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A point of sale (POS) is the place where sales are made. On a macro level, a POS may be a mall, a market or a city. On a micro level, retailers consider a POS to be the area where a customer completes a transaction, such as a checkout counter. It is also known as a point of purchase.
A POS System is the hardware and software used to record the financial transactions of a retail store. It is the best tool for a store owner to manage and assess her business. While the POS system can be as simple as any software that runs on any PC to Quickbooks to a fully integrated system with mobile POS capabilities like the Apple stores, the key is the data the POS system generates for you to run a profitable business.
Here are some of the key features you should look for in a quality POS system.
Your POS system must have the ability to generate robust reporting for you on your sales results.
It should do daily, hourly and real-time reporting. It should allow you to look at year over year and day parts. It should forecast for you based on sales trends.
In retail, cash is king. And the biggest drain on your cash is inventory. A properly managed inventory system is paramount. A quality POS will calculate your inventory turnover, GMROI, sell through rates and fill-in orders. Your POS system should alert you when you need to reorder and flag inventory that is "dead" in your store and not moving. It should track markdowns and shrinkage as well.
Knowing who your customer is and what they like and do not like can save you headaches when you're buying a POS system. Storing customer data on purchase history help to personalize the experience with the customer can be a huge plus for customer retention. When you plan for advertising, this data allows you to select the exact customers who would be interested in your sale. For instance, in a shoe store, it's a waste of money to send a sale flyer for 50 percent off our oversize shoes to a customer who wore a size 6. The kind of data provided by POS systems can help avoid those kinds of mistakes.
Probably the one component that is forgotten when looking for a POS system is employee management. Do you have the right staffing levels for your sales? What should the schedule be for next week based on your sales forecast? It should track employee hours and sales performance as well.
The gift card is a staple in retail today. Your POS system must be able to manage and track these cards well. Each year, the sale of gift cards continues to rise during Christmas. In addition, customers are choosing retailers who provide an incentive to be loyal to the store. Your POS system can track this for you. instead of using old-fashioned punch cards. Whether or not you will require your customers to carry a physical card is up to you to decide, but have some way to track customer loyalty incentives.
One major advantage a POS machine has over a cash register is that you can easily upgrade or update a POS machine system, whereas an outdated cash register must be completely replaced. You can adapt and reconfigure a POS machine system as your business needs change, often at a lower cost than replacing an outdated cash register. Changing industry standards might also necessitate equipment upgrades.
A Human Capital Management Solution, Human Resources Management System (HRMS), or Human Resources Information System (HRIS), as it is commonly called, is the crossing of HR systems and processes with information technology. Human Resource Information Systems (HRMS) provide a means of acquiring, storing, analysing and distributing information to various stakeholders. HRMS enable improvement in traditional processes and enhance strategic decision making. The wave of technological advancement has revolutionized each and every space of life today, and HR in its entirety was not left untouched. Early HRMS systems were narrow in scope, typically focused on a single task, such as improving the payroll process or tracking employees' work hours. Today's HRMS systems cover the full spectrum of tasks associated with Human Resources departments, including tracking & improving process efficiency, managing organizational hierarchy, and simplifying financial transactions of all types. In short, as the role of Human Resources departments expanded in complexity, HR technology systems, HRMS evolved to fit these needs.
Payroll module in HRMS automates the pay process by gathering data on employee time and attendance, calculating various deductions and taxes, and generating periodic pay cheques and employee tax reports. Data is generally fed from the human resources and time keeping modules to calculate automatic deposit and manual cheque writing capabilities. This module can encompass all employee-related transactions as well as integrate with existing financial management systems.
Roster and attendance module in HRMS gathers standardized time and work related efforts. The most advanced modules provide broad flexibility in data collection methods, labor distribution capabilities and data analysis features. Cost analysis and efficiency metrics are the primary functions.
Benefits administration module in HRMS provides a system for organizations to administer and track employee participation in benefits programs. These typically encompass insurance, compensation, profit sharing and retirement.
HR management module in HRMS is a component covering many other HR aspects from application to retirement. The system records basic demographic and address data, selection, training and development, capabilities and skills management, compensation planning records and other related activities. Leading edge systems provide the ability to "read" applications and enter relevant data to applicable database fields, notify employers and provide position management and position control. Human resource management function involves the recruitment, placement, evaluation, compensation and development of the employees of an organization.
Training module in HRMS provides a system for organizations to administer and track employee training and development efforts. The system, normally called a "learning management system" (LMS) if a standalone product, allows HR to track education, qualifications and skills of the employees, as well as outlining what training courses, books, CDs, web based learning or materials are available to develop which skills. Courses can then be offered in date specific sessions, with delegates and training resources being mapped and managed within the same system. Sophisticated LMS's allow managers to approve training, budgets and calendars alongside performance management and appraisal metrics.
Employee self-service module in HRMS allows employees to query HR related data and perform some HR transactions over the system. Employees may query their attendance record from the system without asking the information from HR personnel. The module also lets supervisors approve O.T. requests from their subordinates through the system without overloading the task on HR department.
