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There are many important considerations in running a successful business.
But for a business owner involved in retail, an integrated retail POS (point of sale) can be the determining factor, most probably considered the lifeline of their operations whether it is an actual retail store or online.
The demand for retail POS systems is increasing at such a fast pace. According to techradar.com, by 2025, the global retail POS software market is expected to grow almost a hundred percent from $17.66 billion to $30.86 billion.
In the Philippines, there is also a growing market of retail POS users because of the many benefits it can bring.
However, to leverage the complete benefits of a retail POS, a business owner needs an integrated retail POS system that will bring in many functions altogether and let it work seamlessly.
Let’s know more about what an integrated POS system is, and how it can make a difference to your business.
There are many discussions on POS integration but what is it exactly?
It is a streamlined connection and constant synergy between your retail POS software and your restaurant accounting and operations platform.
This is where all the work and constant coordination take place.
With POS integration, your operations platform can pull detailed data directly from your retail POS in real time.
The integrated platform now automatically records transactions on daily sales and data of labor entries into the accounting general ledger.
This means that the retail POS system goes beyond the acceptance of payments and processing of transactions.
It is more than the delivery of simple retail POS reports.
There are platforms that provide customizations for integration but this comes with a price tag.
A real and dependable retail POS can be easily integrated and can create complete compatibility among all the other working components.
An integrated POS system that seamlessly integrates with your accounting platform can help unlock key data collection about daily sales and labor.
With the entries made by manual POS data entry, the company’s general ledger input is streamlined and errors are reduced.
This means there is more accurate and sustainable data that is generated.
Aside from ensuring accuracy in data it also saves a whole lot of time for employees, managers, and especially accounting personnel.
Aside from the accuracy in numbers, retail POS integration can help strengthen your business strategies through customized reporting and accessibility.
When your accounting system reports are based on detailed data directly from your retail POS system, you can see in real-time your financial standing.
Any concern in your numbers whether it is caused by some loopholes in operations can be immediately addressed through data-driven decisions.
A fully integrated retail POS system enables insights within two main categories that can benefit both financial and operational reporting.
With this said, POS Integration primarily helps fortify financial reporting.
In other words, accounting is made easy with POS integration.
Here are the following:
Retail POS integration creates transactions in the accounting system and generates revenue, tenders, and discounts from daily sales.
This integration maps sales reporting and receipt details from the retail POS to the ledger, creating a closer look at detailed transactions.
By automating the transfer of data it is now capable of streamlining reports, hence, insights are now more accessible from one main dashboard where everything else is seen and accessed.
When financial reports and statements are automated, it is a sound practice, and more accurate and can help in making data-driven decisions about your business.
Take this as an example: With POS integration, you can generate a profit and loss (P&L) statement which is one of the most important reports.
This indicates the health of the restaurant business.
These reports provide figures and trends that are essential to help improve operations.
POS integration allows tracking time entries and providing labor expenses in your accounting ledger.
By automatically keeping track of metrics, such as labor as a percentage of sales, you are able to make the most of paying for manpower based on business trends.
Another thing is that POS integration makes you aware of employment decisions like controlling labor costs.
With POS and payroll integration, payroll processing is efficiently performed, saving you time and effort and sparing you the hassle of manually passing information to HR.
With all these, POS system integration with your restaurant accounting and operations components can help make your retail POS more than just a mere cash register.
It is an integral part of the growth of your restaurant
Set your establishment the right way by helping you manage day-to-day transactions and systematically putting all in proper business perspective.
With EasyPOS you can effectively use POS integration for your retail business and get to avail of the following :
For more details, check out : https://human-incubator.com/easy-pos/