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Cash Register VS POS System

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Cash Register VS POS System

POS System a new technology for your Financial Transactions

A familiar item, cash registers are simply machines that record sale transactions, give change and store money. POS system on the other hand is a relatively new technology that has additional capabilities of handling financial transactions, keeping inventory track, recording business data and providing help in decision making.

In short, the biggest difference between a cash register and a POS system is real time tracking, efficiency and communication. Both technologies are very useful if one install the right technology to his/her business. In this article, we’ll have a look on key features and benefits of both cash register and POS systems. We’ll also discuss which technology is suitable for which business.

Key Benefits Of Cash Registers

A typical cash register may bring following benefits for you.

  • Provides safe and secure money storage options.
  • Improves transaction speed and efficiency.
  • Cheaper as compared to a POS system.
  • Less training required most of the time.
  • Comes with built-in software and hardware components.
  • Straightforward with basic functions and reporting.

Key benefits of POS Systems

A POS system will cost you more than a traditional cash register but it will also provide you more benefits. Some of them are:

  • Generates bills automatically via Barcode
  • Saves all transactions data in a database.
  • Capable of dealing with products in large volumes.
  • Provides advanced reporting and analysis features and helps in data mining.
  • Streamlines inventory management.
  • Enhances team collaborations via different available options.
  • Comes with up gradation options.
  • Provides data access from anywhere in the globe.
  • Safest option regarding data security.
  • Provides options for data recovery in case of any disaster.

So now, as you are familiar with the benefits of both cash register and POS systems, you’ll be able to decide among both technologies. However, let’s discuss more this selection in detail.

When To Choose Cash Registers?

You should only go for a simple cash register if your business is on a small scale or you are a startup with limited financial resources. You don’t have trained employees and you don’t need to deal with bar codes etc. If this is the case, you should select cash register. However, there might be inefficiencies that you will have to deal with. Like having to keep manual record of everything and dealing with maintaince problems. It will take longer to know which are your fast moving or slow moving item(s). Your transaction processing time will also reduce in this case.

When To Choose POS Systems?

Unless you are a startup with very a very tight capital or a small business with not much income, you should always go for a point of sale system. A POS system has countless benefits and they grow as your business grows. The reason behind all these benefits is that POS systems are operated by computers. And where there are computers, there are countless possibilities of innovative and new ideas and features. Although POS systems are expensive and you’ll have to make an investment in the beginning, the investment is worth it and you’ll get your investment back soon.

Source : sgbestpos

Contact Us : www.singaporeaccountingsoftware.com

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