As a business owner (or potential business owner), you know that you will need a point-of-sale system to ring up sales. But, what you may not realize is that the point of sale can also serve as a powerful inventory tracking system.
That’s because of the backend software that runs on the point-of sale. Unlike the old days when merchants would ring up items at the point-of-sale and then use a spreadsheet to reconcile the items sold with the stock left on the shelves and in the warehouse, the software can automatically track everything moving through the business.
If you plan to use your point-of-sale to keep track of inventory, here are a few things to keep in mind:
Look For Simplicity
While the concept seems straight-forward, the actual use of the software to track inventory can become very complicated depending upon the software itself. Some systems have very complex user interfaces that require inputing some confusing information about SKUs and variations. It can also cause you as the business owner to spend lots and lots of valuable hours inputing new products and also training every new employee you hire to learn how to use the system. Instead, make sure you can import product information from a spreadsheet or, better yet, use a barcode scanner to simply scan product information into the system.
Another area to research is how well the system will integrate with other systems. If you happen to use a third-party inventory system, you’ll want to make sure your point-of-sale software can easily integrate with that. In addition, it will probably be convenient to have the point-of-sale software integrate with your accounting software to make things easy for your CFO or bookkeeper.
If you own or manage more than one location, it can be very helpful to have a view into all of your locations’ inventory levels. An integrated point-of-sale system that tracks sales and inventory can provide that view. The biggest benefit is that you will not need to log in to multiple systems to get the information. In addition, your reports will be much easier to build if you’re not having to export from multiple places.
Use Data To Fuel Your Growth
This could be the largest benefit of having the point-of-sale keep track of inventory. You’ll receive data on sales and inventory levels that can be leveraged for decisions on how to improve cash flow and profits. If you can see certain items do not sell very frequently, it doesn’t make sense to keep very high levels of that product in stock. On the other hand, if you notice that you’re always running out of a particular item, it follows that you should keep more of it on hand.
Looking to learn more about point-of-sale solutions and how they can help track inventory? Contact us today for a demonstration or answers to your questions. We’re here to help!