Below are just some highlights of the benefits you’ll reap just by selecting the right point of sale system for your retail business.

Saving Money & Service Excellence

Today’s retail software solution is built on solid retail business logic in such a way that it can cater all kind of needs of any retail store with end-user level customizations and streamlining costly business processes – adaptable for a single or multiple outlets. Smart sales reports provides a bird’s eye view of your entire business—focusing on high or slow moving stocks—allowing you to make more informed purchasing decisions.

Managing Business in More Efficient Manner

A comprehensive Retail solution definitely assures precise improvement in any retail business.

• Hassle-free in Inventory Management. Retail software will provide details on current stock of items, reminding additional stock requirement to smoothly operating the business, inventory cost estimations etc. Maintaining stock details and sales through a computerized POS system will provide accurate information the stock movement. Thus any theft, wastage, damage of items can be tracked efficiently.
• Auto calculation of tax. Professional retail software should be capable of all types of VAT and Tax calculations, with multi-currency facility.
• Proper anticipation of sales trends. Various MIS reports help to forecast sales correctly so that you can stock more products that give you greater profits and fewer products that give you the least amount of profit. This will contribute to your business overall profitability and success.
• No longer checkout lines. Your customers will appreciate a quicker, more accurate checkout experience they will get from the right retail point of sale software. For faster credit card authorizations, select a retail software package with integrated credit card processing and high-speed credit card authorizations via an Internet gateway.
• Correctly examining sales & expenses. A complete retail software will provide you consolidated data on the money your business owes to different vendors (i.e. Accounts Payables) and the money owed by customers to your business (i.e. Accounts Receivable),  allowing you to monitor and control the collection and disbursement at any time – easily calculating daily gross revenue, cost and profit.
• Positive Decision. Trendy BI reports with statistics/graphs boost the strength of the software which eventually may provide shortened lead-time to respond (in making any strategic decision even) to any market changes.

You need good retail software that will allow your employees to spend more time on the floor helping customers and less time behind the counter. Using retail POS software will allow you to capture and store entire details of your customers, which can later be used for advertising, promotions etc. Retail POS software will help you to build a good will and healthy relation with your loyal customers by implementing customer reward programs. POS software also may help you to monitor customer queries & complains properly.

Needless to elaborate about ROI in retail software investment; every transaction is time-stamped, allowing you to identify your peak selling hours and increase staff during those times. Identify items that frequently sell in pairs (e.g., flashlights and batteries) and rearrange your displays and upsell to everyone. Proper utilizing the intelligent features of any good POS software positively boosts profits.

Example

Simple Chart of Accounts

Group headings – Sales, Cost of Goods Sold, Direct Expenses, Administration Expenses, Selling Expenses, Distribution Expenses, Establishment Expenses, Financial Expenses

Within each of these headings will be the individual nominal ledger accounts that make up the chart of accounts. Establishment expenses may consist of rent, rates, repairs

Balance Sheet Accounts

Asset Accounts —-

Cash, Bank Accounts, Accounts Receivable (Debtors), Prepaid Expenses, Inventory (Stock on Hand), Land, Buildings, Vehicles & Equipment, Investments & Stocks, Accumulated Depreciation and Other Assets

Liability Accounts —-

Accounts Payable (Creditors), Credit Cards, Tax Payable, Employment Expenses Payable, Bank Loans,

Stockholders’ Equity Accounts —-

Common Stock (Share Capital), Retained Earnings (Revenue Reserves), Drawings

Profit & Loss accounts

Revenue Accounts —-

Sales Revenue, Sales Returns & Allowances, Sales Discounts, Interest Income,

Cost of Goods Sold Accounts—-

Purchases and sales Expense All sales Expense Purchase Returns & Allowances

Expense Accounts —-

Advertising Expense, Bank Fees, Depreciation Expense, Payroll Expense, Payroll Tax Expense, Rent Expense, Income Tax Expense, Office Expense, Utilities Expense