Business owners have many elements to their business that they must constantly keep in the forefront of their brains. This is not an easy task when you add to that the stress of knowing if you forget something it could cost you money. Remembering everything all the time is not humanly possible. That is why there is software to help with such daunting tasks.
POS or point of sale software was developed in order to help business owners keep vital point of sale information quickly accessible and to ensure that each point of sale transaction is done as quickly and effectively as possible. Another aspect of POS systems, however, is to assist the business owner with inventory control.
Why Inventory Control Matters
Inventory control is a very crucial element to a successful business. If you do not have control or working knowledge of how much product you have on hand at any given time, you are putting yourself at a great disadvantage. Inventory control is also a safeguard against illegal actions taking place within your business. When employees or customers attempt to take advantage of a business owner by doing underhanded things with inventory, a good POS system can alert you to the fact that something is not quite right.
For Retail and Hospitality
It may seem that a POS inventory control system would only benefit a traditional retail business, but professionals in the hospitality industry are learning that keeping up with their inventory control via POS software can save them a lot of time and worry. Restaurant and bar owners have inventory on hand just like a retailer. The food and liquor purchased by these business owners are their inventory and if that inventory is not strictly kept track of, it can translate into financial disaster. You have invested in this inventory and you must make sure that it turns into cash. Your bottom line depends on this.
POS Inventory Features
Most POS systems will have inventory features that can help you manage stock, purchasing and inventory flow. You need to know what you have on hand, what you need and what you have sold. Attempting to do this with old fashioned record keeping can be a recipe for disaster. When all this information is easily accessible in one easy to use system your job becomes much easier and more enjoyable. When you are constantly on top of your inventory information you will be the first one to know if something is wrong. If inventory is missing, you will know. If inventory sold and revenue is not matching up, you will know. Being informed of what is happening in your business is the best way to catch a problem early on and deal with it before it costs you serious money.
Replenishing orders automatically Is one of the great features of using a POS system that has inventory control. With this feature, an owner can set a certain level that stock reaches and then trigger the software system to automatically replenish it and send invoice and orders to the appropriate vendors.
POS inventory control offers you the feature of stock reports as well so that you are always up to date on stock on hand at any time as well as stock purchases. Other great features include:
- Entering your numbers for stock take
- Keep track of sell price and price margins
- Instantly enter stock transfers
- Track inbound inventory
- Generate barcodes for items that are not in your system.