Point of Sale System refers to thetime and place – the point – that sales transaction is completed. POSalso called as Point of Purchase is the centralcomponent of the business; it is a hub (or) a place where everythingrelated to our business gets merged. POS may alsostand for point of service, or the time whencustomers interact with merchants.
Apoint of sale system can be described as a collaboration of both the softwareand hardware where people from different areas with different needs can be ableto make their day-to-day transactions, making their business operation verysimple. POS is almost used in every business application such as salesreporting, quotations and stock transfers, book keeping, banking, restaurantmanagement, inventory systems, issuing of purchase orders…Etc. POS systems are bit complex than the old cash registerbased process because the modern POS can actually store every piece of dataregarding the customer report, helps in managing the inventory of sales and caneven track the employee productivity. As the technology keeps on growing withthe latest and updated versions POS has wiped off all the traditional datastorage process with cloud-based POS systems, by using the cloud POS everythingwe do can be done in real time i.
e., the data can be accessed online throughoutthe business application. We can even manage the inventory at any place andanytime.POS is an automatic recorder i.e.
, whenever a sales happens inregarding to a particular product or so the POS automatically records thattransaction and maintains it up-to-date. If still we need extra informationthen we can store data manually, so that now it becomes a huge profit for themerchants or the customers and take a profitable step in organizing the goodsi.e.., ordering. A POS system can be very helpful insaving the time of the customer and removing the data entered multiple timesi.e.
, duplication of data or work can saves time and duplication of work, canincrease efficiency and can increase the accuracy of business application, canhave a clean reporting without any duplication, and providing excellentcustomer service. From the basictraditional point of sale developmnt management which was introduced in the 20th century,to the recent invention of web-based and mobile point of sale in the 21st century. 2.
Basic Requirementa. Software Requirements i. Java ii. J2EE iii. HTML iv. MySQLb.
Hardware Requirements i. Minimum Windows Software ii. Hard Drive and Minimum of 8 MB memory iii. A CD-ROM drivec. Functional Requirements i. Login Menu ii.
Home1. Inventory2. Add Inventory3. View All Inventory4. Search Inventory iii. Customer1. Add Customer2. View All Customers3.
Search Customers iv. Sale v. User vi. Logout.3.
Scope· POSsystems seek to automate as much of a retailer’s financial processes aspossible.· Byincreasing information reporting accuracy, retailers gain smoother operationsand better information on which to make crucial business decisions. · Byreducing the labor hours required to gather such information, retailers canreduce the cost associated with record keeping and information collection.
· Likewise, costs are further reduced becauseretailers have more current information on buying trends and inventory levels,as well as increased accuracy in regard to the prices charged to customers. · You can analyzesales data; figure out how well all the items on your shelves sell, and adjustpurchasing levels accordingly.· You can maintaina sales history to help adjust your buying decisions for seasonal purchasingtrends.
· You can improvepricing accuracy by integrating bar-code scanners and credit card authorizationability with the POS system.· Ease of use. Look for software with a user-friendly graphicalinterface.· Entry of sales information. Most systems allow you to enterinventory codes either manually or automatically via a bar-code scanner. Oncethe inventory code is entered, the systems call up the standard or sales price,compute the price at multiple quantities and provide a running total. Manysystems make it easy to enter sales manually when needed by letting you searchfor inventory codes based on a partial merchandise number, description,manufacturing code or vendor.· Pricing.
POS systems generally offer a variety of ways to keeptrack of pricing, including add-on amounts, percentage of cost, marginpercentage and custom formulas. For example, if you provide volume discounts,you can set up multiple prices for each item.· Updating product information. Once a sale is entered, these systemsautomatically update inventory and accounts receivable records.
· Sales tracking options. Different businesses get paid indifferent ways. For example, repair or service shops often keep invoices openuntil the work is completed, so they need a system that allows them to putsales on hold. If you sell expensive goods and allow installment purchases, youmight appreciate a loan calculator that tabulates monthly payments.
And if youoffer rent-to-own items, you’ll want a system that can handle rentals as wellas sales.· Security. In retail, it’s important to keep tight control over cashreceipts to prevent theft. Most of these systems provide audit trails so youcan trace any problems.· Taxes. Many POS systems can support numerous tax rates-useful ifyou run a mail order business and need to deal with taxes for more than onestate.