Analytics module in HRMS enables organizations to extend the value of an HRMS implementation by extracting HR related data for use with other business intelligence platforms. For example, organizations combine HR metrics with other business data to identify trends and anomalies in headcount in order to better predict the impact of employee turnover on future output.
Here are some of the most common reasons for using an HRMS:
In general, all of these benefits lead to improved HR function and ability to act more strategically instead of being bogged down in minutiae. ” Human resource management systems (HRMS) are important [because] they really help us set forth and deploy strategy in our business.” Letke told us.
You will have to change some things you do today to adopt new HRMS
Setting expectations is key and you will experience a “buyer’s remorse” if you believe there is a system out there that will do everything exactly the way you do them today. The key to success is not to have to change that which is working well, or that which will be too disruptive to the business. But there will be change, so prepare for the HRMS
Demonstration Scripts are essential for equitable HRMS vendor demos
When left on their own, a HRMS vendor will focus on what they want to show you, which is not necessarily what you want to see. Creating an agenda and scripted demo allows you to manage the process and provide the HRMS vendor with guidance on what needs to be shown. The script should include the processes that are high priority to gain an understanding of how they would be executed in each system. It is also important that all HRMS vendors execute the same script to get a perspective on which product will be best fit for your processes.
Know what you need to be great at and when “good enough” is good enough
Today, there is no single HRMS vendor who will support all processes the exact way you want them to. Each HRMS vendor will have some processes that fit 100% and others that may hit an 80% fit. Thus you need to determine the highest priority processes and make sure you have as close to 100% fit for those, and the rest just needs to be “good enough”.
Generally, there are three types of cloud services:
Among them, SaaS is highly recommended for general users. Users only need to pay the rental fee to enjoy the software, without managing the system, hardware and other set-ups.
SaaS ERP (Software as a Service ERP) is a web-based/cloud-based ERP software that offers on a subscription basis. The system runs with internet browsers across multiple platforms. No software installation at users-end is required.
ERP system is provided to clients as a service through internet. The system’s maintenance work is managed by IT solution developer. This greatly reducing the time and money of clients that spent on set-up and maintenance tasks such as installing and upgrading software.
Users can operate SaaS ERP through internet browsers, including Apple Safari, Google Chrome, Mozilla Firefox and Microsoft Edge etc. It unifies all users from different operation systems, no matter you are using MS Windows or Mac OS. SaaS ERP System attributes to seamless business operation between departments.
Your working team can get access to SaaS ERP System anytime and anywhere through the internet. Benefited by the high mobility of SaaS ERP, they can not only work in office, but also at home. With SaaS ERP, the workforce of each individual and department could be utilized.
eTop Lite is a SaaS ERP software that offers on a monthly subscription basis. O2O sales (POS and e-Shop), purchase, inventory, and accounting applications fully integrated into one solution. The workflow and product master of this solution specially designed for retailers and wholesalers.
Apart from the software, a set of selected POS and Warehouse hardware is also offered to our retail business partners at a bundle price, consisting of POS terminal, thermal printer, cash drawer, barcode scanner and handheld etc.
Easy implementation, affordable subscription fee.
eTop Lite (SaaS ERP) is the best solution for SMEs and start-up companies.
For further information about Eastop ERP => eTop Lite - SaaS ERP
Innovation is the key to success for every business! A new generation of Enterprise Resource Planning System (ERP System), Web-based ERP, helps enterprises to cope with the fast-changing environment and stay ahead of their industry.
Every business operation procedure is fully covered in Eastop Web-based ERP System, including O2O sales activities, purchase, inventory, and accounting. The system is specially designed for trading, manufacturing, wholesale and retail companies. Unlike the traditional On-Premises ERP, no installation at user-end is needed for a Web-based ERP system. Users can log-in to a Web-based ERP system through any web browsers.
Standardized operation procedure, unified business information and optimized human resources cost could be achieved by ERP deployment. Also, an analytical reporting function of the Eastop ERP system gives the management team a full picture of all sales activities and financial expenses. So that they can make the best business decision in time.
Usually, the software is required to be installed locally in a user’s device to run On-Premises ERP. An additional cost of computer hardware and implementation time may be needed. With Web-based ERP, users can easily log-in to the system through an internet browser, no installation on their computers is needed.
A physical server is always required for On-Premises ERP. There are more options in Web-based ERP: hosting a cloud server or a physical one. Data backup is provided if you acquire Eastop cloud server rental service.
Your working team members can get access Eastop Web-based ERP System anytime and anywhere through the internet. No specific device or work location is appointed. The workforce of each individual and department could be utilized.
As Web-based ERP operates with web browsers, no installation on the user’s computer is needed. Therefore, the system operation will not be affected by any hardware damage nor operating system upgrades in user’s computers. Web-based ERP earns the trust of every user with its high stability in operation.
