Thursday, November 8, 2012

EPOS Touch Screen Technology Increases Profits

Stores with high product turnover rate can experience the financial benefits of an EPOS touch screen and built-in accounting system in as short as 18 months. An EPOS system can help in making critical decisions like what merchandises to drop from store shelves and when to reorder supplies. It also cuts down the time spent on cash management and record-keeping by automating some or all phases of retail accounting. With EPOS solutions, decisions can be done faster by avoiding delays in preparing cash statements and daily reports. Thanks to EPOS systems, managers and cashiers can do more things with fewer errors.

Almost all retail stores selling consumable goods use barcode scanners to input product information into cash registers. EPOS system is the collection of hardware and software used to process data from sales counters. Without an EPOS system in place, human errors, theft and product losses are more difficult to prevent. Computer cash registers alone are not enough to meet the needs of retail stores. Making sales report, trend analysis and flexible discount pricing can be done faster with EPOS systems. Modern EPOS systems are easy to deploy in many store outlets. Recent EPOS advances allow retail chains to easily manage their EPOS data in centralized servers. Since EPOS data can be shared remotely, store owners can look at the cash transactions of several outlets anytime.

Stores with no EPOS technology in place get overwhelmed with time-consuming stock analysis and record reconciliation. Real-time accounting allows managers to make more accurate sales projections and inventory analysis to maximize profits. Stores with EPOS touch screen can immediately check the availability of each product since every point-of-sale transaction will update inventory data, ledgers and other built-in databases. A store with hundreds or thousands of different merchandises would surely have fewer inventory errors if the records for all these items are updated automatically every time a transaction is made.

Theft and cash shortage due to accounting errors are easier to prevent with the help of EPOS technology. Bar codes eliminate errors in data entry and prevent employees from deliberately underpricing items to pass savings to customers they know personally. Touch screens can simplify store operations. Many cashiers prefer to use EPOS touch screen since it is easy to navigate and does not require too much keystrokes.

The size of retail operations determines what type of EPOS technology to use. There are EPOS systems for small, medium and large stores. For small retailers, a small cash register equipped with an inventory database, EPOS touch screen and simple accounting software will do. Cheaper EPOS solutions do not offer the same level of automation seen in advanced EPOS system, but they still do reduce accounting time and errors. For large stores, touch screens can be integrated with several external applications or off-site terminals to ensure continuous transfer of sales data. Basic hardware components and peripheral devices are usually the same for both small and large stores. Several EPOS systems are designed to work with third-party accounting software, so check for compatibility if you want to keep your existing accounting technology after EPOS migration. Stores with existing EPOS touch screen, cash registers and barcode readers can also improve the software-component of their EPOS retail system. Before migrating to a new EPOS system, make sure the application can fully support existing barcode readers and other input devices like credit card readers.

David Duncan is the sales director at EPOS Now. Based in the UK, this market-leading company provide great-value EPOS touch screen terminals in addition to complete EPOS solutions for the retail and hospitality sectors.

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