What is an EPOS system and how will it benefit my business?

Published: 23/11/2018

An EPOS system, which stands for ‘electronic point of sale system’, can help small businesses like yours manage your business more effectively, and improve your customers’ experience with you.

They can speed up key business processes like accounting, stock management and sales performance. And unlike standard till systems, EPOS systems help capture transactional data, and create reports on your sales and products from the data captured. You can track and monitor your business’ performance from one secure place.

EPOS does this by integrating with several different types of devices, such as touch-screen tablets, computer keyboards and shop barcode scanners. It can easily integrate with your current devices or work independently, depending on what you need. Plus, they’re really user friendly, which means that with only a few minutes training, you’ll be able to get up and running with the system.

We’ve rounded up the key benefits an EPOS system can have for your business.

Report on how well your products are performing

An EPOS system captures all of your business’ transactional information, such as card transactions and products sold, within its secure management system. This means you’ll be able to see exactly how your business is performing from one place.

With its cloud-based back office management system, you can have full visibility and control of your business at any time, from anywhere.

You can also set-up and customise your dashboard to view specific information, such as your best-selling products, quickly and easily.

Track your stock and inventory

OK, so you can see which products are performing well - but that doesn’t mean anything if you don’t have those items in stock…

EPOS has you covered. You can add all your products onto the system to track and monitor what you’ve sold and how much stock is left. This takes away having to manually check this yourself, so you can ensure you always have the right products in stock.

An EPOS system also has a minimum and maximum stock report available, saving you time when it comes to stock takes. Plus, it’ll highlight any discrepancies in stock received and any missing stock, speeding up the process for you.

The reporting will also tell you which items you have surplus of or aren’t selling, for example – so you can be proactive with regards to pushing products, or discontinuing.

Keep your data safe

Using EPOS, you’ll be able to keep all your data and information safe and secure in one place, rather than using multiple separate systems or loose paperwork.

It uses a PIN code system for security, to help make sure only you and your staff members have access to the data, and you can set different priority levels for different members of staff too.

For example, if you want to manage all the reporting, you can set it so that you have full sight over everything. If you have staff who manage certain areas, such as stock, you can set it so they only have access to the stock management system.

Support with your accounting

An EPOS system will give you an instant overview of your business transactions, which is perfect for managing your business’ accounting.

You can set up automated reports and schedule emailed reports for specific times and days, so you won’t have to create new ones each time. For example, you can set up accounting reports, which can then be send straight to your accountant, saving you time.

You’ll also be able to manage payroll effectively, as this will be pre-processed to help accurately calculate your staff hours and what money is due.

View your staff performance and working hours

Want to know who your best-performing staff members are? With EPOS, you’ll be able to see a breakdown of your sales by employee. This is perfect if you want to reward good performance.

Likewise, you’ll also be able to see who’s under-performing, meaning you can identify gaps in training and support them to improve their performance.

Your staff members will also be able to clock in and out via the EPOS system, so you’ll be able to automatically generate their working hours and shift times.

Manage your customers

You can easily add your customers’ email addresses and phone numbers to the EPOS system. Then, when you want to run marketing promotions, you’ll have easy access to their details to be able to send them sale or promotional information.

Plus, you’ll be able to tailor your marketing to what your customers are buying, as you’ll be able to see what their purchase history is.

How to get started

Interested in an EPOS system? We can help. Get in touch with our experts and find out how a system could benefit your business.

We’re working in partnership with Epos Now, offering personalised packages to independent businesses, starting from just £59.99 per month.

There’s no technical knowledge needed to get started. We’ll help you get set-up and running quickly and easily, and you’ll have access to free unlimited support.

With no upfront payments or deposit needed, get a free quote today.

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