Point of Sale (POS)
POS - is a computerized network operated by main computer and linked to several checkout terminals.
Inventory Software program let you track usage, monitor the changes in the unit dollar cost, calculate when you need to reorder, and anlyze inventory levels on an items by item basis. you can even control inventory right at the cash register with POS software. Point of Sale software records each sale when it happens, so your inventory records are always up-to-date. better still, you get much more information about the sale than you could gather with a manual system. by running reports based on this information, you can make better decisions about ordering merchandising.
with POS system
- You can analyze sales data, figure out how well all the items on your shelves sell, and adjust purchasing levels accordingly.
- you can maintain a sales history to help adjust your buying decisions for seasonal purchasing trends.
- You can improve pricing accuracy by integrating bar-code scannners and credit card authorization ability with the POS system. there are pelnty of populr POS software systems that enable you to use ad-on devices at your checkout stations, including electric cash drawers, bar code scanners, credit card readers, and receipt or invoice printers, POS packages frequently come with integrated accounting modules including genereal ledger, accoutns receivables, accounts payable, purchasing, and inventory control system. in essence a POS system is an all-in-one way to keep track of your business cash flow.
Feature to consider in a POS system include the following
- Ease of use - look for software with a user friendly graphical interface
- Entry of Sales informatin - most systems allow you to enter inventory codes either manually or automatically via bar-code scanner. Once the inventory code is entered, the systems call up the standard or sales price, computer the price at multiple quantities and provide a running total. Many systems make it easy to enter sales manually when needed by letting you search for inventory codes base on a particular mechandise number, description, manufacturing code or vendor.
- Pricing - Pos system generaly offer a variety of ways to keep track of pricing, including add-on amounts, percentage of cost, margin percentage and custom formulas. for example, if you provide volume discounts you can set up multiple prices for each item.
- Updating product information - once a sale is entered, these system automatically update inventory and accounts receivable records.
- Sales Tracking options. - different business get paid in different ways. for example: repair or services shops often keep invoices open until the work is completed, so they need a system that allow them to put sales on hold. if you sell expensive goods and allow installment purchases, you might appreciate a loan calculator that tabulates monthly payments. and if you offer rent-to-own items, you want a system that can handle rentals as well as sales.
- Security - in retail, its important tokeep tight control over cash receipts to prevent theft. most of these system provide audit trails so you can trace any problems.
- Taxes - many POS system can support numerous tax rates useful if you rn a a mall order buisness and need to deal with taxes for more than one state.
Perhaps the most valuable way POS system help you gain better control of your business is through their reporting features you can slice and dice sales data in a variety of ways ot determine what products are selling best at what time, and to figure out everything from the optimal ways to arrange shelves and displays to what promotions are working best and when to change seasonal promotions.
Reporting capabilities available in POS program include sales, cost and profits by individual inventory items, by salesperson, or by category for the day, month and year to date, special reports can include salesfor each hour of th eday for any time period. you can also create multiple formats for invoices, accounting statement and price tags. additional reports include day-end cash reconciliation work sheets and inventory management. we examine closest to your company to see which modules are needed for your company.
Every business is unique; thats is why conducting SWOT analysis is much needed so that we will be able to tailor the system according to your priority and significant impact are meet.