As a retail merchant, you might have already learned various advantages and features that a POS system provides to your business. From generating your bills to managing your inventory, a capable Point of Sale System helps you in every possible way. But today we are not here to talk about the obvious. We are here to explain what is POS Payroll and how having it can help your business reach new heights. Along the way, we will discuss various other features of your device and app so you can use them more efficiently at your advantage.
What is Payroll?
If you have your own company up and running until now, then you might skip this section. For others, payroll is the sum of all the salaries and incentives you provide to your employees on the basis of work done by them. It could be in any form, cheque, account o cash. But it is strictly based on some of the key factors; like attendance and work hours.
So, basically, it’s a statement that includes your employees’ records for you to pay them accurately and accordingly. So, how a payment device can help you with the same? That’s what you are about to find out ahead.
POS Payroll System
A POS Payroll is something that you must have in your retail store. It is basically a more advanced version of your simple punch card. Where the punch card only reads the in and out the time of your employee, it does so much more than that. A point of sale system can help you track:
- Work hours of your employee
- The past record of the same
- Transactions which are done in the meantime
- Break timings in between
- Shift change and overtime, etc.
Why is it so important for new businesses?
For various reasons as a matter of fact. A good payroll system enables you to do justified and accurate transactions towards your employees. It helps an organization in multiple ways, some of which are given below:
What an employee love more than anything after working hard all month, is a message of his or her salary credited into the bank account. The process for generating might look easy on the front, but it’s far more complicated. You have to take into account the working days, non-working days, holidays, working hours, etc. This whole process takes a lot of time and man-power. To make it much easier and error-free, the pos systems are now updated with the workforce management feature. It takes into account all these things and helps you generate the exact salary with only one click at the end of the month.
Manage Employees and Your Store More Effectively
Managing a small business is already very difficult. You have to most of the things by yourself such as managing campaigns, marketing, meetings, and others. To help you in this scenario, your POS Payroll System can help you manage your employees. It can help you gather real-time data of your employees so you could know where and how your employees are performing at any given time. Not only this, but you can also retrieve all the information stored online. The merchant provider’s server is always up and running to help you get data and analytics of your employees.
Safety against Frauds
You have to keep your business safe from all types of deceits and frauds. And that includes employee frauds as well. According to a survey in the USA, 90 percent of all businesses running from 5 or more years have at least encountered employee fraud to some degree or another. This is a huge revelation in the small and medium scale industry. So, if you are not looking to be part of that group, then you should definitely invest in this technology. A POS Payroll system helps you track each and every transaction happening in your retail store. This helps you in finding the root cause of any scam, violation or fraud in your organization easily. In addition to that, it also provides the details such as which employee was working at the time of the incident so you can charge him or her accordingly.
So, How can I get a POS Payroll System for my company?
There are various merchants in the market that are constantly providing better and better services. Some of these Best Point Of Sale System merchants provide a lot more functionality than their counterparts. These include inventory management, digital ordering, cloud reporting, analytics, and of course the payroll feature as well. Doesn’t matter if you are new in the retail industry or an experienced player, you must get a service provider with all these features.
You can call your chosen provider or company and ask them to send you a detailed list of features. You must also check the company background as well as their customer’s testimonials before having the final decision.
Finally, The Verdict
As I said before, payroll is one of the major backbones of your retail industry. It is important for them to be accurate and efficient. To make it easier and an errorless process, you must get a POS payroll system in your retail business. There are various new and upcoming technologies that have been developed to make easier and impactful hardware for business and this is one of them. You can use this system to your advantage by removing your traditional hardware such as punch card readers and time trackers and replace out with this single advanced firmware. So, we look forward to having you onboard with our choice and will hope these POS Payroll Systems help you get your business to some new and untouched heights.