As consumers increasingly go mobile, so too must business owners. Retailers, restaurants and bars need to have an up-to-date point-of-sale (POS) system compatible with the latest technology that allows them to work offline and across multiple devices. Here’s how integration can be a boon for your business.
Why Integration Makes Sense
A crucial feature of a good POS system is software integration with your accounting operating system. Why? Because, among small business owners, 46% say bookkeeping is their least favorite task, a TD Bank survey found. And the National Small Business Association cites that time-consuming accounting tasks zap between two and three weeks of full-time work per year.
An integrated POS-accounting solution, such as QuickBooks Point of Sale Powered by Revel Systems, automatically syncs each day to update data—from summary sales to inventory—which virtually eliminates manual data entry and human error, not to mention it saves you some valuable time.
What Integration Means for Your Team
Your management can save time on training employees by adopting an easy-to-use, all-inclusive system. An integrated system offers a preconfigured touchscreen interface, which turns an iPad into a mobile cash register that takes orders, accepts payments, and tracks both inventory and customer accounts.
Your customers will also save time and avoid frustration. As we all know, slow lines make customers impatient and ultimately hurt business. But up-to-date POS systems often work offline, saving data to be processed once your system is connected again. This means you can keep your lines moving even when the internet is down.
When you combine these time-saving benefits with the convenience of the cloud, your business becomes that much more productive. Integrated POS systems allow you to use any device to access information anytime, anywhere. Plus, if your system is integrated with an iPad, the interface allows your staff accept customer payments from the counter, the store floor or the restaurant table.
First Integrate, Then AssimilateOnce you’ve integrated your POS system with your accounting software, it’s time to make sure you’re using the data to your advantage.
For instance, based on the purchase data recorded by your POS, you could adjust prices during a slower day of the week or establish a recurring sale during that period. Review accounting information afterward to see how these variables affect your financials as a whole.
As another example, if your accounting data shows you’re losing money on shipping costs, use POS figures to decipher which items require less stock so you can consolidate shipping processes.
Use POS and accounting data to determine how efforts like staying open an extra hour or raising prices affect your company’s profit and loss statements. POS data gives you the information you need to keep a pulse on your business numbers and customer buying preferences, allowing you to leverage that data to drive sales. For more tips on POS systems, see our guide to choosing the right POS solution for you.
Theresa Todman, Managing Partner/CEO of B&M Financial Management Services, LLC . Theresa specializes in bookkeeping, accounting, QuickBooks solutions, small business tax issues and consulting.