Cost control flow chart and summary (1)

Cost control flow chart and summary (1) - 1 Cost Control...

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1 Cost Control Flowchart and Summary Misty Yates BIS/303 November 14, 2016 Craig Wheeler Point of Sale (POS) and Inventory Tracking Systems The Point of Sales system is a computerized network operated by a main computer and linked to several checkout terminals. An electronic point of sale system is called a variety of names such as a sales register, cash register, or a till. POS software records each sale when it happens, so your inventory records are always up-to-date. POS packages frequently come with integrated accounting modules, which include general ledger, accounts receivable, accounts payable, purchasing, and inventory control systems. In this summary, a flowchart is created to show how POS systems and inventory tracking systems integrate accounting operations and accounting systems. Flowchart: Customer Transactions Reporting capabilities available in POS programs include sales, costs, and profits . These reports can be categorized by individual inventory items, salesperson, or category for the day, month and year to date. Most POS systems can reports can report sales for any time period , including hourly .
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2 This flowchart gives a visual of how the IT system organizes customer transactions for accounting processes and reports. Every transaction is recorded and reported. The POS system forms accounting and inventory reports along with cash and credit card sales reports and transactions. Integrating Operations and Accounting Systems As consumers increasingly go mobile, so too must business owners. Businesses need to have an up-to-date POS system compatible with the latest technology that allows them to work offline and across multiple devices. An integrated POS system offers a ready-to-use configured touchscreen interface, which turns an iPad into a mobile cash register that takes orders, accepts payments, and tracks both inventory and customer accounts. T he National Business Education Association states that T ime-consuming accounting tasks take between two and three weeks of full-time work per year ”.
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  • Winter '14
  • CheriKnox
  • Point of sale, Accounting software, inventory control systems, inventory tracking systems, accounting control strategies

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