There are a multitude of features a cloud-based pos system can offer, so it’s essential to understand your needs and the main features you require  before making your choice. Here are six features you should not miss when you’re looking to acquire new point-of-sale software.

Some important features of point of sale software covered in this article are :

  1. Invoicing: Selling, Buying, Renting and Repairing
  2. Inventory Management
  3. Customer Orders and Suppliers Orders Management
  4. Integrated Supplier Purchasing
  5. Consistent and Customizable Reports
  6. Multi-Store Management

1. Invoicing: Sell, Buy, Rent and Repair

One of the main functions of a POS system is to record transactions that your store made. Recording sales transactions quickly in your system is very important when waiting lines are growing, so having a software that allows scanning and selling products without wasting time is beneficial for a retail business. 

Some point-of-sale software allows a variety of invoicing transactions. Alice POS, for example, allows merchants to record and track sales, orders, rentals, repairs, consigned products, supplier purchases and inventory transfers. Let’s define what each of these types of transaction mean. 

Different types of invoicing possible with a POS system

Type of InvoicingType of Invoicing
SalesA POS system can record a simple sale and deducts the quantity sold from the inventory. Most stores allow you to print the invoice (if you have a receipt printer) or email it directly to the customer.
OrdersSome POS systems allow you to record orders taken in store. In other words, products that your customers would like to buy from you but you don’t have in stock, or that you don’t normally sell in your store. When the product becomes available in your inventory, you will have all the necessary information to quickly inform your customers the product is available. If your employees receive many requests for an item that you do not have in your inventory, offering the product can represent additional revenues.
RepairsSome point of sale software like Alice POS allows you to closely monitor your customer’s items that you repair in your shop. You will be able to repair items such as watches or jewelry for example, and track a variety of custom repair statuses very closely. If you do not offer repairs in your store, why not use this powerful feature to increase your revenues!
RentalsSome point of sale software such as Alice POS allows you to keep track of the products that have been rented in your shop. This way, you will be able to follow the rental items such as skates, bikes or skis, and the particularities of the rental (such as late fees) more easily. If you do not offer rentals in your store, why not use this powerful feature to increase your revenue!
ConsignmentsSome POS software such as Alice POS allows you to consign your customers’ products and share the revenue. Consignment can provide additional revenue for the business if it’s not already a service you offer.
Supplier purchasesSome POS systems allow you to manage supplier purchases. This allows you to have control over purchases and make sure you have the items ordered from the suppliers.
Inventory transfersSome POS systems allow you to transfer inventory between stores. This makes it easy to consult the products that have been transferred, the description and the reason for the transfer. This feature allows you to offer better customer service and to avoid missing sales in case of lack of inventory.

By having a cloud-based point of sale, your invoicing becomes easier for your store. It becomes much easier to manage customer and supplier invoices, because everything is in the POS system. 

For example, if you sell a product to a customer, the invoice will be registered in your POS system. Therefore, Since the software manages your purchase and sale data, it is easier to estimate your inventory. Fewer errors in your inventory deductions makes it easier to keep track of your products. In addition, if you have a cloud based POS system all your invoices are accessible wherever you go. You don’t have to go to your store to consult your data. All you have to do is to log in to your POS system and analyze your data. 

Some points of sale allow you to send the invoice to the customer by email automatically at the moment of transaction. In addition, it allows you to view all invoices that have been sent, whether it is a sale, a purchase, a rental, an order, or other.

2. Outstanding Inventory Management

A cloud-based point of sale allows you to manage your stock in real time and know the quantity of goods you own over a given period of time. When you receive your order, all you have to do is scan or enter your items and everything will be saved in the software. Once you scan all of your items, it will be much easier to know the quantity you have in your inventory for each article. This makes it easier to know how much you should have and how much you actually own. It is possible that the supposed quantity is not the same as the actual quantity because of losses, theft, etc… 

It becomes very easy to manage your inventory with this type of function. A cloud-based POS system allows you to know the current stock that owners have in their stores without having to carry out long and painful manual inventory checks on a regular basis. It’s easier to have a stock count report and to have control over it. 

If you are interested to learn more about the types of inventory control systems, click here.

3. Customer Orders and Supplier Orders

Sometimes your customers may ask you to put a product aside for them to buy later. The same happens when you no longer have stock of a certain item and a consumer is very interested in buying it. This is a customer order. As mentioned in the invoices, an order is made when you write down a customer’s contact information so you can warn them that the product they are interested in is now available in the store.

To create a customer order in Alice POS for example, all you have to do is scan the product code and put it in the customer’s file in the order module. Once the product is available in your shop, the clerk consults the order module and can see the product is available. The employee can then contact the customer to inform them that the product has arrived. The customer picks up their product and completes the transaction to finalize the order.

This function is effective for customer satisfaction because it helps the store meet the customer’s needs and ensure they are  satisfied with their purchases. This can lead to additional revenue for the company. 

A supplier order is a bit different from a customer order. It helps to plan your orders with your suppliers. When your shop runs out of stock of a product, simply scan the article and provide the necessary information to your supplier. It can be the quantity, price, etc. 

Once you’ve scanned the products you’re missing, all you have to do is complete the order transaction. If you are integrated with your supplier (which may be possible with custom development with Alice POS) then they can receive your order directly and prepare it. You can always modify your order at any time to change the information or even cancel it.

