No matter what size your business is, cash flow is an essential part of your success. Knowing how much sales you get within a period and how much expenses you incur becomes part and parcel of your journey. To keep your business alive and floating, cash flow management should be your best partner.
How then can you keep a seamless monitoring of cash management for your business? That question beckons on the various ways a business owner can keep track of their daily financial transactions. Having a point of sale (POS) terminal is one on top of the list.
While having a PoS terminal can serve your business in many ways, helping you keep track of cash flow is a vital benefit of owning a terminal for your business. In this mind-rubbing article, we want to help you see the many ways a PoS terminal can help your business grow successfully.
5 Benefits Of Using A Point-Of-Sale (POS) Terminal
1. Payment processing
This is the first use of a point-of-sale terminal, to make payment seamless after purchase. This payment processing works for all debit and credit cards. Using a POS terminal makes it convenient for customers to complete transactions. This helps improve your cash management and also gives customers good transaction satisfaction.
A POS terminal aside from being a payment processing machine can also serve as a reference for transactions from previous days especially when there is a dispute.
2. Inventory management
For times when sales are made, one of the best ways to keep track of payments received is through your POS terminal. The point-of-sale device has a feature that records daily transactions made on the device. This makes it easy to track the number of items sold. With this, you can take a clue on the number of items you have left in stock without errors that can come from manual stock-taking.
When payments are recorded on POS machines, you can indicate the type of product being paid for, this facilitates inventory management.
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3. Invoicing and receipt
The usual routine after a payment is recorded on a PoS terminal is the printing of a small sheet showing the details of the transaction. This can serve as evidence of payment for the items bought. On a brighter note, it reduces expenses incurred in creating a special receipt document for payment received.
With your PoS device, you can make a detailed recording of every sale made as well as create an invoice for customers to see before final payments are made. The Kashbuk PoS Wallet allows businesses to create invoices and share receipts with customers at no cost. This is an added advantage when it comes to invoicing.
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4. Accurate customer management system
Using a Kashbuk POS terminal gives you access to creating and collecting customer information for future business purposes. It makes it easier to document customer information. This customer contact list houses the customer’s name, phone number, and email address.
There are several reasons why you need to have this data handy. Majorly, it is for promotional purposes. At a future date, you can send a thank you message to your buyers to show how appreciative you are of their consistent patronage.
5. Advanced Sales Analytics
Manual sales bookkeeping is not void of errors but keeping a digital record of your business transactions puts on you the safer part of the grind. That is why, having a digital record-keeping system gives you an added advantage in getting detailed sales analytics at a glance.
A PoS terminal offers you an automatic report of transactions carried out during specified periods for your business without having to manually compile the books. The Kashbuk bookkeeping app gives you the chance to download your sales report for future financial use. With such a report, you can make informed decisions about your business.
