Meaning of POS
POS stands for point of sales. It refers to the place and the time where a transaction is completed. POS Software makes the transaction easy and smooth and records the place where the customer is paying for your service or good.
Work of POS Software
POS software not only looks after transactions and the place and time when a customer pays the money. It also helps in the management of the retail aspect. Not only does it process sales but it also has several other functions. It helps to keep an inventory and a system for membership. POS software keeps track of transfer of stocks as well as it helps to issue orders.
Invention of a Cloud-Based POS system
The cloud-based POS system was invented after the 2000s and was a tab bit different from the traditional system. It is not bound by the limitations of operating software and platforms. The invention of the cloud-based system has helped to incorporate in devices such as mobile phones. There is a lot less number of errors and bugs in the new, cloud-based POS software. The cost of start-ups has also minimised, and the data is now centralized. The information can now be accessed from anywhere in the world.
Importance of POS Software in Hospitality Industry
In the hospitality industry, the POS software keeps track of the sales, payroll as well as consists of registers and peripheral equipment. Records can be generated using a POS software, and that helps authorized parties to get access to the accounts. This has helped to improve the fast food sector as well as the registers are now connected to central servers and have touch screens as well. In restaurants, POS can place orders in the kitchen and even generate checks for the guests. Some restaurants even have wireless POS. In hotels, orders can be transferred from one room to another using this software.
Importance of POS Software in the Retail Industry
The retail industry is the leading user of POS software. Most of the retail outlets have POS software which has a debit or credit card reader and a register. Sometimes credit or debit card processing devices, conveyor belt, and many other devices are also present. The main job of the POS Software is to manage function related to customers. This may include issuing of gift cards, loyalty points, discounts, promotions and several other functions. The POS software is also responsible for keeping track of the sales and analyzing the loss and the profit from the sales. Retail outlets such as hardware stores, electronic stores, superstores also need POS software. However, certain security measures need to be taken to make the POS software more secure and less vulnerable to thefts. POS software aims to make your life easy and reduces the occurrence of errors. Thus, it is considered a good investment both hospitality as well as retail industry. Author Bio: I am Rishikesh Pillai working in POS Software Company – HDPOS Smart as Marketing Manager.
