4 Reasons A Point Of Sale System Is The Best Choice For Your Small Business

  • By creekmoremarketing
  • 31 Jul, 2015

Decades ago, the “ring ring!” of the cash register signaled robust sales and a happy shopkeeper. Small business owners still love a busy cash register, but   our increased reliance on technology   may bring more headaches than joy. Sales go unrecorded, recorded inventory doesn’t match what’s actually in stock, and it’s tricky to accurately record cash flow. Switching to a point of sale system saves time, reduces accounting errors and permits sophisticated analyses of sales data.

What Is a Point of Sale System?

Technically, the “point of sale” is the location and moment at which a sale takes place. In today’s business parlance, a point of sale system includes a digital replacement for traditional cash registers. Rather than reconciling cash register sales figures with inventory using a manual system, point of sales technology allows real-time tracking and analysis of sales. At the moment a sale is made, the system records the sale and deducts the item from existing inventory. Point of sales systems are highly flexible and work in numerous business environments, from   Web-based businesses   to small brick-and-mortar outfits and restaurants.

Benefits of a Point of Sale System

As a small business owner, your time is too valuable to waste taking inventory or correcting errors made by your sales staff. Investing in a point of sale system can help you streamline workflow and grow your business.

Improve Pricing Accuracy and Promotions

With a point of sale system, you can easily run a promotion on specific items and identify goods that qualify for an advertised discount. It ensures your sales staff gets the promotion correct every time. You can also include additional pricing information, such as percentage of cost, margin percentage or custom values. This more sophisticated pricing information enables you to run new promotions and monitor the relationship between pricing and sales. This markdown management is one of the most valuable functions of a point of sale system, according to Entrepreneur.

No More Inventory Crises

With a point of sale system, inventory lists are automatically changed as items are sold or returned. This allows your sales staff to know exactly how many of an item are in stock. For many systems, you can set up automated alerts to let you know if inventory runs low.

Integrate Sales with Payroll and Accounting

Between your accounting software, sales information and payroll management, you’re swarming with programs that don’t play well together. Investing in a point of sales system brings your most important business information together. Many systems can track expenses, monitor customer preferences, and analyze sales data. For example, integrating your system with   Intuit payroll   allows you to track employee hours, calculate payroll taxes and factor in bonuses based on sales commission.

Check in Anytime

Perhaps you’re taking a much-needed vacation or hopping a plane to meet with a potential investor, but you still want to stay up-to-date about what’s happening on the home front. A point of sale system enables you to maintain control by monitoring sales figures and promotions when you’re gone. Plus, because your employees know you’re watching, they’re less likely to behave badly while you’re away.

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FKI is a statewide, not-for-profit, with the goal of strengthening manufacturing in Kentucky, a very important economic driver in the commonwealth. FKI’s Board of Directors is comprised of manufacturing, education, economic development and public policy leaders.
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“We are pleased to announce Chris Wooldridge, District Director of the Kentucky Small Business Development Center at the Murray State University Bauernfeind College of Business, will be joining the Board of Directors of the Foundation for Kentucky Industry. Mr. Wooldridge’s experience and expertise regarding business and economic development will be a great asset to the Foundation’s work of maximizing career opportunities for both Kentuckians and industry in 21st century manufacturing,” according to Mary C. Breeding, President and CEO, Foundation for Kentucky Industry (FKI).

About Murray State University SBDC: Murray State University hosts the West Kentucky Region of the Kentucky Small Business Development Center program.  KSBDC is a network of 12 offices located throughout the state that helps existing and start-up businesses succeed by offering high quality, in-depth and hands-on services. The KSBDC is a partner program with the U.S. Small Business Administration.
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By Robbi Meisel 06 Jan, 2017

LEXINGTON, Ky., (Jan. 5, 2017) – The Kentucky Small Business Development Center significantly contributed to the state and federal economy during the 2014-15 fiscal year, according to an independent study conducted by James J. Chrisman, professor of management, Mississippi State University. The study was completed in June 2016 and shows that small businesses working with the center increased sales and employment figures at a greater percentage than an average business in Kentucky. KSBDC clients increased sales by 14.4 percent versus 3.8 percent, and increased employment levels by 15.1 percent compared to 1.5 percent.

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“KSBDC staff work very hard to serve Kentucky small businesses. We are very proud of the results of this independent, third-party research and are very pleased with the impact produced by our network,” said Becky Naugle, state director.

The Kentucky Small Business Development Center, part of the University of Kentucky College of Agriculture, Food and Environment, is a network of 13 offices located throughout the state. The center helps existing and start-up businesses succeed by offering high quality, in-depth and hands-on services. KSBDC is a partner program with the U.S. Small Business Administration. For more information on KSBDC services, visit their website, http://www.ksbdc.org/ .

 

Writer: Roberta Meisel , 859-257-7668

 

UK College of Agriculture, Food and Environment, through its land-grant mission, reaches across the commonwealth with teaching, research and extension to enhance the lives of Kentuckians.

 

By Robbi Meisel 18 Oct, 2016

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Photo provided by the Kentucky Small Business Development Center –Patricia Krausman. ©KSBDC

 

Writer: Roberta Meisel , 859-257-7668

UK College of Agriculture, Food and Environment, through its land-grant mission, reaches across the commonwealth with teaching, research and extension to enhance the lives of Kentuckians.

 

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