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  • Subject Name : Accounting and Finance

Point Of Sales

James Ritty, a saloon owner invented the cash register for the first time in 1879. Many businesses started using cash registers in the early 1900s while the computer-based POS system was started in the late 1980s. The invention of Gene Mosher's touch screen interface makes it easier and then the invention of Goodwin and Bob Henry’s Microsoft POS totally changed the use of cash registers. Interface and functionalities of POS vary from business to business depending on the requirements of that particular area, for example, a POS system named as Mosher’s touch screen was initially designed and used in restaurants. POS used at that time was more likely to the systems that we are using today. Although there are a number of changes or modifications has been introduced in POS like mobile responsive as well as using an online database to store and a centralized server for multiple stores and restaurants to manage all the record from one single system.(A. Dey, 2019)

In order to update the manual sale process, the first system required is POS as it gives the management ability to access the historic sales information. Point of sales not only gives daily sales information but also, weekly and monthly sales information along with the inventory management and product location information by scanning the stock-keeping unit (SKU) of the product and its quantity available and also about the out of stock items. The data stored in the POS can help us in forecasting the purchase and buyer interest in any specific product that can help in the pricing of the product and also helps in ordering the additional units based on the buyer’s interests. the flexibility in POS systems encourages the users to upgrade the previous system which doesn't have much complexity as the latest systems can help the management to generate reports on the daily weekly and monthly sales. (Dey, 2005). It also helps in highlighting most selling product, most profitable product, highest purchasing client and also the least selling product which can help the management in future ordering wisely and making more profit while focusing on most selling products and most profitable products while focusing on the number or frequency of sales.

Research has proved that the conversion of a manual system to the latest POS system has increased the purchasing efficiency. It also saves the seasonal data that helps in better buying decisions in the future. (H. Shieh, 2011)

Moreover POS saves the time of both seller and buyer as the previous system takes time while calculating the prices and generating a receipt while the latest POS completes the process automatically. Previously used POS systems were capable of storing the data while in the latest systems there are a number of modifications and functions that have been introduced including the visualization of data, forecasting and producing the reports based on profit and expenses. It also reduces the number of manpower required for performing all the functions properly and reduces the audit work. (Sanyal, 2015)

Remember, at the center of any academic work, lies clarity and evidence. Should you need further assistance, do look up to our Accounting and Finance Assignment Help

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