How to Choose the Right POS Software for Your Business

But as you start planning your POS purchase, you need a plan to find out which POS software has all the features your business needs, and which are the ones sure to hold you back.

Today, we’re going to help you make that plan! We’ll look at:

• What POS software is and what it does for your business

• What makes good POS software

• How to write your POS wishlist

• The major POS software players

Once you finish here today, you’ll know how to find your dream POS software and make your business flourish. 

Let’s get started.

What is POS software?

POS (point of sale) software is the digital headquarters of your business. A good system will make you feel at home when you’re working: comfortable and in control. Whether you’re making a sale, checking your stock or your finances, the POS software you use ought to feel easy and let you focus on trading.

But in concrete terms, let’s run through some of the core features of POS software and what they do for your business.

Processing sales

The most essential job POS software does is to process sales. Whether you use hotkeys or barcodes, it lets your staff populate a digital basket, tallies up the cost, applies discounts, and then syncs with a card machine so customers can pay with a debit card, credit card, mobile wallet, gift card, or any other form of payment. Either way, the POS software makes sure the sale gets processed quickly, accurately, and securely, keeping your queues short and your customers happy.

Sales involve a lot of key processes. For example, storing your product list and customer accounts so the software can find the product when your customer makes a purchase. Then, when the sale is made, the software analyses and stores all of the data from that sale so you have a complete record of what’s going on.

It may sound like a small and simple task, but processing sales is one of the most complicated parts of POS software, and this part of the technology is linked to everything your business needs.

Tracking inventory

Having the right products in stock at the right time is extremely important for your business, and good POS software plays an integral part in your stock management process. Every time you make a sale, POS software updates your inventory levels so that you can see exactly what your stock levels are, wherever you may be.

If your customer makes a return, when you restock, or if you move stock from one site to another, your POS software should always be accurate. But not only that, it should also be ready to alert you when you’re in danger of running out. Epos Now’s POS software does just that. It sends an email to you when a product reaches the level you deem the minimum required so you can avoid “out of stock” moments that cost you sales and customers.

Generating reports

Taking POS data and turning it into clear, digestible business reports helps you understand what’s really going on in your business. Whether it’s knowing your top-selling products, busiest hours, customer spend, or your staff performance, the information POS software helps to provide empowers you to make more effective decisions across the board.

Generating reports quickly, with detail, is a key component of effective POS software. A smart system with more reporting capabilities and better presentation of the data means managers spend less time figuring out what’s going on and can spend more time devising and enacting plans to improve trade, from creating promotions and marketing materials, to training staff to sell struggling products (or changing the product itself!). 

Staff management

POS software that helps you manage your team and payroll brings a major benefit to any business. Need to track hours, manage access and security, and monitor performance levels? Your POS software should help with that, too. Put in their hourly wage, and the system should even calculate how much you owe them.

Epos Now’s staff management system is an excellent example of this. The sales home screen displays staff names, so staff can select their profile, clock-in or out, then use a swipe card or passcode to login and make sales that are registered under their name, so managers know who made each sale. It sounds simple, but it’s complicated software that saves you a lot of time and money!

Adaptive technology: POS software apps

In addition to the core needs of your business, POS software continually evolves to meet further needs. Some of these are industry-specific, others offer common business features that not every business decides to use, such as loyalty programs, booking platforms, email marketing, or online ordering.

Many POS software providers work with third parties to create expansive networks of programs all working together to provide business owners with everything they need, all from one foundation. Accounting programs like Sage and Xero, ecommerce platforms such as Shopify, Delivery companies like Deliveroo: there are hundreds of apps all linking to POS software programs.

Whether in-house or through a third-party, POS software providers work to create a system encompassing everyone’s needs. Not every provider will have every tool you’re looking for, which makes it important to look into POS software before you invest.

Finding the right POS software for YOU

Once you understand what POS software does generally, the next step is to find a system that works for your business specifically. Not all POS software will fit your business the same way.

Establish what your priorities are from the outset, whether that’s scalability to make growing your business easier, affordability, apps that keep you adaptable, or sophisticated payroll software to help you manage your team.

