The Art of Mastering Retail

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. 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. 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. 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. Using the analysis sales data, the retailer is able to study the selling performance of the items on the shelves and can easily, therefore, make adjustment decisions in the purchasing levels, 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. The integration of bar-code scanner and credit card swipe capability, which are linked into the computer-based cash register, results in an accurate reflection of the price of the goods.
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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. By using the POS system software, multiple formats for invoices, accounting statements and price tags may be formulated. Additional reporting may further include day-end cash reconciliation work sheets and inventory management.