Till systems for retail businesses

You may be surprised at just how sophisticated payment systems have become, writes Page Kirk accountant Karen Porter.

If you are a small business owner who takes card, contactless or cash payments from your customers, then one of the most important decisions you will have to make is choosing a point of sale (POS) system - a card reader and the system behind it.

The modern consumer nowadays values speed and convenience when deciding whether or not to part with their money for a product or service. If you aren't taking contactless, mobile, or even card payments from your customers, then there is no doubt that you will be missing out on sales.

Till systems for retail businesses now go beyond the traditional equipment, which just recorded sales. They can now generate detailed reports at a touch of a button too. A good till system will help ease the daily admin burden of a business. For instance, where in the past you may have had to work out the daily takings manually from multiple till rolls, you can now have a single view of cash and card takings at the touch of a button.

What many business owners fail to realise is that most POS systems can work alongside accounting software. Within most new POS software, there are integration features which, when set and synchronised, can ensure that data is transferred seamlessly to your accounts software. This results in a number of benefits, such as a reduction in the risk of human error, the ability to keep tighter control over the company accounts and the saving of time by avoiding the laborious rekeying of data.

At the end of the working day, figures are automatically synced with your bookkeeping software so you can spend more time on other tasks or head home early. Because the data is secured securely online, it removes the need for bundles of messy paperwork and any spreadsheets, which again reduces the risk of human error.

Page Kirk's advisors are well-trained to identify opportunities for improving such systems and offering advice as to which POS platform may be the best fit for your business. Get in touch with us for a non-obligation consultation about your business by calling 0115 955 5500 or emailing enquiries@pagekirk.co.uk