What is a financial statement?

Point of Sale (POS) Glossary

A financial statement for a retail store shows the overall accounting of the business. It provides all of the details, including profits and losses, accounts payable, accounts receivable, inventory value, and more. A robust point of sale system can track almost everything a business needs for its financial statement, making preparation much more accurate and straightforward than compiling it by hand.

The financial statement is usually completed at the end of an accounting period, which might be yearly, monthly, or quarterly. Management and other people with a stake in the business study this balance sheet. POS analytics and reporting are used for the company to compile a financial statement accurately. Additionally, they are helpful in between financial statements so a business can track its overall health.