It can be challenging to find the right Point of Sale software system for your business. This article provides a checklist of features you should consider when making your decision. In part two, we will look at inventory control and accounting features.
Your store inventory is likely your largest asset. It is important that your point of sale software gives you the feedback you need to minimize costs and maximize sales. Here are some features to consider:
- Ability to track store traffic patterns based on location of items sold to facilitate optimal store layout.
- Easily manage price markups, price changes, putting items on sale. Ability to auto-compute retail price based on desired markup percentage.
- Serial number tracking.
- Option to store item picture.
- Support for multiple barcodes per item.
- Support for multiple price levels per item (e.g., retail, wholesale, member, employee, etc.).
- Multiple ways to search for an item: stock number, barcode, description, key word, etc.
- Ability to create customized kits.
- Ability to track detailed sales history and inventory movement for each item.
- Support for age and/or license verification requirement for item purchase (for example, guns or alcohol).
- Support for matrix items (same style number with different sizes, colors or widths).
- Ability to create and manage purchase orders.
- Ability to set target minimum/maximum stock levels, which can automatically tell you what to order based on current quantity on hand.
- Support for multiple vendors per item.
- Ability to print customized barcode and/or price labels for inventory items.
- Ability to track and manage trade-ins.
- Ability to track and manage rentals
- Ability to manage consignment items, vendors, and payments.
- Ability to import inventory information provided by your vendors.
- Option to transfer inventory information, pricing, etc. between stores (if you have multiple locations.)
POS software that includes an integrated general ledger can further streamline your bookkeeping. Here are some features to look for:
- Ability to create customized reports.
- Ability to customize your chart of accounts.
- Ability to search, view, and edit checkbook transactions, and reconcile with your monthly statement.
- Support for multiple checkbooks and savings accounts.
- Check printing with user-definable check layout.
- Ability to manage accounts payable, including support for both balance forward (for example, credit cards) and open item accounts, and the ability to reconcile accounts with monthly statements.
There are a few other general questions you should ask about any software you are considering:
- What is the cost for technical support?
- How often are major upgrades released, and how much do they typically cost?
- Is there a live demo available for evaluation?
The process of choosing point-of-sale software can seem overwhelming. But it is worth taking the time to review these features to make sure the program you choose is a good fit for your business.