Key Takeaways
1. 75% Reduction in Manual Errors: Automating POS transactions with NetSuite minimizes human error in accounting and inventory updates, significantly improving data accuracy.
2. 50% Faster Financial Reconciliation: Real-time synchronization of POS and NetSuite accelerates financial closings, reducing reconciliation time by half.
3. 30% Boost in Operational Efficiency: Integration streamlines operations by centralizing sales, inventory, and customer data into one platform, enhancing efficiency.
4. 25% Increase in Customer Satisfaction: With real-time inventory updates, customers receive accurate product availability, leading to higher satisfaction.
5. 3X Faster Transaction Processing: Integration eliminates the need for manual data entry, speeding up transaction times considerably.
NetSuite is the best ERP solution available for businesses.
The advanced features and functionalities offered by the software are loved and appreciated globally by all small, medium, and large-scale enterprises.
The platform has smoothened the workflow of over 30,000 companies covering almost all major industries.
You may already know and understand the importance and performance of the software.
NetSuite alone is quite effective and reliable. But when other platforms are integrated with NetSuite, its power multiplies many times.
As many business management platforms are integrated with the ERP solution, it becomes easy for the management to control the everyday operations and other miscellaneous requirements of the business.
It’s well-known that you can integrate NetSuite with any CRM solution, Payroll software, and many other tools.
But did you know that you can also execute NetSuite POS integration?
What is POS (Point Of Sales)?
Point of Sales (POS), as the name suggests, is the exact date, time, and place when a sale was made. The entire procedure of POS proceeds something like this:
- The buyer makes a purchase
- The seller calculates the total amount to be received from the buyer
- The seller shows or tells said amount to the customer for agreement
- (Optional) The seller creates a physical or virtual invoice for the said amount.
- The seller then shares the modes of payment with the buyer, receives the payment, and creates a receipt for the same. (actual POS.)
However, POS NetSuite integration does not necessarily mean the integration of NetSuite with the POS structure, but with the POS System (software/hardware).
What is a POS System?
POS software is a piece of software or hardware that allows the seller to create invoices, receive payments, and create receipts for the customers. This system can be physical or virtual or at times both. Every type of business, whether small or huge, requires a stable and reliable POS system to control the receipts of the business.
What is POS NetSuite Integration?
NetSuite works a lot better with the help of the integration of various other existing platforms used by the business.
One such platform is POS. NetSuite POS integration, just like the term suggests, is the process of integrating the ERP solution with the POS system.
This means that after the integration, everything that passes through the POS system gets recorded in NetSuite’s cloud storage. With the help of such integration, the business can keep an eye on the sources of sales and the receipts generated.
You can integrate NetSuite using various POS platforms like Clover, GoDaddy, Connect POS, Vend POS, etc. Even NetSuite offers a POS platform called Suite Commerce In Store to cater to the needs of businesses.
So, these were some basic terminologies related to POS NetSuite. Now let’s have a look at the features and benefits of executing NetSuite POS integration for better understanding.
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What Are the Features and Benefits of NetSuite POS Integration?
Below are some of the most common and expected features of integrating POS-NetSuite.
1. Helpful Predictions and Information
One of the best things about integrating NetSuite with POS is that you get the benefit of amazing data presentation and information. As you know, the source of sale for any business can be varied. It can be using an online eCommerce system or a retail outlet to sell. In such cases, it becomes very hard for the business to get the required information related to sales from each source.
If gathered manually, the collecting of data may take a lot of time, let alone its processing and presentation. Hence, it’s best that you proceed to integrate POS NetSuite for ease and the greater good of the business. The integration will offer automation to you, which you can use to play with specific data and get the desired results or information out of it.
2. Centralized System
If you decide to maintain different platforms for sales then the data would be scattered. Every time any business executive will need any data, he/she would be forced to roam around on different platforms. Additionally, the executive will also have to take out the data manually. This consumes time as well as important resources of the business. This scarcity of data may even affect the decisions of the business as while gathering the data manually some information may also be omitted or recorded wrongly.
NetSuite POS integration allows the business to centralize the entire sources of sales. This centralization makes it easy for all, even the top-level management personnel, to escort the required information out of the integrated system within a minute or two. Additionally, circumstances like a product being out of inventory in one store and being in inventory in another are quite repetitive. You as a business can’t risk losing the customer over such an act. With POS NetSuite, you can get information about the actual inventory with the company and allow the customer to get the same as and when required.
3. Real-Time Inventory Management
Inventory is one of the most crucial and fragile aspects of the business. A little change in the inventory can bring about drastic changes in the behavior of the customer and the performance of the business. If the inventory is low or insufficient, then it may discourage the customer from ever visiting your store (offline or online) again. No business can take up such a risk and affect goodwill. Similarly, if the inventory is overburdened inventory would mean greater losses and time-bound damages. Both situations are the worst for the business yet easily manageable with the help of an inventory management system.
With the help of NetSuite POS integration, the business will get real-time updates about the movement of the inventory. If there is a deficit of inventory in one place but excess in other, the same can be transferred to and fro as and when necessary. This allows the business to prevent the situation of the inadequacy of inventory and also reduces the cost.
5. Mobility
Another great benefit and feature of POS NetSuite is its mobility. As you know, with technology advancing with time, users are demanding more and more mobile systems for use. Thankfully, NetSuite offers high mobility to users. Anyone can use the platform from any place, provided he has the required credentials for access. This mobility allows the ease of management to the senior level managers. Any concerned personnel can manage the sales coming in from different sources, extract the data when necessary, and use it for the greater good of the business.
Yes, it’s true that in order to avail the benefits of the mobility of NetSuite or NetSuite POS integration, the executives should undergo extensive training with the help of NetSuite ERP professionals and experts. Get Free Consultation!
But once this Netsuite training is completed successfully, the executives will be able to unlock NetSuite to its full potential and work towards the advancement of the business.
6. Automation
Another major advantage of employing POS NetSuite integration is that it allows you to get an automated structure. Using this automated structure, the business can stop worrying about gathering and entering information manually as the tool will take care of the same for you. Once implemented successfully, the tool will learn to automate and become automatic. It will record the data, analyze the said data, and provide helpful insights to you.
The business can then use the insights gathered from the NetSuite point of sale integrated system and make an informed decision related to the future. As the data is completely reliable, the decisions will surely benefit the business in the targeted run. Moreover, the automate platform will also intimate the business managers about the KPIs and ill-performing aspects of the business. And then get the same fix or addressed instantly. POS NetSuite integration will also stimulate advanced reporting that meets the targets and requirements of the business.
