More than just billing software, how a POS can help you administer your human and financial resources.

Back in the old days when billing meant hours of sorting through receipts and phoning clients who were delinquent in their payments, you probably fantasized about having a silent partner who could not only take over many of those tasks but do them flawlessly. Then along came your point of sale software and hardware, that beautiful marriage of equipment and programming that turned accepting customer payments from a drudgery into a breeze. This capability in and of itself makes modern POS solutions indispensable but did you know that it is packed with numerous other tools that can revolutionize the way you work with your staff and organize your entire accounting and reporting ecosystem?

Your POS system as a virtual human resources specialist.

To understand what role your POS solution can and should play when it comes to your staff, it is important to recognize its inventory and customer relationship capabilities. That’s because when you and your workers are fully linked in with all aspects of the products you sell, as well as with the customers who are interested in buying them, the entire operation will run more smoothly.

It is no secret that a happy, engaged worker is more likely to be productive and to pass their upbeat attitude on to other employees and customers. That level of connection happens when associates are linked with inventory and product information that allows them to provide buyers with excellent customer service. Your POS system likely integrates with a barcode scanner accessory, allowing you and your workers to have access in real time to product quantities at all locations and ensuring that you never run low on the stock your patrons want the most.

Additionally, today’s smart systems are equipped with a database function that lets you set up and easily run an effective loyalty program. When people are rewarded for their recurring business, they tend to come back more frequently and feel better about your store as a whole. That translates into more purchases as well as a more positive attitude toward the sales and counter staff they see when they come to do their shopping.

Finally, POS systems like Payanywhere’s Smart Solutions come with an employee management tool that will make hiring, as well as your day-to-day scheduling and communications, run smoothly. The system can keep track of everyone’s regular and overtime hours and can be tasked to send weekly schedules via email. In addition, you can easily make changes at any time no matter where you are, ensuring that communications are streamlined and uniform throughout your organization. This increases accountability and assists you in knowing at a glance where there are gaps or surpluses in shifts so that you can make the most of the human resources that are the beating heart of your business.

How the right POS system can help streamline your finances.

Your point of sale system is also a whiz at untangling what can often be a very complex web of invoices, receipts, and other important data. With the help of its built-in capabilities, you can make tax time much more bearable by reducing human error and increasing your overall payroll and invoicing efficiency.

It starts with automated invoicing, which can be used to send out payment reminders and confirmations with little or no effort on your part. The truth is that most late payments are caused not by your customers deliberately not deciding to resolve their bill; they instead occur due to forgetfulness. A simple friendly reminder usually suffices to provide you with your money, particularly if it contains clear information on how to easily make the payment. This leaves you only needing to deal with the more complex situations via a phone call or face-to-face discussion.

In addition, modern POS systems allow for easy reporting. All you need to do is to set the parameters for the financial details you want to retrieve. After just a few clicks, your system will spit out the information you requested in the form of a report that you can easily read, interpret, and pass along to all of your stakeholders. With these details at your disposal, you can make intelligent decisions about paying taxes while forecasting future product changes or expansion. Best of all, most of the threat of human data entry error is eliminated since everything is recorded and tracked automatically.

Today’s point of sale systems take much of the legwork — and guesswork — out of the daily operations of businesses of all sizes. If you aren’t sure about the capabilities your POS system has or if you believe you would benefit from an upgrade, contact your payment services provider right away. They would be happy to help you to get the most out of this silent but mighty virtual business partner.