Top Point-of-Sale Tools for Small Businesses in 2019
- Good point of sale systems help manage inventory as well as handling individual transactions
- Many systems also include specialized hardware that makes more interactions easier
- At least five companies out there have the ideal combination of features for different niches
- SyncLedgers supplements these solutions behind the scenes with small business bookkeeping
Owning and running a small business of any size requires a significant amount of coordination. Tracking both your finances and inventory go hand-in-hand since they depend on each other, but there’s a lot of paperwork to do every step along the way. Finding a system that helps you to coordinate it all can be an important way to streamline your operations. Many point of sale software solutions available on the market do just that. They do more than simply function as a modern cash register. They can help you fully manage your inventory and automate many of your financial processes. They’re also incredibly important in the modern economy as transactions increasingly occur digitally, without the use of cash. Many of these systems are not just about the transaction management software, but also provide the necessary hardware that enables you to handle a variety of digital payment methods.
What a Good Point of Sale System Can Include
On the software side, almost all solutions should tie in directly to your bookkeeping. Any transactions will affect both Accounts Payable and Accounts Receivable, as well as the general ledger. Similarly, they will have features that let retailers manage their shops. Vendors of all kinds can use them to automatically update their prices across the store and online platforms, as well as to track and follow up with customers. Some more advanced features include the ability to generate invoices and purchase orders, and even handle payroll.
As for the hardware you might need, old fashioned cash registers are almost dead in some places. Even so, many systems will still allow you to control access to a cash drawer. If you determine that you want to go cashless, or if you just want to increase your payment options, there are plenty of ways to do it. Solutions can include full standalone point of sale terminals, smartphone apps, and card readers that plug into phones and tablets. At a minimum, the hardware should include a barcode scanner and an interface for the person receiving the payment. Many systems will also include an interface for the customer.
At the intersection of hardware and software, for physical stores, your ideal system should also allow you to accept a variety of payment methods. These should include everything from modern EMV chip cards, to near-field-communication (NFC) payment systems like Apple Pay, Android Pay, and Samsung Pay. The point is to make it as easy as possible for any customer to use the modern payment method of their choice when dealing with your business. For an online-only business, this is less of an issue.
The Best Point of Sale Systems You Can Use in 2019
We decided to take a look at some of the top point of sale systems currently available and see how they compare. These five companies offer what we consider to be the most useful features for managing your small business:
Square POS
This company offers perhaps the best overall combination of hardware and software for a small business. They don’t have some of the more advanced benefits that other systems do, but they make it easy to get started.
Lightspeed Retail
If inventory management is your main concern, this is the way to go. They offer comprehensive reports that make it incredibly simple to manage huge inventories across multiple locations. They can be a bit on the pricey side, but you may find that it’s worth the extra expense
ShopKeep
The ideal option for the owner of a boutique retail store. This platform allows a high degree of customization that allows you to manage unique dashboards the way you want to.
Toast
This is an excellent POS system for running transactions at bars and restaurants. It includes special features that help you manage menus and deal with the bookkeeping behind tips. It runs only on Android devices, though.
Shopify
The go-to point of sale software platform for e-commerce. While its main focus is online, it does also integrate well into physical retail locations, with all the standard inventory management benefits.
SyncLedgers Simplifies Things Even Further
Whichever point of sale system is right for you, it won’t ever eliminate your responsibility for careful bookkeeping. Our bookkeeping service, however, will help take that particular burden off your back, so you can focus on building your business. We make it simple to keep track of your finances every day. Contact us today to get started!
