Getting To The Point – Sales

Understanding the Point of Sale (POS) System POS is referring to a specific time and place where a retail transaction is performed. The routine procedure of the POS system is, as follows, the retailer will calculate the amount owed by the customer, indicate the amount, prepare an invoice or bill for the customer, which could be a cash register printout, and indicate the options which the customer to make payment in exchange for goods or after a service is provided and after receiving the payment, the retailer issues a receipt in printout or sent electronically. A retailer may have many options to compute for the total amount that a customer owes to the retailer, and that is through any of these tools: weighing scales, bar-code scanners, and cash registers. Payment terminals, touch screens and other hardware and software options are options which are available to make a payment. Since using the POS system can help do away with price tags, most retailers prefer to employ this system in their businesses. Further, the current POS software may include features that are useful for specific functions, such as inventory management, CRM (Customer Relationship Management) financials, or warehousing. By employing the POS system, the following benefits may be availed by the retailer: sales data analysis, sales history or report, and integration of bar-code scanners and credit card authorization ability. With an analysis of sales data, the retailer can figure out how well the items on the shelves sell and, therefore, can adjust the purchasing volume accordingly. With the sales history or report, purchasing decisions are helping inventory levels stay low, so that the report can aid a retailer in the purchasing decisions for seasonal items. And with tools, like bar-code scanner and credit card authorization swipe machine, the retailer is able to improve the price accuracy in reflecting the total amount of purchases into the computer-based cash register.
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The practical and accessible features of the POS system include the following: user-friendly graphical interface, the system allows for inventory codes to enter either manually or automatically via a bar-code scanner, offer a variety of ways to keep track of pricing, such as percentage of cost, margin percentage and custom formulas, automatically updates inventory and accounts receivable records, provides sales tracking options, provides audit trails to easily trace any security problems such as thefts, supports numerous tax rates.
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Through the reporting capability of the POS system, it can reflect data of sales, costs and profits by individual inventory items or by a salesperson or by category for a day, month and year. One can further design for multiple formats for invoices, accounting statements and price tags. Further reporting may be formulated, such as a day-end reconciliation work sheets and inventory management.