Understanding the Point of Sale (POS) System The specific time and place where a retail transaction is completed is referred to as POS. The following are the series of steps that are conducted in a POS system: 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. Calculating for the total amount of which a customer has to pay the retailer, a variety of tools may be used by the retailer, and these are: weighing scales, bar-code scanners, and cash registers. To make a payment, the following measures are available: payment terminals, touch screens and other hardware and software options. Since using the POS system can help do away with price tags, most retailers prefer to employ this system in their businesses. In addition to that, there are new software programs that include specific features in the POS system, such as inventory management, CRM (Customer Relationship Management) financials, or warehousing. Sales data analysis, sales history or report, and integration of bar-code scanners and credit card authorization ability are the main features of the POS system, which are benefitting retailers who are utilizing it. 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. The purchasing decisions of a retailer for seasonal items are aided with the provision of the sales history or report. 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 POS system has features that can truly benefit a retailer, and they are: 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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The reporting capabilities of the POS system include a comprehensive 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. Additional reporting may further include day-end cash reconciliation work sheets and inventory management.