POS system: What is it, its advantages and characteristics?

B. POS Point of Sale Software

On the other hand we find in the POS system we have the software, this must be in charge of the following functions:

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(A) Sales and invoicing in POS Software

• Manage billing resolutions if required, along with billing consecutives. Provide early warning when resolutions are about to expire, or authorized numbers are running low.

• Record sales in the form of invoices, allowing the registration of products by scanning barcodes, or manually. In general there can be two visual ways of entering products, either in the form of a list of products, or through photographs of the products, especially for touch screens.
• Allow various forms of payment, either cash, credit or debit cards, vouchers, points for purchases, or direct credit.
• Print invoices in half-letter or strip formats with all legal requirements.
• Creation of combos with special prices for customers.
• Seasonal promotions.
• Alerts also when customer accounts payable maturities are approaching.
• Allow the closing or cash count to make an audit of the cash against what was sold during the day.
• Electronic invoicing according to the business conditions and regulations of each country.

(B) Products and Inventories

• Enter initial product inventories.

• Manage product costs, taxes and prices.
• Automatically update inventories at the time of incoming or outgoing goods, whether in the form of purchases, remissions or sales.
• Alert when product inventories are reaching undesirable lows.
• Maintain inventory control of raw materials for internally manufactured products.
• Keep inventory costs, according to product costs and history.

(C) Purchasing and Suppliers

• Keeping control of purchases from suppliers, including purchases on credit.

• Manage outgoing or incoming goods referrals.
• Alerts also when accounts receivable or payable to suppliers are approaching due date.

(D) Operation and business reports

• Generate reports in the form of tables of the different operations of the system.

• Report sales, purchases and other financial indicators of the system.
• Allow the output of reports in excel formats or in flat files for other systems.
• Generate business fiscal indicators and reports.

(E) Fixed Costs and Expenses

• Enable the recording of fixed costs of the business.

• To record other trade-related expenses.