Best POS Software: Point of Sales Software for Business

| Updated on: December 13, 2021

TallyPrime a business management software is inbuilt with the capability to record POS invoices. It supports multiple multiple payment modes such as cash, cheque, card, gift card etc. and print the invoices in the POS format. 

What is POS Software

Point of sale or POS is the time and place where a retail transaction is completed. At sale points, the merchant calculates the amount owed by the customer, indicates that amount, may prepare an invoice for the customer, and indicates the options for the customer to make payment.

It is also the place at which a customer makes a payment to the merchant in exchange for goods or after provision of a service. On receipt of payment, the merchant may issue a receipt for the transaction, which is usually printed but is increasingly being dispensed with or sent electronically

Why POS for Business?

Today businesses are increasingly adopting POS systems, and one of the most obvious and compelling reasons is that a POS system does away with the need for price tags. Price to sell is here directly linked to the product code of an item when adding the stock, so the cashier merely needs to scan this code to process a sale.

Even when there is a price change, this can also be easily done through the inventory window. Other advantages of a POS System include, the ability to implement various types of discounts, a loyalty scheme for customers, and more efficient stock control.

Features of POS Software

  • Billing and Invoice 
  • Capture payment details such as cash, cheque, card etc. 
  • Stock Keeping 
  • Integrates Accounting and Inventory 
  • Single software to manage your accounting, inventor and POS billing
  • Wide range of insightful business reports
  • Accounts receivable and payable management

History & Evolution of POS Software Over the Years

Year Name of software/Machine It’s functions
Early 90s Electronic Cash Register Early electronic cash registers (ECR) were controlled with proprietary software and were limited in function and communication capability
1973 Main frame computers This system was the first commercial use of client-server technology, peer to peer communications, and local area network (LAN) simultaneous backup and remote initialization
1974 Micro processors controlled cash register systems
  • Separate individual device
  • Which displayed entire order for a customer
  • It used numeric keys and a button for every menu item.
  • By click of a button on the hardware machine, a second or third order could be worked on while the first transaction was in progress. The [Total] button on the machine would calculate the bill, including sales tax for almost all jurisdictions when the customer was getting ready to pay
Post 1990s Modern Software
  • A wide range of POS applications have been developed on various platforms in built into the machines called proprietary POS Terminals
  • The availability of local data storage, processing power, networking, and graphical user interface made it possible to develop flexible and highly functional POS systems
Modern day Off the shelf versions
  • As far as computers are concerned, off the shelf versions such as Tally.ERP 9 were usually newer and hence more powerful than proprietary POS terminals
  • Custom modifications are added as needed and these are also more portable than traditional POS terminals as they can be used with laptops, tablets any many other compatible devices
  • The advantage of the latter is that they are typically built to withstand rough handling and spillages; a benefit for food & beverage businesses

Key Requirements Which Businesses Demand from POS Systems

  • High and consistent operating speed
  • Reliability
  • Ease of use
  • Remote supportability
  • Low cost, and rich functionality

Why Choose TallyPrime as POS software?

POS in Tally, a computerized cash register which adds up the sales total, calculates the balance to be returned to buyer and automatically adjust the inventory levels to reflect the quantity sold.

The TallyPrime customized POS feature helps you to streamline your retail operations. By providing easy to use advanced capabilities, it automates the ‘Checkout’ process for smooth retail operations. It just takes a one time configuration for the POS feature to be activated, making it a complete POS software solution.

Benefits of POS Software for Business

Factor Explanation
Ease of use - TallyPrime's POS feature user-friendly mainly due to its graphical interface
Sales information entry - TallyPrime  allows you to enter inventory code either manually or automatically via a bar-code scanner. Once the inventory code entered, the system call up the standard or sales price, compute the price at multiple quantities and provide a running total
To update product information - Whenever a sale is entered in Tally POS System, the system automatically updates inventory and accounts receivable records
To track sales -
  • Different businesses get paid in different ways. For example- repair or service shop often keep invoices open until the work is completed, so they need a system that allows them to put sales on hold
  • And in an another example say where expensive goods are sold and allowed as installment purchases, here we might appreciate a loan calculator that tabulates monthly payments for us
Encryption and Decryption - In retail ventures, it becomes important to keep tight control over cash receipt to prevent theft. And to provide audit trial so that we can trace any problems
Invoicing - Tally's Customized POS software also helps to generate POS Invoices with Date and Time of transaction
Cash/Credit and Debit Card Transactions - The customized POS system eases Cash and Credit/Debit Card transactions and allows multiple modes of payment for a single invoice
Tendering exchange amount - The POS software from Tally helps to track balances to be returned to buyers from the money tendered
Bar Code Scanning - It also facilitates bar code scanning of SKUs (or items)
Reports for sales promotion - Enables quantified tracking of sales promotions
Re-ordering and Stock level maintenance - Provides access to inventory levels and provides the option of quickly matching inventory with floor counts
Increments in profit levels - It has a supporting hand in improved productivity and thereby revenue due to faster, reliable and speedy process of sale points

Download & Try TallyPrime POS Software

TallyPrime being a business management software allows you to manage your POS billing requirements easily. Not just! You can manage accounting, inventory, banking, taxation, payroll etc. in a single software. Interested? Download and give it a try!

Frequently asked questions

What are the features to look for in Point of Sale (POS) software?

Features that you must look for in Point of Sale (POS) software are:

  • Billing and Invoice
  • Capture payment details such as cash, cheque, card etc.
  • Stock Keeping
  • Integrates Accounting and Inventory
  • Single software to manage your accounting, inventor and POS billing
  • Wide range of insightful business reports
  • Accounts receivable and payable management

What is POS software in retail?

Point of sale or POS is the time and place where a retail transaction is completed. At sale points, the merchant calculates the amount owed by the customer, indicates that amount, may prepare an invoice for the customer, and indicates the options for the customer to make payment.

What is the cost of Tally ERP 9 software?

Depending on the size and the business requirement, you can choose from different modules which Tally offers:

Silver Rental (Single user edition) INR 600/month (+18% GST)
Silver Perpetual (Single user edition) INR 18,000 (+18% GST)
Gold Rental (Unlimited multi-user edition) INR 1,800 (+18% GST)
Gold Perpetual (Unlimited multi-user edition) INR 54,000 (+18% GST)

What is POS voucher in Tally ERP 9?

POS is an acronym for Point of Sale . Point of Sale could mean a retail shop, a check-out counter in a shop or any other location, where a sales transaction takes place. The various POS equipment used in retail outlets are Cash registers, card readers and barcode scanners.

It is a computerized cash register which adds the sales total, computes tax, calculates the change from the money tendered and automatically adjusts the store’s inventory to debit the amount of inventory sold.

What are the top features of Tally ERP 9?

The POS invoicing functionality in Tally.ERP 9 is:

  • Simple and user friendly
  • Quick and easy to setup and use
  • Facilitates faster data entry and calculations
  • Helps you to calculate sales and sale proceeds
  • Manages inventory and facilitates bar code scanner operations
  • Offers a flexible and simple way of querying your inventory and sales information
  • Helps you to track the movement of items and how much you are spending on them
  • Tracks and records the date and time of every sale made at the store
  • Helps faster printing of Invoices

How to choose the best POS software?

To choose the best POS software you must ensure:

  • Set-up cost and compatibility with your hardware
  • Assessment of the features that your business requires
  • Simple to learn and use
  • Tracks inventory
  • Quicker and accurate data entry
  • Anytime, Anywhere access
TallyPrime

Accounting solutions to help you manage your business just the way you want.