8 BEST ACCOUNTING SOFTWARE FOR 2022
Information systems are becoming complexed, larger in size and in numbers due…
Business tools like the retail POS system are a must-have in every business.
It has been there forever.
But have you ever wondered how retail POS systems came to be?
POS systems have come a long way since the 1800s.
It has gone through significant changes that are quite similar to other types of technology from the most simple to the complex ones today, that are now more systematic and seamless mobile solutions.
The so-called ‘father’ of the first cash register is Mr. James Ritty, hailing from Daytona, Ohio.
Ritty was an entrepreneur dealing with pure whiskies, fine wine and cigars.
He was doing well with his business but realized that there wasn’t much money coming in.
He later on found out that he was being cheated upon by some of his employees.
So in 1879, Mr. Ritty invented a device that he made to keep track of his business.
He named it after him.
Hence the name, “Ritty’s Incorruptible Cashier.”
To protect his invention knowing that it has proven beneficial to his business, he patented it and later sold it to salesman Jacob H. Eckert who was the founding official of the National Manufacturing Company (NMC).
Eckert, on the other hand, sold his company to a retail coal shop owner, John H. Patterson including the rights of “Ritty’s Incorruptible Cashier.”
And the rest is history.
Patterson’s company was renamed National Cash Register (NCR) and has since evolved to be a technological company known to provide several professional services and electronic products worldwide and the cash register has developed into a staple in retail business.
But much has transpired since then and cash registers have been overtaken by digital innovations and have changed the way people make and receive payments.
Cash registers are now a technology of the past and business owners now focus on technologies that offer greater flexibility and control.
Similarly, the days of basic POS systems are gone and they are now continually morphing.
Other growing businesses demand features that did not exist 20 years ago.
The change is real as traditional POS systems remain to be a thing of the past and the clamor for an integrated retail POS that offers other functionalities is persisting.
In fact, a good and reliable retail POS (point of sale) system can be the biggest asset for any business.
It can be described similarly like a movie-making team of experts working behind the scenes to make sure that everything is showing quickly and efficiently as directed and planned.
With the evolution of the retail POS it can now track sales, inventory, cash flow, and many more.
The retail POS systems today have developed into the most sophisticated, powerful, and user-friendly system.
It can perform not only the basic tasks but are now integrated with accounting and can now produce the financial reports, inventory tracking & management, customer relation management (CRM), service management, operation reporting, and for some payroll management.
From the traditional and bulky consoles, retail stores now enjoy a wide variety, especially those with thin and sleek mobile phone devices that enhance customer experience.
The new retail POS allows business owners to have easy access to strategic management tools in a centralized dashboard.
There is more convenience and they no longer have to go through the hassle of running reports on multiple systems.
For small to medium-size business owners, they now have a much affordable access to powerful data right at their fingertips.
The benefits that a POS and inventory management software system bring is perhaps the best thing that any business can experience.
Because of the power of the internet there are other features that have been possible like online ordering, loyalty programs, rewards systems and for others, cloud based POS systems .
From among the most notable and helpful qualities of the retail POS system, ability to collect information from recorded transactions is the most beneficial.
This is a crucial consideration in making smarter and more strategic business decisions.
The retail POS is definitely here to stay.
It has the ability to integrate.
And that is what matters most.
It practically covers everything from inventory data and sales data to marketing loyalty campaigns and more.
This way, the new POS and inventory management software integrates and streamlines financial data, product and customer insights into real-time data.
Retail POS systems can help provide a clear picture of both sides of the transaction – from the business side and the side of the customer.
Looking at where retail POS comes from the bulky and shabby cash register, it has evolved to become the very heart of the business.
The future of retail POS will continue to grow with the changes in technology.
But one thing is certain: It will create more value for the business resulting in more efficient and time-saving technology.
Get hold of EasyPOS for your business.
For a free demo contact: https://human-incubator.com/easy-pos/