If you’re not familiar with EPOS Systems, you might be wondering what an EPOS is. It stands for ‘Electronic Point of Sale’ and is essentially a till for your shop or retail outlet, but much better and with magical powers.
What can an EPOS do?
Records your individual sales, so you don’t have to write them down.
Gives you a complete overview of your sales, broken down into useful metrics.
Integrates automagically with your accounting software, the best in our view being Xero, saving you enormous amounts of time on record-keeping.
Where can you use it?
ANYWHERE? Most of the new, EPOS Systems can connect via mobile data, or have an offline mode, meaning you can make a sale anywhere!
This makes them great for mobile businesses like food trucks and market stalls, particularly when you consider these modern systems can run just off an tablet.
How much does it cost?
The minimum you’ll need for your modern till (EPOS) is a tablet to run the “till” from. But you may also need a stand for your tablet (and you may need one you can attach securely to your counter), and possibly a barcode reader, receipt printer and cash drawer. Many EPOS providers like iZettle will have deals on hardware bundles or “Store Kits”, and we also have discounts from some EPOS providers.
Costs are usually based on monthly subscriptions, and usually with a 30 day notice period. For simple EPOS systems like iZettle, all you pay for is the card reader and the card transaction charges. We have discounts on these too.
What info will it give me?
Modern systems can link information to your smartphone providing insights to your business wherever you are. From where you are low on stock, to highlighting your most popular product, or most popular time of the day.
Can I sell online too?
EPOS solutions like Shopify also enable you to set up your own online (e-Commerce) store. This enables you to manage and unify your online and offline sales with ease.
Will it talk to my accounting software?
So this is where the efficiencies and cost savings really come into play, whatever size your business is.
Imagine your market stall holder in the past.
We’ll call her Molly. She can only take cash or cheques, as card readers are too expensive. She’s trying to record all her daily sales, while making her customers are looked after. After a busy day Molly then needs to enter these sales into her bookkeeping system, whether that’s a handwritten book, a spreadsheet, or accounting software. Imagine how long that must take!
Now imagine the new way!
Our busy market stall holder Molly now enters all her sales (cash and card) into her EPOS app, could be on her phone or a tablet. THAT IS ALL she needs to do, because her daily sales will be automagically pushed into her accounting software (Xero!) overnight. It will also push how those sales were paid for into Xero.
Now Mollly can do what she loves, it might be putting her feet up with a G & T, planning her next big adventure, spending time with her loved ones, or getting to her Zumba class! Amazing!
So that explains a bit about your EPOS system, but how do you know which is suitable for you? See our top 10 things to think about when choosing an EPOS.
Thank you for reading, and do get in touch if you’re interested in our discounts for iZettle.
Sharon
Kinder Pocock are an approachable cloud-savvy firm of accountants based in Herefordshire but supporting businesses on the move.
We specialise in Security/Technology, Design and Indie Hospitality businesses.
01432 273400
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