The POS is, specifically, the time and place where a retail transaction is completed. 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. Payment terminals, touch screens and other hardware and software options are options which are available to make a payment. Most retail businesses are adopting the POS system because the system does away with the need for price tags. In addition to that, there are new software programs that include specific features in the EPOS Systems Manchester, 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. While, the sales report or history can assist in purchasing items that are on a seasonal basis. 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.
With the EPOS Manchester 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.
Through the reporting capability of the POS system, it can reflect data of sales, costs and profits by individual inventory items or by a salesperson or by 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. A day-end reconciliation work sheets and inventory management may be considered as additional reports in the POS system.