Retail Observer

RETAILOBSERVER.COM JANUARY 2020 32 I n today's world, it's common to believe that to be a successful retailer you must be advertising on the web and creating consistent marketing strategies to drive customers to your store. While it's true, the single most important factor that's overlooked by too many retailers is how to manage their inventory coming in and going out. When it comes to thinking about inventory, organization and consistency are key. This is important not only for deliveries, but for every sale, every shipment received, every damaged item discovered, and every promotional giveaway sponsored. Think about a system that automatically records all of these events in real time and saves them to a database that you can access remotely. More important, imagine being able to organize the data for detailed analysis, allowing you to see exactly what's driving revenue – not just the most popular and unpopular products, but also how and when they're being sold. A proper point of sale (POS) system can help you do just that. Used properly, a POS system can turn a struggling retailer's business around in no time and help a more successful retailer thrive. With the advent of PA's, IR's and trailing credits, every retailer struggles to manage true cost and true margin. Add stocking issues like inventories that fail to match due to receiving and shipping errors, and retailers can watch profits slipping through their hands daily. While traditional accounting software can manage a simple profit and loss, our industry has changed so much that every dealer needs to look at a POS solution to make sure the all-important details are being managed properly. Which brings up the question, "How do I choose the right POS provider?" A POS provider can be selected for a multitude of reasons. One of the most common is whether or not the POS system comes with its own accounting system. Having a POS with a built-in accounting package means the retailer will have to use an accounting system such as QuickBooks in addition to the POS system, which can save a lot of valuable time. With an integrated accounting system, retailers can easily and securely manage their company's financials with real-time integration into the retail processes. In addition, inventory, purchasing and payables can be cross-referenced to eliminate error, while time-stamped audit trails help maintain the security of the business's finances. As is the case with many computer-based systems, POS systems come with numerous packages and applications that serve the needs of the user, and an integrated accounting system is one of them. After getting the basic hardware, you can pick and choose tools and services that will benefit your own business requirements. The software can then be kept updated to allow you to move with the times and take your business to the next level. BUT WHAT IF I LIKE QUICKBOOKS, YOU ASK… Good news! You can now quickly and easily connect your QuickBooks account to a POS system. This opens the doors to a wide array of information and tools that will give you back both time and money in your business. QuickBooks is a fantastic accounting tool, but it can struggle with managing things specific to our industry, and that's where a POS shines. SCARED TO LEARN A NEW SYSTEM? It's understandable. Many retailers have similar concerns about transitioning from their current accounting system to a POS system. But as technology continues to evolve, so, too, does the way we conduct our business. And a proper POS system is the lifeblood of every successful retailer because it helps lower the cost of doing business while increasing productivity, thus improving your bottom line. Simply put, a dedicated POS system will manage your business and report all of its activities in a much more comprehensive and insightful manner than traditional accounting software alone. In a recent study, the average retailer was able to demonstrate a $30,000 savings in time management and profitability increases by automating its processes, from order creation to managing deliveries and customer service. This is just one example of the possibilities that POS offers your business! Steve Mahler, Director of Point of Sale, Nationwide Marketing Group Steve Mahler Guest Columnist RO THE EVOLVING RETAILER

• Cover