Point of Sale (POS) Glossary
Yearly profits are calculated by deducting operating expenses and cost of goods from revenue for the last 12 months. Many things are included in operating expenses, including employee salaries, utilities, and rent. It is essential to include all costs to get an accurate yearly profit amount.
A point of sale system can record all the items sold at a store. In addition to POS transactions, website income and any other sales must be included in revenue. Any returns, damaged, expired or stolen inventory is deducted from revenue.
Yearly profits are an essential metric for evaluating a company’s success. If a business is not generating a large enough annual profit or losing money, it may indicate that changes are necessary to restore the company’s health.
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.