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A POS system or Point of sale system is a computerized transaction terminal that are now used in service oriented establishments such as restaurants, salons, car repair shops and the likes. They are also found in department stores, malls and other establishments that sell consumer goods to the public. This system usually consist of a computer with a touch screen monitor , a cash drawer, a debit and credit card reader, a receipt printer and for consumer goods shops a bar code scanner. The most basic POS computer system is an electronic cash register and its basic function is to ring up the goods that were purchased and issue a receipt. Most of this electronic cash register would usually have built in basic software that prints out daily transaction reports that are used to reconcile cash against the transactions. Some cash register even has memory functions that can produce extremely detailed documents that allow the user to study past transaction reports or generate monthly or yearly transactions summary. A more complex form of a POS system has several features incorporated in the set up. In most cases, to configure this kind of an environment, a business owner would usually have to buy different hardware and POS software or point of sale software to go with it.


Usually along with the electronic cash register, a touch screen monitor is needed, bar code reader should be available and a debit and credit card reader should be on hand to accommodate buyers who use their credit cards and ATM card to settle their accounts. With these hardware peripherals, software to run the system is required. Usually aside from the calculating software that is needed, inventory management is usually purchased so that control of incoming and outgoing products can be monitored in real time. The significance of the point of sale system being implemented in any business entity is its capability to improve tremendously managerial control by accurately tracking all business transactions at the moment they are consummated. Any transaction that is done over the POS terminal is immediately uploaded to the company’s main server thereby updating at that particular moment the transaction that had just occurred. POS system provides detailed sales and inventory reports that allow the owners and managers to easily order the correct amount of raw materials or product that the company needs at the proper time and date. POS systems improve customer service by reducing the time to complete a single transaction and also allows owners and their managers to directly see the success of a special promotions launched by the company to its customer.

The system has the ability to customize the need of a certain business like restaurants can include menu items and layouts, shops can immediately locate current sales prices and cost of numerous products and hotels can easily link restaurant bills with room charges. Admittedly, setting up a Point of sale system in any business company will incur a large amount of money but in the long run will reverse itself and save the company millions because of managerial efficiency that it will bring to the trade.

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