Retail: 10 Mistakes that Most People Make

Retail: 10 Mistakes that Most People Make

Understanding the Point of Sale (POS) System

The POS is, specifically, the time and place where a retail transaction is completed. 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. These are the options that can be utilized to make a payment: 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. 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.

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. 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. 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. With the integration of bar-code scanner and credit card swipe capability which are linked into the computer-based cash register, the price of the goods are accurately reflected.
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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. 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.

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