Spenda 4 January - 4 min read
A Point of Sale (POS) system is the software used to make sales and take payments for goods and services within a business.
While a POS system’s role is to facilitate financial transactions, the latest fintech innovations have revolutionised POS systems to manage multiple aspects of business.
Advanced POS systems are an essential component of running a business and can integrate seamlessly with business operations in real time.
While traditional cash registers store money and record sales, integrated POS systems are the ‘brains’ of a business, providing a single source of digital truth across many facets of a company.
POS systems generate transactions and record data, which can then be used for inventory tracking, financial reporting and storing customer information. Business owners can use a POS system to see how many products they sold, how many products are in the warehouse and how much money is coming in.
New generation POS systems provide features tailored to individual business needs, such as automatically sending out overdue invoice reminders and tracking staff rosters.
Why are POS systems important?
Many businesses still use outdated manual data entry processes to handle their operations, such as invoices and orders. The manual effort and costs associated with manual processes is a huge drain on productivity.
What are the different types of POS systems?
What to look for in a POS system
Click here to contact us, and learn more about SpendaPOS and how you can introduce the right tools and processes in your business for better management of your strategy and operations
Chasing late invoice payments is a burden for any business, and still, more than half of B2B payments in Australia continue to be processed late, costing businesses, on average, $115 billion every year.
When you’re running a large operation with hundreds of invoices processed each month, the resources required to manage your payments grow quickly, especially when ageing receivables become a problem. While customers may not pay their invoices for various reasons, it happens too often, causing a range of challenges and increased risk.
Digital payments helped businesses get paid safely and efficiently throughout the COVID-19 lockdowns and associated restrictions. But as economies reopen many challenges still face businesses including supply chain disruptions, the ‘great resignation’, rising inputs such as fuel, and the expense of reopening. These business challenges make now an opportune time to build on the processes optimised throughout the pandemic, especially across B2B trade.
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