Point of Sale (POS) Glossary
Gross sales are the total revenue a company makes from selling items during a period. Gross sales are calculated by taking total sales and subtracting the cost of the goods. An item that costs $3 and sells for $10 would have a $7 gross profit.
Totaling gross sales is an essential first step to determining a company’s profit. After calculating gross sales, net sales (gross sales minus returns, allowances, and discounts) and operating expenses must be subtracted to determine a company’s total profit. It is critical to remember that gross sales showing profit are not the complete profit-picture.
A point of sale system can keep track of gross sales and generate POS reports showing revenue. A POS system makes it much easier to keep track of business data for determining gross sales and more.
Customers love promotions! Buyers are often pulled in by one deal and wind up buying regularly priced merchandise in addition to, or sometimes instead of your discounted items.
An eCommerce website is open 24/7 and accessible from all over the world. Being online and having physical store opens your business to a global market.