All your supplier orders will be in the software and it will be easy to make your orders thanks to the POS software.

To find out more about what Alice POS can do for you, contact our team by filling out this form.

4. Integrated Supplier Purchases

A POS system can also record purchases sent to suppliers. Supplier purchases can be  made to ensure the operations of the business and are considered necessary for good inventory management. Any purchases the shop makes can be directly recorded in the POS system for tracking purposes.

Inventory tracking will be easier to follow by having a POS system that allows you to make purchases with your suppliers. By having a purchasing functionality, it will be more simple to plan your orders with your suppliers in order to know the quantity you need. This will facilitate the minimum quantities you need to have in inventory and reduce your costs. Also, a POS system allows you to limit customer orders based on the amount of stock your store has in its inventory. 

Some software such as Alice POS can possibly be integrated with your supplier through custom development. Contact our team for more information. 

5. Consistent and Customizable Reports

A POS system allows you to have reports on various subjects such as accounting, sales, inventory, etc. It summarizes the company’s activities over a given period of time and makes it possible to know the company’s evolution. 

Reports will be easier than ever to create and analyze. Thanks to a POS system, reports are automatically created for several aspects of the company. This includes sales, contacts, prices, purchases, inventories, etc. By having reports for various departments, it will be easier to compare your company’s progress and set new objectives for your stores. 

6. Multi-store Management

Some POS systems allow you to manage several stores within the same software. In reality, most POS systems are made for single store or one location store owners, and therefore do not meet the specific needs of network stores such as franchises, buying groups and corporate networks. With a POS system that manages multiple stores, such as Alice POS, you can manage your data and optimize inventory for each store. With multi-store management, it is possible to customize each type of store according to their needs and manage them from a central location. 

With a multi-store management, the amount of work will be greatly reduced thanks to this function. The idea behind this function is to have one central account (Master or Head Office) that controls all the other stores. If the central shop makes a change in prices, products and so on, all other shops that are linked to the central shop will also have the same change as the central shop. This feature is a very useful tool for franchises, buying groups, corporate chains and those who want to expand their network.

So instead of changing the prices of each store one by one, several stores can be dependent on a Master account that can push key data changes throughout the network. 

Types of multi-stores

TypeDescription
FranchiseA series of stores grouped together under the same banner that have been granted the right to use the banner’s trademark under strict conditions.
Corporate NetworkSet of independent businesses grouped together under the same banner with more or less strict regulations.
Buying groupA group of merchants who come together to make joint supplier purchases in order to benefit from the advantages of the group (reduced prices, inventory management, etc.).

Alice POS is made for these types of store networks. If you are interested in learning more about multi-store management, click here.

These six functions are very important in a POS system. If your provider doesn’t have these features, it may be difficult for the POS to match a merchant’s needs. That’s why you may need these features that provide several business advantages. 

Time is Money.

It’s interesting to know the benefits of these different features, but what’s the advantages in the end? A point of sale system will simply save you time and increase your revenue. Indeed, these functions are greatly useful to manage your time in other projects for more profits and to reduce your costs. The fact that the software performs many tasks on its own reduces the workload. For example, knowing the current stock in your store and knowing your sales at any given time is a great time saver for merchants.

Traditional cash registers are expensive to install and often require professional assistance and maintenance to maintain. Costs are greatly reduced with a cloud-based POS system, as the software can be installed on a tablet or a computer.

Useful for Retail Stores

When you have a retail business, you have to be well organized to survive on the market. That’s why a POS system is a perfect tool for a retail business. It gathers all the necessary information in one place and it is possible to consult the information anywhere if it is cloud-based.

With a POS system, storescan have additional functionalities to increase their revenues. For example, cross selling, multi-store promotion management, standardized network pricing, advanced reporting, etc. A POS system is interesting for small and medium businesses. It allows savings for companies that want to reduce their costs. 

Multi-store

By having a franchise, a cloud-based POS system can greatly assist in franchise location management . The ability to manage POS features for a number of stores within the same software is an advantage that can help the franchise manage its stores and meet the specific needs of each store.

If you are interested in learning more about multi-site management, get in touch with our team! Alice POS is made for networks.

Single store

By having a single store, a cloud-based POS system can also be key in saving time and money. If you choose Alice POS, stores  that wish to expand in the future will already have a POS system that accommodates networks. It will be easier to see how your business is progressing and to have different types of stores in the future.

Cloud-Based Point of Sale Security 

Security is very important for a company, no matter the size, and it’s necessary to ensure that the data collected is accessible only to people who are part of the organization. The security of your POS will mainly depend on the supplier whose system you choose to use.. POS vendors have different security methods. So, it all depends on your security preferences and level of trust in the vendor. 

If you are interested in learning more about the security of point-of-sale software, click here.

Related Questions 

Is it worth having cash register software for my business?

Yes, depending on the type of business you have, it’s essential to have good business management practices. Having a POS system can help you manage customers, inventory, reports, etc… Small and Medium businesses can benefit from a POS system to manage their time and increase their revenue.

Is cash register software expensive?

There are many POS system packages, but prices vary depending on the number of functions the system offers. The price of POS systems are often based on a monthly subscription fee. Prices can vary from $70/month to more than $225/month. See pricing for Alice POS here.

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