point of sale and inventory documentation
Chapter 1
INTRODUCTION
Background of the study
Point of Sale and Inventory System is a process wherein the business could monitor the movements of the products as well as the sales transactions. It is important for the company to take account inventory of the products as well as the sales. Inventory refers total amount of goods and/or materials contained in a store at any or factory at any given time (Inventory, 2011)
Even though technology is available, still many companies use manual system. Operating manual inventory is a time-consuming task, lots of paper works and slow date processing (Hamlet, 2011). It also problematic in terms of communication streams. Each update or removal from the inventory must be updated daily (Cruz, 2010). Manual sales and inventory process was prone to errors that required time to rectify discrepancies (“Inventory”, nd.).
Since manual inventory consumes a lot of time and is susceptible to errors, it would be helpful to build a system that will automate the transactions from acquisition of the product description to updating the inventory database. Work efficiency of employees is defined as how productive they are in their work (“Inventory”, nd.).
The causes of the discrepancies in the records are many, and some of the commonly observed ones are: stock loss; transaction error, inaccessible inventory, and incorrect product identification. Stock loss, also known as shrinkage in industry, includes all forms of loss of the products available for sale. One common example is theft, which can be committed by both shoppers (external theft) and employees (internal theft). With these problems of manual inventory system, businesses emerged with computerized Point of Sales and Inventory System. It tracks purchases and sale transactions thought an organization.
Point of Sale and Inventory System is a tool used by retail businesses such as stores, supermarkets, and restaurants. It can register the purchase and keep track of inventory. It also
INTRODUCTION
Background of the study
Point of Sale and Inventory System is a process wherein the business could monitor the movements of the products as well as the sales transactions. It is important for the company to take account inventory of the products as well as the sales. Inventory refers total amount of goods and/or materials contained in a store at any or factory at any given time (Inventory, 2011)
Even though technology is available, still many companies use manual system. Operating manual inventory is a time-consuming task, lots of paper works and slow date processing (Hamlet, 2011). It also problematic in terms of communication streams. Each update or removal from the inventory must be updated daily (Cruz, 2010). Manual sales and inventory process was prone to errors that required time to rectify discrepancies (“Inventory”, nd.).
Since manual inventory consumes a lot of time and is susceptible to errors, it would be helpful to build a system that will automate the transactions from acquisition of the product description to updating the inventory database. Work efficiency of employees is defined as how productive they are in their work (“Inventory”, nd.).
The causes of the discrepancies in the records are many, and some of the commonly observed ones are: stock loss; transaction error, inaccessible inventory, and incorrect product identification. Stock loss, also known as shrinkage in industry, includes all forms of loss of the products available for sale. One common example is theft, which can be committed by both shoppers (external theft) and employees (internal theft). With these problems of manual inventory system, businesses emerged with computerized Point of Sales and Inventory System. It tracks purchases and sale transactions thought an organization.
Point of Sale and Inventory System is a tool used by retail businesses such as stores, supermarkets, and restaurants. It can register the purchase and keep track of inventory. It also