With the enhancements being made in the financial technology industry, cloud applications are becoming more popular amongst small businesses. But what is a cloud point of sale (POS) system?
We’ll use the retail and hospitality industry as an example. In basic terms, a point of sale is the store or restaurant’s register system used to take orders, send orders to the kitchen and bar, track and process inventory orders and stock counts as well as recording customer payments. A cloud POS system simply means that this application is online.
Moving away from traditional native point of sale systems brings a whole host of benefits to retail and hospitality businesses. The most obvious benefit of any cloud application is that data can be accessed from any device, in any location, at any time. No longer does the business owner or manager need to be in the office to check on sales or stock levels. Taking your point of sale system to the cloud allows business owners to enjoy a range of other benefits:
Lower Initial Investment
Traditional point of sale systems have to be purchased outright and physically installed onto each computer or device within the store or restaurant. This can be a massive upfront cost for many businesses, often out of reach for small start-up cafes or pop-up shops. The limitations here are the multiple licenses that need to be purchased, new software that must be paid for when updates become available, and the need to be physically at the device to access the information. With the rise in availability of cloud POS systems, small business owners can enjoy the benefits of cloud systems without forking out tens of thousands on hardware and set-up. A monthly fee with no lock-in contract is much more appealing for business owners. There’s also the added bonus of free updates included in the monthly subscription, resulting in one easy to manage payment.
Take Control of your Inventory
For businesses that rely on stock such as retail and hospitality, it’s crucial to be aware of your most popular items, the profit margins on each, and your current stock levels. With a cloud-based POS system, you have 24/7 access to your stock levels and the data is in real-time. This makes ordering simple and easy, and eliminates the risk of running out of your most popular items.
You’re about to open a funky new bar in Perth’s CBD, serving fancy cocktails and modern tapas. Traditional POS systems are typically bulky and not very pleasing to the eye, which could ruin the ambient of the place. A cloud-based POS system can be installed onto an iPad or Android tablet, which looks much more appealing on the counter top. Since they are compact, they can be taken to the table to take orders.
The great thing about cloud POS systems is the potential to integrate with multiple add-on software. Link to Tyro to complete purchases via electronic payment, which removes the need for manual entry and therefore eliminates risk of error. Connect with your online accounting software such as Xero, or online rostering application such as Deputy.
With the affordability of cloud POS software, retail and hospitality businesses have no excuse to staying left behind with traditional systems. A good system will ensure you are in control of your business, and are ahead of your competitors. Carbon Business Systems recommend Vend and Kounta as great options for the retail and hospitality industries. Contact our cloud integrators today to see how you can benefit from taking your point of sale system to the cloud.