To get you started, here’s a checklist of different areas you may want to consider when comparing POS system software:

Everyday use

• Is the interface simple and fast to navigate?
  Are you confident your team will be able to make sales quickly enough to keep queues short and provide the best service?

• Does it work smoothly and consistently?
  Look at reviews of the software; test it in conditions that match your business. Downtime will cost your business a lot, so you need to be confident you can trust this software with your business.

• Is it easy to fix mistakes?
  Beyond making a sale, can you see how to use tabs, access customer accounts, make refunds, and apply discounts?

Security and crisis management

• Does this software offer all of the protection you need for your business?
  Features like 2-factor authentication on login, passcode and swipe card access, as well as digital security and data encryption all keep your business and customers safe.

• Does it offer offline mode?
  Your business should stay operational even if the Wi-Fi goes down. A simple solution, such as an offline fallback, will keep you making sales even if you’ve lost Wi-Fi connection.

Inventory tools

• Does it update inventory accurately? What about real-time?
  A sale should automatically adjust stock levels to keep your inventory accurate all the time. How long do levels take to update?

• Can it track all the stock you hold?
  This could include weighed and measured items, but it could also refer to tracking stock across multiple channels. Can it track stock from online platforms and your main site with accuracy?

• Does it offer low-stock alerts or automated ordering?
  Good systems help you stay proactive, not reactive, when it comes to stocking up, so you never run out of your products.

 Data analytics

• Are reports easy to understand?
  You shouldn’t need an accountant to interpret your sales data. Your business data should be represented clearly and accurately.

• Does it show all the key metrics you need to know about?
  Great reporting helps you know where you stand with every part of your business, from product and staff performance to taxes.

• Can you export or customise reports?
  Flexibility here saves a lot of time for you and your accountant.

 Staff management features

• Can you spot clock-in/clock-out tools?
  Using your POS software to track shifts makes it easy to monitor staff hours.

• Does the software have role-based permissions?
  Your managers need a lot of access to do their jobs. New starters, on the other hand, could benefit from a simpler setup.

• Will you be able to see performance insights?
  As you train your staff, reports on their performance will tell you what they’re doing well and where they need more help.

Integrations that matter for your business

Here are some of the integrations you should expect your POS software to offer

General:

• Payment processing

• Loyalty

• Accounting

• Payroll

• Marketing

Retail-specific:

• Click&Collect

• Ecommerce

• Appointment booking

• Gift-Aid

• Lottery

Hospitality-specific:

• Online order

• Home Delivery

• Table-booking
  
  

Other features to look out for

Beyond the fundamental features and the apps, there are several other factors to consider which will help determine whether you have a positive experience with POS software, or whether it holds back your business for months or even years.

Forgetting to consider these other features can cause real problems even if everything else about the software is perfect. So before you make a purchase, make sure you’ve looked into:

• Customer support. What support options is your POS provider offering you? Will you be able to get someone on the phone if you need them? What about site visits? Live chat? You’ll want to know what support you’ll get not just when setting up, but also when you have odd queries or, heaven forbid, tech problems.

• Scalability. If your business grows or diversifies in the future, will your POS software be ready to expand, adding on more tills, staff, and inventory? 

• Total cost. Before you make a purchase, make sure you have the full picture of how much the POS software will cost you. This includes monthly fees, the cost of any apps you want, any POS hardware you’ll need, and payment processing fees for whichever card machine you’ll use.

Choosing the right POS software: easy with a little time and research

Use our article above like a checklist. Speak to sales agents, look at the website, and go through each section of the software with a fine-toothed comb so you know exactly how the software will work with your business and what you need to do to make it happen.

Not sure where to start? Take a look at Epos Now’s POS software

Epos Now is a leading POS software provider, and has been developing the perfect POS system for retail and hospitality businesses since its foundation in 2011. Epos Now software comes with:

• A complete sales suite, equipped with tabs and table options, modifiable staff and customer profiles, and intuitive transaction software

• Full inventory and reporting capabilities, with dozens of downloadable business reports, and comprehensive inventory management tools.

• A jam-packed AppStore with all the in-house and third-party apps you need, no matter your industry.

Scaleable, fully-supported, cloud-based POS software built to work in real-time on any of Epos Now’s hardware.