The Benefits of the Point of Sale (POS) System POS is referring to a specific time and place where a retail transaction is performed. 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. 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. Also, there are up-and-coming new software that are being developed on specific features in the POS system, like 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. Through the analysis sales data, a retailer is able to figure out how fast the items on the shelves are sold, and with that, the retailer can determine the purchasing levels, 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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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. By using the POS system software, multiple formats for invoices, accounting statements and price tags may be formulated. Further reporting may be formulated, such as a day-end reconciliation work sheets and inventory management.