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How to calculate profit in POS business

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CALCULATION OR BALANCING OF POS TRANSACTION ACCOUNT.

 
Learn how to balance your POS business account. Start Detecting errors when it's occurred  Know your profit margins daily    PRUDENTJ2  is your business and Your Business is PRUDENTJ2   #baxi  #posbusiness

Calculating Your POS transactions to get your profit daily is simple and easy but it requires some strategic system to do so. So in this article, I will show you the best and simple way to calculate profit in POS business.

POS business is now in every street and more people are venturing into it on daily basis. The worst part is that, some didn't get proper follow up or teachings on how to run or start POS business.

When you want to start POS business, there are some things you need to know which is very important like; How-to-identify-fraudsters-as-pos-operator etc. POS business is all about caring cash around you, and security should be your Oxygen to monitor and Identify Fraudsters who can approach you in different ways.

The next thing to be very much professional at is knowing how to balance your account everyday after work to know your profit or lost even detect errors.

When you are seriously running a POS business without balancing your account (knowing How to calculate profit in POS business) at end of the day, you might end up dashing people your money Unknowingly.

Important of  balance POS account 

1. To detect your profit
2. To detect errors or lost
3. To be able to know how much you are making monthly.
4. To figure out the improvement of your POS sales person
5. To plan for expansion or not.
6. Days you make more profit.


Materials needed to learn How to calculate profit in POS business

1. Book 📖 (preferably Long Note)
2. Ruller
3. Pen


How to calculate profit in POS business ( Balancing of POS business Account) 

Firstly, you need to draft a Table for it. See Example:

DATE DEVICE NAME   UNUSED BALANCE BEFORE SALE POS CASH FUNDING
6-11-2022 BAXI POS 78,456.90 50,000  30,000


When you are balancing or calculating your profit,   You need to write;

(A)
DATE
DEVICE NAME
DEVICE USERNAME 
UNUSED BALANCE BEFORE SALE
POS CASH
FUNDING
TOTAL WORKING CAPITAL

(B)
UNUSED BALANCE AFTER SALE
EXPENSES
CASH AT HAND
TOTAL WORKING CAPITAL AFTER SALE.


Let's explain them

(A)

Date:

This is the date for the work. So you need to specify the date.

DEVICE NAME;

This means the name of POS machine, example; Moniepoint, Opay or Baxi.

UNUSED BALANCE BEFORE SALE


DEVICE USERNAME

Device username is the username of your POS Machine.


UNUSED BALANCE BEFORE SALE: 

This is the balance in your POS machine before you start work in the morning or anytime.

POS CASH: 

This is the money or Your cash at hand before starting work. Note: is not the money you received from a customer to make a deposit or transfer to the person.

Pos cash is the money or total Money you brought out for your POS business for the Day. 
This money is just like the unused balance in machine Before you start work but the the difference between the two is that, Unused balance is your machine while POS cash is the physical money you have to business for the Day.

Important Note

If your POS cash before starting work is 100,000, you might need more POS cash if your customers are mostly coming for withdrawal. So when you are balancing the account, you will add it together.


FUNDING: 

This is the money transferred to your machine in order to make a transfer or deposit for a customer.
Funding is the money either you transferred from your bank account to the POS machine or Cash you give to someone to transfer the money to your POS machine.
 

TOTAL WORKING CAPITAL:

This is the total working capital before sales which includes; UNUSED BALANCE BEFORE SALE, POS CASH and FUNDING.


(B) 

UNUSED BALANCE AFTER SAL:

Unused balance after sales is the money in POS machine after work for the Day. When you are done and cannot attend to any customer again either because of time or something happened, the money in your POS machine is what we called UNUSED BALANCE AFTER SALE.

EXPENSES:

Expenses are all your expenditures from your POS business for the day. For example, it can be food you bought from your POS money or Data subscription for the WiFi you are using with your machine etc.

CASH AT HAND: 

This is the physical cash you have at hand after work for the day.

TOTAL WORKING CAPITAL AFTER SALE: 

This is the total working capital before sales which includes; UNUSED BALANCE AFTER SALE, EXPENSES, CASH AT HAND


Example of how How to calculate profit in POS business.

Example of How to calculate profit in POS business
How you are going to draw lines on your book 


Finally, Watch How to calculate profit in POS business


 


Conclusion


Add UNUSED BALANCE BEFORE SALE, POS CASH, FUNDING  = TOTAL WORKING CAPITAL BEFORE SALE

Then,

Add UNUSED BALANCE AFTER SALE, EXPENSES, CASH AT HAND = TOTAL WORKING CAPITAL AFTER SALE.

Now, 
TOTAL WORKING CAPITAL AFTER SALE  - TOTAL WORKING CAPITAL BEFORE SALE = Your profit.

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