Point of sale (POS) software

Point of sale (POS) software is commonly used in millions of retail businesses through out the world. And there are thousands of different POS software programs to choose from. They range from very simple POS programs to extremely advanced programs with thousands of different features designed to streamline operations and improve efficiency. In addition, there are about 30 different vertical markets that software companies have customized their POS software to handle.

POS software is utilized at the physical location at which goods are sold to customers. When using POS software, all sales and transaction are made through your computer. You tell the computer what you're selling, the selling price, and the quantity sold. Then it calculates the total, including tax, and tells you how much change is due. It also records every sale and tracks everything.

In fact, POS software can serve as complete retail management system that will automate several areas of your business. The software might include:

• Point of Sale
• Inventory Control
• Automatic Purchase Order Creation
• Automatic Price Updates
• Bar Code Scanning
• Accounts Receivable
• Accounts Payable
• General Ledger
• Payroll
• Customer Tracking and Follow Up
• Shop Management
• EDI (Electronic Ordering)

In general, retail point-of-sale systems have wide field for application in the retail businesses. The application of POS systems could be in the field of streamlining sales transactions, providing useful data regarding financial achievements of the businesses, proper inventory management and more effective customer relationship management.

Even though retail POS software is designed for the purpose to provide support with the financial transactions and to help in the above mentioned business operations, still, some of the POS software could meet particular business requirements to bigger or lesser extend. According to this fact, it is well recommended that each enterprise should invest in the POS system which is designed to meet specific business needs.

As was mentioned above, the retail POS systems help in the sales transactions processes. The POS systems are one of the simplest and they are created in a way to operate with the purchase processes in ease and efficient way. Hence, the software has options for entering data which could possibly represent the whole inventory in the shop, for example. Additionally, when the purchase is made, the system automatically counts down the item from the inventory list and helps in that way contributes for improved inventory management. Also, regarding the customer relationship management and providing sales reports, there are other settings that could additionally be set in the particular POS software and all that for the purpose business operations to be more productive.

Apart of the retail businesses, hotels and restaurants should have more complex POS systems. This is due to the fact that in such businesses which are service orientated, the POS software applied should be able, for example, to customize various orders from different tables and in alignment with that to keep track on price variations.

The fact is that the POS systems that apply to service sector businesses such as restaurants, hotels and fast food businesses should be able to customize and manage multiple orders. Either the example is for fast food business, or dining out restaurant or even a hotel, POS software should operate with various orders made during the service process, and still providing the right bill for the right table, or the right bill for the right room order if the hotel business is taken into consideration.

Clearly, when starting a business it is important to take the industry specific POS system into account. Therefore one should not just trying and finding the best deal, but rather invest in the system that will work best to make the everyday businesses activities more effective. Understanding why each system is unique will help when trying to make the decision for what type of POS system to purchase.

Although the examples given above are from specific industries, the systems could be applied to different industries that have similar purchasing processes: The retail POS can be used in stores ranging from clothing to electronics and the restaurant systems could be used in various hospitality related industries.

Worth to be concluded is the fact that when buying the POS system one should not only decide to buy the POS system with best buying deal, but also to consider the specific industry requirements where the particular business operates.

Point of Sale (POS)

Point of sale (POS) or checkout is the location where a transaction occurs. A "checkout" refers to a POS terminal or more generally to the hardware and software used for checkouts, the equivalent of an electronic cash register. A POS terminal manages the selling process by a salesperson accessible interface. The same system allows the creation and printing of the receipt.

The coined term “point of sale” or POS was created in the 1950’s and first referred to the storefront or place where goods were sold. When the term point of sale or POS is used today, it describes an automated system which networks to a database of information. Usually via a scanned barcode, the information from the sale of an item is recorded and denotes what product was sold, where it was sold and how many are left in the stock of items. Point of sale or POS is primarily linked with retail businesses. With products being delivered, sold and /or returned, businesses needed a good tracking mechanism in place. From a mom and pop business to mass retailers, everything is automated these days, thanks to computers.

Point of Sale or POS as it is more commonly abbreviated, refers to the capturing of data and customer payment information at a physical location when goods or services are bought and sold. The POS transaction is captured using a variety of devices which include computers, cash registers, optical and bar code scanners, magnetic card readers, or any combination of these devices.The term Point of Sale(POS) is applicable to a retail shop or store, the checkout/cashier counter in the store, or a location where such transactions can occur in this type of environment. It can also apply to the actual Point of Sale (POS) Hardware & Software including but not limited to : electronic cash register systems, touch-screen display, barcode scanners, receipt printers, scales and pole displays. 

A point-of-sale (POS) system is a computerized replacement for a cash register. Much more complex than the cash registers of even just a few years ago, the POS system can include the ability to record and track customer orders, process credit and debit cards, connect to other systems in a network, and manage inventory. Generally, a POS terminal has as its core a personal computer, which is provided with application-specific programs and I/O devices for the particular environment in which it will serve. A POS system for a restaurant, for example, is likely to have all menu items stored in a database that can be queried for information in a number of ways. POS terminals are used in most industries that have a point of sale such as a service desk, including restaurants, lodging, entertainment, and museums.
Increasingly, POS terminals are also Web-enabled, which makes remote training and operation possible, as well as inventory tracking across geographically-dispersed locations.

For a small gift store, a basic POS system would consist of a computer, cash drawer, barcode scanner, receipt printer and the appropriate POS software. A service organization, like a lawn care company, wouldn't need a cash drawer or a receipt printer. But they might want a laser printer for their service invoices. Again, you have the flexibility to easily customize a POS system for your particular business.

POS system not only gives you control over your transactions, it also puts a wealth of information at your finger tips. Imagine being able to compare year to date and month to date sales with just a few keystrokes. A database of your customers can be a powerful marketing tool. A POS system can also track your inventory, automatically creating order lists as needed, even adjusting quantities for seasonal demand. In short, a POS system helps you keep a constant eye on your bottom line.