What is a POS software?
POS stands for Point of Sale. A point of sale system, or POS, is the place where your customer makes a payment for products or services at your store. For example: When you go to Dominos and the counter person clicks on screen and select the items you orders and a print out of bill will come, it is a POS system.
POS or you can say Point of Sale is a system where payment is made by the customer against the product or service at the store.
POS software is suitable for cash and carry stores like restaurants, grocery store. It is customizable but not at the end of person who is operating it. The person operating it has to i the products, quantity and enter customer details. For businesses like IT companies, consulting companies, wholesale traders, a billing software is much more beneficial.
Features of POS Software
- POS software is very simple to use as with a single click you can complete your task. If you want a quick look at your product goes for the POS system. If you are into the retail business and want to sell your products quickly go for POS rather than a normal billing software.
- With a POS system, you can get rid of cash and credit card payments. You can accept mobile payments from the customers. POS system also allows customers to split their payments.
- You can even create an account for different salespeople and set their targets. Every user will be provided a different password so that their account cannot be misused. This way you can keep track of their sales goals.
- POS offers better inventory management as you can track the real inventory with a single click. POS software will simply scan the items and the product will be added to your inventory after adding the quantity received. It will save a lot of time as you will get instant reports of your inventory all the time.
- POS system allows auto-filled orders where the order is automatically generated and saves you a lot of time. Moreover, it will keep a regular inventory count digitally. You need not waste time counting the inventory manually.
- It helps in better customer management as each customer has a profile maintained in the software. The purchase history of that client will also be maintained that will help you to deal with the customer whenever they call regarding their issues. Moreover, the custom properties can help you to decide what type of data you want to keep for your customers.
- Reporting under the POS system is very impressive. Whether you need a report related to a product, employee, or customer, you can get different useful reports that will help you in making decisions.
Billing Software
A billing software is a software to issue invoices with more flexibility. The person operating it can add products/services, add new customers and have complete control over it.
You can enjoy following benefits from a billing software:
- You can issue professional invoices and can print or share it with your client through email. You can even create duplicate invoices, add business logo and signatures.
- A billing software can file GST returns, generate useful reports, calculate taxes and issue GST compliance invoices too that will make your work easy and less time consuming.
- You can even create custom barcodes and professional quotations with the help of billing software. You can create your own bar code labels or generate bar codes for all the products mentioned in purchase order at once. Through customized professional quotations, generating invoice will become easy in just one click.
- You can create multiple rate slabs for different customers. Moreover, automatic notifications can be sent to the customers as reminder for payments. You can even send promotional messages using software that will enhance your sale.
- You can even get stock notifications with the help of software that will help you to know the right time of ordering the stock. It will notify you when stocks will be below defined levels.
- You can keep your business at tips at useful reports can be generated immediately with just one click that will give you the overall picture of the business.
- Billing software can even be used by multi users. You can set permissions for different users so that other users cannot access each other’s account.
- Import and export features allows you to export or import the data from other files and folders.
- You can even get instant reports of outstanding and receivables that will make you aware of pending payments and receipts.
Check out TaxAdda Billing software.
Before you finalize the software for your business, you should examine all current billing processes. You need to familiarize yourself with what type of billing software will help in the faster growth of your business. You should not pay money for software that includes useless features and that are not relevant for your business.
Every business is different and their requirements are also different. It is better to choose the right software for your business from the numerous software available in the market. It will save you a lot of time and will help in the growth of your business. Every software has its features and suitability. If you talk about billing software, there are many software available in the market depending upon the type of business you have.
Also Read:
Pro-forma Invoices
Invoice Terms and conditions for Indian Businesses
FAQs
POS stands for Point of Sale. A POS is a place where your customer makes a payment for products or services you sells. For example, when you go to dominos and the counter person clicks on screen and select items you have ordered and a print out of bill comes, it is a POS system.
POS system is a combination of software and hardware that enables retail staff to get customer details and generate a bill for the products/services purchased by customer.
POS is suitable for retail businesses where payment is made instantly by customer in cash/debit card/credit card etc.
POS is not suitable for businesses like IT companies, consultation, wholesale where payment doesn’t comes instantly after issuing bill. A billing software is more suitable in such cases.
