Sales and inventory documentation Essay
Sales and inventory documentation
Background of the study
Computers have become a requirement in the business industry it easily completes duties that are tedious and timely foe humans. The business uses of computer are extensive. Although many of the computer duties are not irreplaceable, business has become dependent on their accuracy and timeliness. Many businesses use accounting software to ensure the accuracy of their financial status. It is use for keeping tracks of accounts, money, or items that they need. It plays a significant role in sales control, processing and handling orders, design and production of goods, manufacturing, product and market analysis, and in some cases complete control of operations. The supplies in every business are very important for it to maximize the profit of a businessman. To earn a maximize revenue, a proper management is needed. Some business tends to fail because of poor inventory management.
A greater variance of the loss stocks is one of the main issue that made the business encountered several problems. Stock loss is encountered with many reasons. Stocks can also occur when products are rendered unavailable for sale by becoming out of date, damaged, or spoiled (“Information inaccuracy in inventory systems stock loss and stock out”, 2006) The cause of running out product may have an inaccurate perception. Products in inventory may be unfit for sale because of damage. To support this, a seller may not have the capability to accurately track inventory in their stores or distribution centers (Dolley, 2006) A Point of Sale (POS) system is a system for managing the sales of retail goods. It improves the inventory management of a product. Point of sales software add up the sales total figures the state sales tax, calculate back from the amount to debit the amount of inventory sold (Wilson, 2006) Point of Sales systems has changed the sale of retail.
Now a small or large business can easily keep track of what products customers buy. A business can keep data of all purchases and compare the data from a year earlier or other stores that they own within or outside of a region (Weber, 2006). Point of Sale systems offer a wide selection of features to improve the control of the business and save time spent on inventory, purchasing and accounting. The term used to refer to the software and hardware associate with the checkout stands, and all of the handled features with care included. The key requirements that help to attain a modern point of sale system include high and consistent operation speed, reliability, ease of use, remote supportability, low cost and rich functionality (Kaplan, 2010). A POS terminal can be used to track a number of operations in useful ways and customize it as the needs change over time. It can be networked to other terminals, and to a server at the another location.
Lower costs of operation, improved sales and higher customer satisfaction will help make your business success (Jonsen, 2011) Most basic POS system consists of a cash drawer, receipt printer, monitor and an input device. Employees can use computer unit, programmable keyboards, scanners or handheld terminal to enter data into a POS System. According to Wilson (2006) defines POS system as a mean of recording and utilizing various kinds of information at the time a product is sold in a shop. Information such as product name, price, quality, and time are recording, and the accumulated results are utilized for inventory management and marketing.
Like any other business that operating manual type of point of sales management, the Torio Home Pharmacy often times experience inconsistent inventory counts and incorrect sales figures. Furthermore, the manual system is time and consuming. This situation makes them feel the need of computerized system in order to serve a large scale of customer and client. With the project study, the developers aim to help Torio Home Pharmacy to efficiently track down its point of sales and inventory.
For small businesses proper point of sale management is still applicable because of the advantages it provides the management. No matter what size of the company, it needs to accurately track the point of sales to maximize the profitability if the business. Point of Sales system hence makes the management of stocks much easier and more organized. It improves the profits by accurately identifying the flow of stocks.
Statement of the Problem
1. What are the existing processes in Point of Sale and Inventory System of the Company? 2. What are the hardware and software requirement needed in the development of the system? 3. What are the features of the System?
Statement of Objectives
The developers aim to design and develop a Sales and Inventory System for Torio Home Pharmacy. Specifically, it sought to achieve the following objectives: 1. Identify the existing processes in the Point of Sale and Inventory of the Company; 2. Determine the hardware and software requirement of the system; 3. Determine the features of the system;
4. Test the acceptability of the system.
Significance of the study
Torio Home Pharmacy Sales and Inventory System offer a better and alternative on how to manage the inventory and sales in more effective and efficient ways. The beneficiaries of this study are the following. Torio Home Pharmacy. With the use of this system, Company will have accurate, reliable and faster way of generating sales and inventory reports as well as monitoring of sales and inventory transactions. The reports to be generated by the system will be the basis of good decision making that will improve their service to the customer. Cashier. It will ease the work of the cashier because the system automatically calculates the sales.
The preparation of reports will become fast, accurate and more efficient. It will also improve the customer-relationship because of the fast service. Customers. The system will also benefit the customers by having a faster and more reliable way of transacting with the company. With this system the customers save time in purchasing products. Developers. The developers will gain knowledge, skills and experience on how to work as an IT professional. This will also serve as a training ground that will prepare them in facing the challenges in the real world. Future Developers. This may serves for the future developers as their reference or guidelines if they tend to developed similar studies. And they could enhance the system by adding new features and modifications.
Scope and Limitation
The proposed system is capable of providing inventory reports and sales report. The developer aims to develop two modules for the system. these are the manager or administrator module and the cashier module. In the Manager module, the manager can view, edit and delete user account as well as supplier accounts, view inventory as well as reports such as the stock in and stock out and the list of suppliers that can provide the stocks needed. The manager can also view stock that needs to be purchased as well as the status of each purchase order.
In the Cashier module, the cashier can add, edit information of stocks being delivered by the supplier. The said module enable the generation of information on the status of stocks, the stocks delivered and from whom it was purchased, the bad orders, the stocks needed to be purchased and the suppliers that can provide the stocks. Cashier is not allowed to delete supplier’s information. Sale transaction receipt generation and purchase order is also included as one of the features of the system. The limitation of the study include not compatible with touch screen displays, payments – do not accept credit cards/ cheque.
The developers focused on the design, development, and deployment of Point of Sale and Inventory System of Torio Home Pharmacy. The concept of this study is an Input -Process-Output (IPO) framework. The developers used the Waterfall Model as the software development model for the developed Sales and Inventory of the company. The following are the identified input need in developing the system. (1) Determine the existing point of sale system in terms of stock and sales, (2) identify the hardware and software specifications for the system, (3) determine the features of the system and (4) the acceptability of the system.
After identifying and gathering the input, a method will be conducted produce the output. The method is called Waterfall Model. The different phases of this method include user requirements specification, functional specification, design specification, code, unit testing, system testing, and operational testing. The output of the study is Torio Home Pharmacy Point of Sale and Inventory System. Figure 1 shows the paradigm of the study.
University/College: University of Arkansas System
Type of paper: Thesis/Dissertation Chapter
Date: 26 September 2016
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