Are you launching your business anytime soon? Many of the emerging business owners are confused between the POS system and online billing software. Both the business solutions are different from one another in terms of features, functions, and output. We shall discuss the same further with our blog post.
What is POS billing software?
Point of Sale is commonly known as POS in business terms. It is a solution that is designed for retail store owners and restaurant outlets. Having a POS billing software eases order management, billing, and inventory for your retail outlet. Moreover, a POS solution is one of the best ways to manage a multi-chain business or store. It helps with aligned data and stock info about any product or goods.
What best accounting software for businesses offer?
The best accounting software for businesses offers various invoicing and billing features to the business owner, including different types of invoice management, payment management, time tracker feature for managing multiple employee tasks, cloud sync for import and export of data, etc. more. It does not help with order management, table management, kitchen order print, and many more
Top differences between a POS system and an online billing software
Let’s explore why a POS system is different from online billing software. We have some good points to drive your focus.
1: Order Management
Let’s start with order management. Firstly, POS is one of the popular retail and restaurant systems that helps in accurate order management. From the incoming orders to the order sync, everything is managed automatically via a POS solution.
When a restaurant hires a POS solution, it has sync of devices for easy order management. From the waiting panel to the restaurant manager and kitchen supervisor- everyone is connected via a single POS.
You might have noticed while entering a restaurant that your manager notes down the order on the tablet. Later the order is reflected on the kitchen order screen to the chef. Once the order is prepared, the sign is changed, after which the waiter picks the food and serves it on the customer table. And, as soon as the customer finishes the food, the bill is generated.
The above is how a restaurant POS system works in real-time operations. Likewise, for the retail store- the POS works from the order generation to the order delivery. And simultaneously, the inventory is updated.
In an online billing software, there is no provision for order management. It is a unique feature offered by POS billing software.
2: Billing Method
Next, we will talk about the billing method. The billing method for POS is different from an online accounting and billing software. In standard billing software, billing is mainly about invoicing. A tax-enabled invoicing is generated from the software that includes all the common invoicing elements such as invoice number, project or service details, payment details, business details, tax summary and much more.
On the contrary, a POS billing system is entirely different. It mainly focuses on the product quantity and price and the tax details such as VAT, GST, etc.
3: Stock and Inventory
The next is stock and inventory. POS system is best known for managing stock and inventory for a single or multi-chain store. Whereas on the other hand, all online billing software doesn’t have the feature of stock management. Hence, it all depends on what your online billing software provides you for managing your business accounting and sales.
A POS system doesn’t have accurate invoicing or professional invoicing like an online billing software. Online invoicing software provides more than ten types of invoices to help the business owner with updated invoices. The POS system has got the efficient feature of billing once the order is processed. In contrast, online invoicing software benefits from recurring invoices, standard invoice, proforma invoice, professional invoice, debit note, credit note, and much more.
5: Tax Summary
Next is the tax summary. Tax summary is mentioned at the end of the bill after the net amount when you print a bill from an online billing software. A POS billing software has a quick tax percentage added to the bill amount. But the format of both the online invoicing software and POS software is different.
6: Time Log
POS system has nothing to do with the time log facility. The best accounting software for businesses allows you the facility of a time tracker that helps to track the project hours. There are different types of time tracker available from which the business owner can utilize the time tracking.
7: Import and Export Features
Last but not least is the import and export of data. Online billing software helps you to cloud sync the data with the import and export feature. IN SPECIAL CASES, POS billing software may feature import and export data depending on what the business owner has chosen while designing the POS billing solution.
The above are the top seven key differences between POS billing software and online billing software. We hope the information is clear enough for you to judge the difference between the two business software.