Cash Management Systems

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.

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.

POS Software

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.

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