How POS Systems Help With Inventory Management

One of the best features of modern POS systems is the inventory management feature. Instead of paying for third-party software to manage your inventory, you’ll be paying for just one software that can manage inventory and perform a myriad of other tasks for your business.

So, how exactly does POS software help manage inventory? We’ll cover that and more in the following sections. Keep reading to learn more!

 

Integration With Your Catalog Software For Easy Orders

A big part of managing inventory is accurately ordering more stock for your shelves. It can be exhausting to use a separate catalog program to create orders, and then try to manually input info into your POS software or count by hand. Some POS software can actually integrate with your catalog software, so your orders will automatically be put into your current stock to ensure accuracy.

No more jumping back and forth between different software; everything will be organized and synced to the POS terminal, and you can manage everything from there. If you’re having trouble with inaccurate counts and messed up orders, you need to start using POS software.

 

Sync On and Offline Inventory

POS inventory management software has the ability to keep both on and offline inventory accurate and synchronized with one another. This is especially important if you’re having trouble with online orders or buy online/pick up in-store. The last thing you want is for a customer to order something online, only to find out it’s not in stock because someone just pulled it off the shelf and bought it.

Ecommerce stores are making the switch to POS not only for their simplicity and versatility, but also for their security measures. With cybercrimes climbing as our society becomes more and more digitalized, it’s paramount that customer information, especially bank/credit card information, is protected during checkout.

 

Real-Time Updates

If you’re tired of your inventory software taking anywhere from a few minutes to a few hours to update, a POS system can help. If you’ve never had real-time inventory updates, you’re going to love it. Everything from sales to returns to orders updates the inventory immediately, so you’re never in the dark about how much product you have on hand.

Some POS systems even still function offline, syncing to the cloud once a connection is reestablished. No matter where you are, you can access your store terminal from a laptop or mobile device. Many POS systems have apps that you can install on your devices so you’ll always be in connection with your store.

Real-time updates help minimize errors, as well. The more accurate your inventory is, the less chance you’ll have of upsetting a customer or having to spend hours finding and fixing said error.

 

Customizable Products/Services

POS systems offer plenty of customization for your products and services. You can easily add a description, price, picture, and any other details you’d like to include in the catalog. This makes pulling up the right product for a customer quicker and more accurate and also saves the hassle of trying to match barcodes and product numbers. Everything is as detailed as you want it to be, so customize away!

You can also add a custom tax value to your products, so you can be certain you’re staying in compliance with local and state sales tax requirements. You can also add custom discounts, promotions, and your own store gift cards via your POS software.

 

Handling Returns

Returns can sometimes wreak havoc on inventory management software, but not so with POS systems. They’ll update your inventory in real-time even when there’s a return, and you’ll get to decide if the product is in good enough shape to put back on the shelf. Since returns are a given in retail and even restaurant industries, you’ll want a system that doesn’t break down whenever a customer returns something.

 

Accuracy

Above all else, an inventory management system should be accurate. Without accuracy, you wind up ordering too much or too little stock, both of which cost you money and time. Fixing errors also costs both time and money, so your inventory software needs to be able to track your inventory as accurately as possible. With your inventory connected to your payment processor, you won’t have to worry about manual entries; the POS software will handle your inventory.

 

Conclusion

POS software is both affordable and versatile, making it the perfect tool to manage inventory and improve various other business operations. You’re getting a lot of bang for your buck with this kind of tool, so don’t hesitate. Try a demo today and see just how POS software can help you get back on track with more accurate inventory counts and real-time updates. Don’t let your inventory needs fall by the wayside!

The views expressed in this article are those of the authors and do not necessarily reflect the views or policies of The World Financial Review.