If you are reading this, chances are you are quite close to buying the best billing software to speed up the velocity of how things work in your business. Perhaps, you were not happy with traffic management or crowd management in your retail stores and therefore decided to buy an enterprise grade POS software that can be run across the enterprise.
There are several myths prevailing any kind of billing software or the billing module of an existing legacy framework. Both challenges and benefits can be attributed to any new system, but it is wrong perceptions and myths often delay the adoption of sophisticated billing software that can really scale up the overall efficiency of the enterprise.
Table Of Contents
- 1 #1 Cost concerns
- 2 #2 Security concerns
- 3 #3 Reliability concerns
- 4 #4 Hosting concerns: Cloud vs local
- 5 #5 Low cost solutions, reliable do not exist:
- 6 #6 Businesses do not treat it as an investment yet:
- 7 #7 Billing software can eat up jobs as it automates everything:
- 8 #8 Only the top shots benefit from such software
- 9 #9 Billing software is just a new fancy toy to impress customers:
- 10 #10 One size fits all software may not be good for your business
- 11 #11 All employees will have access to your critical financial data:
#1 Cost concerns
Initially there may be concerns regarding cost, scalability and other issues but they are easily overcome with a little bit of research. Understanding the context of using a POS software as it will help you to automate a few back-office processes like cash management, quicker checkouts, and staffing to some extent. Consider, it to be a set of integrated applications that can help you do more with less.
#2 Security concerns
This is true of all kinds of software and even cloud based software. Whether data is stored in the cloud or on -premises, the security infrastructure needs to be top notch. The software should offer 256-bit encryption when it gets broken down into small packets and transmitted over the phone line to the server. Elevated level of encryption ensures that credit card data cannot be read by hackers. Folder locks are a good practice to ensure that authenticated users read all your important accounting related data only.
#3 Reliability concerns
Yes, that’s another challenge a CTO has when it comes to convincing the top management about a new kind of billing related software. Though product software companies offer support over phone and email, but they stop short of giving guarantees that the software will work on all kinds of systems, networks as they do not know which operating system or network it will be used on.
#4 Hosting concerns: Cloud vs local
Billing software that is in sync with cloud is more reliable as there are service level agreements in place which ensure that network failure, internet failure, power failure will not be allowed to hamper the seamless flow of data between the cloud and the point of sale terminal. The cloud service provider creates a secure infrastructure keeping all such exigencies in mind as his reputation depends on it.
#5 Low cost solutions, reliable do not exist:
This kind of myth is hard to fight in the technology sector where high priced product is perceived to be of high quality in terms of software and hardware. But nothing can be farther from the truth in case of billing software. Vendors need to offer ultra-low-cost options to penetrate deep down to the bottom of the pyramid. Higher onboarding and migration from manual to electronic platforms increases the tax base. The more transactions happen online, the better it is for the regulator to control laundering of money as every transaction will leave a trail. Printing of currency notes, time spent in handling cash; all these resources can be used to better use.
#6 Businesses do not treat it as an investment yet:
Correct. If this begins to happen and a mindset change occurs, then product software companies operating in the technology space will have it easy. Though, installing a new software requires a higher outlay of capital, the overall benefits in the long run will outweigh the costs. Businesses will save money in the long run by lowering their costs and making workflows efficient. Expensive technological solutions do not cut much ice with owners of small and medium businesses who are still in the process of becoming high technology evangelists themselves.
#7 Billing software can eat up jobs as it automates everything:
Yes, this is another wild story that salespeople in the technology sector get to hear and they have been rejecting it for ages. Technology, for a manager is always an enabler as it helps in informed decision making and automating repetitive tasks. No billing software will ever be designed to eliminate human effort as it will kill the industry itself. Human beings need software to grow the business. Faster response times is the end-goal of every business installing billing software at point of sale terminals.
#8 Only the top shots benefit from such software
This is one myth that precedes the installation of software but once the system is installed, the frontline sales teams begin to reap benefits. Inventory tracking, order fulfilment becomes a breeze and the positive feedback from customers, can thrill any frontline staff.
#9 Billing software is just a new fancy toy to impress customers:
Such myths and challenges are encountered in developing markets where deep understanding of technology products amongst business users is less. The idea of buying a billing software is to make life simple and transactions less complex for everyone. Quicker response to service requests is the best by-product of implementing such a solution.
#10 One size fits all software may not be good for your business
Every kind of billing software can be customized to suit the requirements of a particular business. Most application authors know that every business is different, so how can software be the same. Right at the outset, business owners also have the option of choosing a system, that works perfectly for their business.
#11 All employees will have access to your critical financial data:
Only authenticated users which may not be more than three in your business get to see your data. Even in the cloud, your data is fully secure, and more security breaches happen in physical systems as compared to those in the cloud.
Lastly, ancillary concerns like there is too much work involved in migrating from manual to electronic is just one another excuse for not adopting more technology for your business. If you don’t do it; your competitors will do it and surge ahead of you in a winner takes all world.
Life gets easier with the right software; you can be the judge yourself.