What Research About Retail Can Teach You

Understanding the Point of Sale (POS) System POS is referring to a specific time and place where a retail transaction is performed. During the POS, 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. To make a payment, the following measures are available: payment terminals, touch screens and other hardware and software options. Due to the reduction of work done in retail, one of which is no longer using price tags, many retailers find the POS system convenient and helpful. 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. With the POS system, a retailer can avail of the following: 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. 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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With the POS system, the following features are accorded: 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 resourceful features of the POS system’s reporting capabilities are a comprehensive reflection of the data of sales, costs, and profits which are taken as inputs by individual inventory items or by a sales clerk or by time category for a day, month and year. Multiple formats for invoices, accounting statements and price tags may be created. A day-end reconciliation work sheets and inventory management may be considered as additional reports in the POS system.