What is POS?
Point-of-Sale (POS) refers to a point of sale (POS) i.e. a place where a product or service is exchanged between a merchant and a customer through a device consisting of a point-of-sale hardware and a point-of-sale software. Purchase is made and payment is completed. A POS transaction can take place in person or online, in print.
What is inventory?
Suppose you have a store, where every day some products go out, and some new products come in (buy/sell). As a result, every day you keep a count of the product. For example: purchase account/sale account/wastage account, Opening Stock, Closing Stock. The combined form of all these accounts is inventory.
The process of creating and maintaining stocks of products that are needed and demanded by customers is called inventory management.
In short, the maintenance of stock assets and materials is called inventory management.
