Used at almost all the physical locations where goods are sold out to the customers, POS system is one of the best available tools meant for effective stock control. Also in these days of computers and Internet, few commercial transactions are left out of the ambits of computerized management. One of the latest additions in the rank is the point of sale system that is now widely used all over the world in retail outlets.
Benefits of POS System
With the use of this system all the transaction carried out are computerized. Records prepared, managed, and retained will include the sales and transactions, the items that are sol with selling prices and quantities sold out. Finally the software in the system will calculate the total along with the taxes to be paid. It also indicates the quantum of changes that is due recording all the sales and tracking almost every transaction that is carried out with the knowledge of the computer.
Automation of Transactions
Benefits of using the system for stock control is that with the computer remembering every transaction and steps taken with it, the same is recorded and all the transactions are automated. Calculating the sales for the day, the profits earned and the taxes to be paid, it gives and overall view of the available stock and the portion that is sold out to the entrepreneur. POS software can work as complete retail management tool in its simplest form.
Some of the characteristics of POS software are point of sale, inventory control, creation of automatic purchase orders, price updates automatically, scamming of bar codes, receivable and payable accounts, general ledger, payroll, customer tracking, shop management, EDI, and many more.
Misconceptions About POS
Some of the common misconceptions about POS among the people are that it simply tracks the inventory for stock control. However, simple inventory tracking or stock control is not the only objective fulfilled with the software. Each of the systems has some different features, strength as well as weaknesses. However such differences could make huge impact on the business for which they are used.
POS System Basics
Point of sale that is also known as the checkout is the location where some transaction occurs. In fact the POS System works as the electronic cash register for an enterprise. Terminal of such system manages the entire selling process using the accessible interface by a salesperson. Moreover the system itself can creation and help printing of the receipt.
Once limited in function, POS system for stock control has become common feature in most of the major retail centers these days. With the advent of several modern software and hardware interface standardization use of POS system for business has taken a new dimension and it is not confined to stock control in business alone.