Find out how to select the right cash register, understand the benefits of a point of sale system, learn the parts of a POS cash register, and know how much money to keep in the till. We also have other cash management resources including POS software and POS hardware vendors. There is also a printable form for balancing a cash register daily.
Choosing a Cash Management System
The one item in a retail store a business owner can't do without is the cash register. Whether it's the traditional, electronic cash management system or an elaborate computerized point of sale (POS) system, every store needs a machine to process sales. Learn the ins and outs of choosing a cash register or a point of sale system.
Parts of a POS System
Retailers can't choose the right point of sale system for their business if they don't first understand the parts of the POS cash register. The following is a guide to understanding point of sale hardware.
- POS Computer
- Cash Drawer
- Customer Pole Display
- POS Monitor
- Signature Capture Devices
- Receipt Printer
More POS Hardware
The basic point of sale (POS) system consists of a cash drawer, receipt printer, monitor, and an input device. Retailers can use touch screens, programmable keyboards, scanners, or other handheld devices to enter data into a POS system. The following are POS hardware vendors, a walk-through of the components and advice for selecting a computerized cash register for your business.
Point of Sale software processes the basic customer transaction for a retailer. That includes providing item descriptions, prices, adding taxes and other cash register functions. POS software with more advanced functionality includes the ability to process returns, coupons, price overrides, inventory tracking and retail accounting reports. Here are a few point of sale system software packages.
How Much Money to Keep in Register?
The question of petty cash should be addressed during the business planning stage, while creating internal procedures. The amount of money a retailer should keep on hand will vary by the volume of sales, the ability to safely store the money and the type of payments the retailer receives from customers. Here are some tips for petty cash.
Daily Cash Receipts
The process of counting the money, reconciling the receipts and balancing the cash drawer creates an accountability of the days transactions. In order to track the day's sales, use the following information to balance the cash register drawer.
Top 3 Cash Registers Under $200
There are several good cash registers available today for less than $200. While it may seem these low-priced machines are sacrificing functionality for price, we suggest you take another look. The following are our favorite cash registers under $200.