The point of sale (POS) is a data input entry point to record retail sales, associated taxes, inventory changes, customer issues, and forms of payment. Point of Sale benefits the small business owner with great information to assist in controlling profits and reducing stress.
The retail business is interested in what sells well, not how well something performs against an estimate (project accounting). The retail business uses a different type of accounting to analyze financial performance.
There are several methods used to manage and track inventory in retail. One of the most accurate inventory management tools is the specific identification method. In this system each piece of inventory is monitored and tracked throughout the process.
Almost all retail based operations require a Point of Sale (POS) System to properly record the customer and product activity. What is a Point of Sale System? How is it set up? What information should we get from this system? How does a small business owner benefit from this system?