Eastop Web-based ERP System supports a wide range of web browsers, including Apple Safari, Google Chrome, Mozilla Firefox, and Microsoft Edge, etc. It unifies all users from different devices and operating systems, no matter you are using MS Windows or Mac OS. Eastop Web-based ERP System attributes to seamless business operation.
Web-based ERP with cloud server deployment, a new generation of Enterprise Resource Planning System, breaks traditional limitations on work location, type of operating device, software installation and hardware maintenance at the user’s end. It empowers enterprises and their staff to perform more and more business growth initiatives!
Online shopping is a form of e-commerce which allows consumers to directly buy goods or services from a seller over the Internet using a web browser. Alternative names are: e-web-store, e-shop, e-store, Internet shop, web-shop, web-store, online store, online storefront and virtual store.
An online shop (e-shop) evokes the physical analogy of buying products or services at a bricks-and-mortar retailer or shopping center; the process is called business-to-consumer (B2C) online shopping. In the case where a business buys from another business, the process is called business-to-business (B2B) online shopping.
B2C, or business-to-consumer, is the type of commerce transaction in which businesses sell products or services to consumers. Traditionally, B2C could refer to individuals shopping for clothes for themselves at the mall, diners eating in a restaurant, or subscribing to pay-per-view TV at home. More recently, the term B2C refers to the online selling of products, or e-tailing, in which manufacturers or retailers sell their products to consumers over the Internet.
B2B is shorthand for business to business. The products and services of the business are marketed to other businesses. Examples of B2B include advertising agencies, web hosting and graphic design services, office furniture manufacturers and landlords who lease office and retail space. Business to business relationships are developed and ongoing, and the sales processes involved take longer than business-to-consumer relationships. B2B decision making may take place at more than one level. For instance, the salesperson meets with the departmental manager, who then has to get approval from the business owner before the sale is closed. Emotions have no place in B2B sales.
e-shop system allows online shopping customers to accumulate a list of items for purchase, described metaphorically as “placing items in the shopping cart” or “add to cart.” Upon checkout, the e-shop system typically calculates a total for the order, including shipping and handling (i.e., postage and packing) charges and the associated taxes, as applicable.
ERP is an integrated business suite that helps manage multiple business applications and operations from a single platform. This type of software shares similar data models and covers the end-to-end processes.
Ecommerce (e-shop) platforms can consolidate visibility for HR, finance, distribution, manufacturing orders, customer service and supply chain processes into one robust business suite with ERP. Smaller ecommerce (e-shop) platforms can also implement ERP, automate many back office functions as they pertain to technology, services and other areas of operations.
Since ERP is housed under one roof and integrated with other operational programs, ecommerce (e-shop) platforms can access information faster and easier. Businesses can then process better analytics and reporting - both of which help identify customer trends and where companies need to dedicate more attention. For example, ERP, if integrated with financial records, can help distinguish who is buying what, and when. Furthermore, it also may shed light onto low customer retention rates if integrated with customer relationship management (CRM) software.
ERP relates to ecommerce (e-shop) in a number of other ways besides analytics and reporting. Online retail is a multistep operation, and ecommerce (e-shop ) platforms of any size can track order fulfillment, shipping and manufacturer inventory through robust ERP software too. In essence, ERP is a platform that houses all important information in a single, user-friendly location. Businesses invest in ERP to increase internal visibility, improve customer relations and grow the company. ERP relates to ecommerce (e-shop) platforms in that it can integrate with your existing structure and shed further insight into all business operations.
Traditional ERP software was designed to meet the needs of larger manufacturers. However, thanks in part to the rapid growth of cloud-based software, smaller organizations can now scale ERP to their operation, all while reaping the benefits that these systems offer, including improved oversight visibility.
From an ecommerce (e-shop) perspective, ERP can help improve the same elements of an operation, especially in the cloud. Small businesses can integrate with their manufacturer's ERP systems and better monitor workflow and communicate with their manufacturing partners in the supply chain. Back-end logistics in an ecommerce (e-shop ) operation is a complex system, but ERP technology can dramatically improve workflow and business agility for manufacturers and ecommerce (e-shop) websites alike.
e-shop Payment Gateways are software and servers that transmit Transaction information to Acquiring Banks and responses from Issuing Banks (such as whether a transaction is approved or declined). Essentially, e-shop Payment Gateways facilitate communication within banks.
Security is an integral component of all payment gateways, as sensitive data such as Credit Card Numbers need to be protected from any fraudulent parties. The card associations have created a set of rules and security standards which must be followed by anyone with access to card information including gateways. This set of rules and security standards is called the Payment Card Industry Data Security Standard (PCI-DSS or PCI).
Submitting an order is usually completed using HTTPS protocol, which securely communicates personal information through the parties involved in the Transaction. Many Payment Providers, such as 2Checkout, enable Merchants with added options when a cardholder purchases a service or product. Aside from providing the ability for real-time transactions, these providers can help to translate currencies between two parties in different countries, as well as bridge language and payment methods. e-shop Payment gateways usually charge those who use them a per transaction fee.