners can also integrate with inventory management systems to automatically adjust stock levels.

Credit card reader: Since the EMV payment standard went live in 2015, secure and EMV-compliant credit card readers are a must-have. Non-compliant retailers face potentially huge losses on account of fraud liability.

Receipt printer: Email and text receipts may be gaining popularity, but paper receipts remain essential for providing customers with a quick snapshot of their purchase or returns.

Cash drawer: It may fade away in years to come, but cash is still king. Until then, you’ll need a secure place to store cash for transactions. Another benefit of cash: there are no associated credit card fees.

Key Features of a POS System: What to Look for When Buying

Many tasks in a retail store can be overly tedious and resource exhaustive. With the right POS system, retailers have the ability to simplify crucial daily business operations with greater proficiency. “Modern POS systems do more than just offer flexibility when processing daily transactions,” says Grullon. “They improve a merchant’s chances of success by providing them with tools to streamline business processes.” Our analysis with POS software buyers identified key features that retailers and restaurants look for in selecting a POS system:

Sales reporting -> Customer management -> Inventory management -> Employee management

Sales Reporting: On the surface, most POS systems enable you to look at your sales. The difference lies in how those numbers are presented, the ease at which data can be accessed and how much detail you get.

Your POS system should ideally be able to:

Generate detailed sales reports (based on product, hour, employee, total cost of items sold, total retail amount, net profit, profit percentage, gross margin) Provide quick snapshots and charts on your store’s sales performance

Inventory Management: One of the most important functions of a POS system, inventory management, at its very essence, keeps track of all products so you know when it’s time to order/or not order specific products.

Your POS system should enable you to:

Scan and count products digitally Manage your stock by creating product variations (size, color) Identify pieces of inventory with a unique serial number Track inventory levels across multiple locations Enable seamless ordering such as automatically setting custom reorders of best-sellers Consolidating purchases and orders in one order

Customer Management: Building strong relationships with your customers will lead to repeat business. A POS should have customer relationship management (CRM) to track all customer data.

Your POS system should give you the ability to:

Attach a sale/transaction to a customer Keep track of your customers’ purchase history Capture customer information such as name, age, birthday, phone number and email address Use email marketing to keep in touch with them More advanced systems will have a built-in loyalty program

Employee Reporting and Management: The performance of your employees can make or break the success of your store. Having the ability to set sales targets as well as know who your top performers are and who requires extra coaching will help increase sales.

Your POS system should give you the ability to:

Add employees to your system Create and modify schedules for employees based on forecasted activity Email schedules to employees Track employees’ hours weekly and over time Analyze who your top performers are

Choosing the Best POS System: Questions to Ask

If you’re choosing a POS system for the first time, start making a list of features you must have and talk to fellow business owners who are operating in a similar space. Ask what POS systems they’re using and what they like, or not like about them.

“Then start looking at solutions and make sure vendors cover the key points important to your business while also offering a secure, easy-to-use, easy to maintain and modern solution,” says Tauzia.

Usability and agility is vital in a POS. “It’s important to consider ease of use, flexibility in pricing, what actionable insights the system provides, data security, hardware durability and quality of customer service,” says Grullon.

Once you start talking to vendors, be sure to ask questions that demand definitive answers.

Some questions to ask:

Is the POS able to integrate with my existing software?

Do you have a website or accounting software?

Choosing a POS that integrates with your existing setup will save you time and money.

What payment methods can the POS accept?

Double check that the POS is able to accept chip-enabled credit and debit cards. You’ll also need to have a EMV-compliant POS terminal.

How much does the software really cost?

POS systems can cost as little as a few hundred dollars each month to tens of thousands for a made-to-order solution. On average, about 46 percent of companies spend under $1,500 a year on their POS software.

Is your only option to sign a contract?

Signing on a dotted line means you’ll have to commit to the service until your contract ends, even if you don’t like it.
Are there any hidden fees?

Find out if there are any hidden fees involved in payment processing. These can come in the form of activation, downloads, early termination, refunds and transaction fees for different debit/credit cards.

Is any hardware proprietary?

Choosing a POS software vendor that offers proprietary hardware can save you time while offering smoother functionality. However if you’re looking to customize your setup, a proprietary solution can be restricting as it’ll only be compatible with equipment from the same company. Next Steps in Buying a POS system

1. Research the most popular retail POS systems. We’ve compiled a list of the top retail POS solutions in our FrontRunners for Retail Management. These are the POS systems that are most recommended by fellow business owners for their usability.

2. Complete a retail software questionnaire. For first-time buyers, the POS market can be hard to navigate. This quick questionnaire will help you narrow down your options with what your business needs.

3. Read reviews from fellow businesses owners. Once you’ve come up with a shortlist of potential POS systems, check out what businesses like yours are saying about them. Finding out whether real people are satisfied should enable you to make an informed buying decision.

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