| Point of sale can generally be defined as the location in | | | | Inventory control used to be a huge struggle for ABC. |
| a store where a monetary transaction occurs. In | | | | It was difficult to keep track of all the inventory being |
| simpler terms, the "checkout". Point of sale (POS) | | | | sold, or to quickly determine whether a product is in |
| software refers to the program that a company uses | | | | stock. POS software serves as a complete inventory |
| in order to create efficiencies at the checkout, but | | | | control, to help businesses keep track of everything |
| more importantly to serve as a central system for | | | | going on the the store. When shipments are received, |
| running an entire business at peak performance. An | | | | the number of items received is put into the system |
| example of an imaginary small clothing company called | | | | along with the price and product information. This |
| "ABC inc." will be used in order to illustrate the benefits | | | | allows the computer to have an accurate assessment |
| in a more tangible manner. This will help illuminate both | | | | of every item in stock at any given point in the day. |
| the day-to-day uses as well as the long term | | | | The scanned items are removed from inventory the |
| advantages of POS software. | | | | moment a transaction is completed. Now, if a |
| Checkout | | | | customer wants to know if an item is in stock, the |
| As this area of business is where the software | | | | clerk can access the entire inventory from a computer |
| received its name, it seems a suitable starting point. In | | | | to even say determine what sizes are available. In |
| the past ABC has only used their checkout as a way | | | | order to reduce the chance of a sought after item |
| of allowing their customers to make cash or credit | | | | being out of stock, the management can use inventory |
| card purchases. The item price is put into a cash | | | | notifications to know when popular items are running |
| register and the amount is paid in exchange for a | | | | low so timely re-ordering can occur. This allows ABC |
| product. Then the money is put in a standard cash | | | | to not only track the stock they have, but to make |
| register that is capable of printing out receipts with the | | | | sure popular items are restocked before they are sold |
| amount spent for both the clerk and customer to hold. | | | | out. |
| POS software allows ABC to do all this and so much | | | | These are just two of the main ways that POS |
| more. At the point when the clerk used to manually | | | | software helps with the daily functions of ABC's |
| input the price, a scanner is instead used to seamlessly | | | | business, while also allowing the stored data to be |
| input the price. Using the POS software, the cash | | | | used for long term assessment and efficient |
| register now works to keep track of every | | | | management. Concerning the checkout station, the |
| transaction, allowing owners to ensure that the correct | | | | process for ringing up an item is simpler and there is |
| amount of cash is stored in the register at the end of | | | | more data available for end of day analysis, giving the |
| the day, as well as review all the transactions made. | | | | owner more control of the bottom line. The inventory |
| The receipt will now include useful information on the | | | | control takes place on the same system, which allows |
| product, such as the name, color, size, in addition to the | | | | items to be removed from inventory as they are sold |
| price. This will help ensure the right product is being | | | | and for clerks to easily determine when an item is in |
| returned and help with tracking sales throughout the | | | | stock or sold out. The system was designed to offer |
| day. | | | | immediate as well as long term benefits, it's just up to |
| Inventory | | | | the store owner to implement them. |