What is POS software? Software connected to your sales terminal that tracks sales, employee performance, analytics, and yes, even inventory. Inventory management can be a time-consuming and often stressful process. The wrong count means someone will have to recount everything to ensure the numbers are accurate. Miscounts can cause issues with ordering systems, sales numbers, and even customers. If a customer sees their favorite item is “in stock” on your website, only to find in-store that it was miscounted, you’ve got an unsatisfied and likely irritated customer to deal with. POS systems make the task of inventory management simple by providing real-time updates and notifications when stock is low, among other things.
Real-Time Counts
Modern POS systems update inventory counts in real-time. When an item is purchased, it’s automatically deducted from your stock, leaving you with an accurate count you can guarantee is correct. The whole system is updated instantaneously, and some systems even update if you’re offline so the count remains accurate until you reconnect.
Low-Stock Notifications
Isn’t is frustrating when you forget to do a count and your best-selling product is down to one at opening time? POS software has a solution for this issue as well. When stock runs low, your software will send a notification to the POS terminal, so you’re always aware of when you need to order more supplies.
Some POS systems can be integrated with your ordering system for automatic orders when stock falls below a certain number of items. Eliminate the worry of running out of stock by using POS software to its full capability.
Easier Returns and Exchanges
Returning an item back to inventory after it’s been exchanged or returned for a refund can be a hassle. You’ll have to recount everything (provided the item is undamaged) and return it to the shelves. With POS software, returns and exchanges are simple. You’ll scan the product, provide the refund, and the item is returned to stock and inventory is updated automatically.
This helps make the return process simple for the customer as well. Your terminal will know if an item is eligible for a return or exchange, and the refund process is quick and simple, eliminating stress and confusion on both ends of the transaction.
Adding or Deleting Items
Adding a new item to your store inventory or deleting an old item is as simple as entering (or deleting) it from the POS terminal. The store’s inventory will be updated, and you can add details and even a thumbnail to the item profile in the POS software.
No more complicated inventory updates; the POS system handles everything for you, so all you need to do is enter the information and initial stock counts. From there, your counts will be updated and the item solidified in the system.
Receiving Shipments
One of the more laborious inventory tasks is receiving shipments. While you’ll still have to manually count to double-check you’ve received the correct number of items, once you’ve entered the number into the POS system, it will track everything for you so you don’t have to recount as stock depletes.
Better Overall Organization
With better organization comes better business. Organization is the key to success, and organizing your inventory management system with effective POS software can only serve to better your business in the long run.
Not only will you reduce labor costs by eliminating those time-consuming manual counts, but you’ll also be able to better track your stock and be aware of theft or errors much quicker. Your customers will be grateful for accurate counts as well when shopping for their favorite items.
With accurate sales numbers, inventory counts, and analytics to back it all up, you’ll be able to better tailor your business to the needs and wants of your customers, ordering those preferred items more frequently and creating custom ad campaigns to drive new purchases.
It’s Easy to Use
The best part about POS software is that it’s easy to learn and operate. Most of the interface is completely self-explanatory, and should only take a few minutes to train on. Inventory counts and other sections are usually located in a drop-down or other style menu, giving your staff easy access to the important information.
We’ve all been in a situation where it took days or even weeks to learn unnecessarily complex software. It can be frustrating, time-consuming, and most of all, costly. Spending hours training employees on complex software boosts those labor costs and can even dampen the employee’s morale.
Don’t waste any more time on complex inventory management systems with hefty price tags. The POS software acts as an all-in-one tool to help manage every aspect of your business and track sales and inventory with ease. Employees and customers alike will appreciate the accuracy and simplicity of a POS system.
The Bottom Line
Utilizing a POS system is one of the most efficient ways to get your inventory under control. With easy to use software, a portable terminal in most cases, and accurate counting and low-stock notifications, you’ll never miss another item during a count. The software will track and manage all of your information safely and securely within the software, allowing you to focus on what matters: growing your business and serving your customers. If you’ve never considered a modern POS system, there’s never been a better time to give it a try.
