A point of sale system is designed to provide sales volume, form of payment, customer sales, and inventory information. At the end of each day, the till box must be reconciled in order to control cash. By using a point of sale system sales can be compared from one period to the next.
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?
