Now on the market let you track usage, monitor changes in unit costs, calculate when you need to reorder, and analyze inventory levels on an item-by-item basis. You can even control inventory right at the cash register with point-of-sale (POS) software systems. POS software records each sale when it happens, so your inventory records are always up-to-date. Better still, you get much more information about the sale than you could gather with a manual system. By running reports based on this information, you can make better decisions about ordering and merchandising.
With a POS system:
- You can analyze sales data; figure out how well all the items on your shelves sell, and adjust purchasing levels accordingly.
- You can maintain a sales history to help adjust your buying decisions for seasonal purchasing trends.
- You can improve pricing accuracy by integrating bar-code scanners and credit card authorization ability with the POS system.
There are plenty of popular POS software systems that enable you to use add-on devices at your
checkout stations, including electronic cash drawers, bar-code scanners, credit card readers, and
receipt or invoice printers. POS packages frequently come with integrated accounting modules, including general ledger, accounts receivable, accounts payable, purchasing, and inventory control systems. In essence, a POS system is an all-in-one way to keep track of your business’s cash flow.
Features to consider in a POS system include the following:
- Ease of use.
- Entry of sales information.
- Updating product information.
- Sales tracking options.