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One of most important items in running a business is the cash management system. Whether it is an EPOS system (electronic point of sale system) or traditional cash register, a business cannot simply function effectively and efficiently without it. Any type of business needs one to process the sales of a store. When your store opens for business, the cash register instantly becomes the safest place to store your funds and profits. It has capacity and capability to save money by quickly processing transactions and by keeping accurate records of the transactions. However, an EPOS system can do the work with much more ease by providing more than what a tradition cash register can offer. Because of its more complex nature, EPOS tills can do more by providing and enhancing the other aspects of a business such as providing data reports, enhanced speed, and a more efficient way of handling customers. A business can expect long term effects when using EPOS. Thus, the expense of having one is a lot more costly. If you are in middle of choosing between EPOS tills and a cash register, it is essential to examine every aspect of the two cash management systems and also the needs of your business. In terms of life expectancy, a cash register can survive from 10 to 15 years, with upgrades from 5 to 7 years. On the other hand, the life expectancy of EPOS system depends on the durability of the hardware and the strength of the software to viruses. But no matter which of them you choose to purchase, the first thing to consider are your needs. The additional features and accessories needed for cash registers or EPOS system also depend on your business type. You have to consider the taxes your business have to collect, the departments of your retail, your inventory, the number of transactions you are receiving, your business promos and many more. Considering the different factors stated above, one question remains, which is better? Is it Cash register or EPOS system? For start-up businesses, the obvious choice would depend on the capital of the business. The price of standard EPOS tills is around $1,500- $20,000, while a simple cash register can cost $250-$800. But do not make a decision based on the price alone. You also have to think about the long term goal of your business. Your decision will also have to depend on how you understand the nature of your business and of how it can grow by choosing either EPOS tills or a cash register. Both systems have benefits. With EPOS, you can get more detailed reports, tracking of your inventories can more efficient and accurate, and your business can easily grow with the added productivity it can offer. Yet, in the case of cash registers, the low cost of the machine can be a huge advantage, it can also be reliable since it is the most popular model used by businesses, it has fewer components, and it offers basic functions and data reporting which can still help you in making important business decisions. Before purchasing either EPOS tills or a cash register, you must be informed about the warranty of the system/machine and the technical support that comes with it. Choose a supplier who can give you assistance 24/7 and the one that can aid you whenever there are problems with your system. Also additional planning on how you can train your staff and utilize the machine to its fullest is important. Once you have bought a system, make sure to make a stock of the materials needed to run the machine such as ink ribbons and paper receipts. David Duncan is the sales director at EPOS Now. Based in the UK, this market-leading company can provide you with great-value EPOS tills in addition to complete EPOS solutions for the retail and hospitality sectors.
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