POS 101: Inventory Management

Nobody ever stated beginning a company could be easy. It&#8217s not. Beginning and operating a business is downright difficult. If you wish to flourish in your restaurant or retail business, a functional understanding of reason for purchase technology (POS) is important, especially with regards to the various tools you have to manage your inventory.

Managing marketing requires a lot more than simply knowing the number of products you’ve at anyone time. This article will give you through all of the potential tools you may be using, and show you with a POS systems which are particularly well-suitable for companies that require advanced inventory management features.

Which Inventory Management Tools Will I Need?

The inventory management tools inside your POS system are made to assist you to keep an eye on your stock. The next features will help you efficiently manage marketingOrsupplies, reduce overall waste, and cut costs with time. Rely on them!

  • Documentation. Any good POS system will help you to keep an eye on the amount of the items. When you are aware precisely what you’ve (where it is) it&#8217s simpler to create informed decisions about purchasing. Waste not, want not!
  • Multi-location management. It is really an important feature for just about any business proprietor with multiple store locations (either retail or restaurant). In case your POS enables for multi-locations management, you will be able to view information regarding inventory at individual locations and obtain a bird&#8217s eye look at the entire combined available stock at each location. Another helpful feature is the opportunity to easily transfer inventory between locations. When transferring inventory, your POS will keep a precise record of inventory quantity and placement.
  • Low-inventory tracking. Low-inventory alerts are the most significant includes a POS inventory management system can offer. The complexness of low-inventory tracking tools varies somewhat from software to software. Some programs simply warn you when inventory levels disappear to some specific level (usually set on your part). More complex systems will instantly reorder for you personally whenever your stock decreases to some certain preset point. If you’re worried about over-ordering, a couple of POS software programs (like ERLY) even permit you to set an optimum order time no further orders is going to be made.
  • Search functionality. The opportunity to look for your product or service is an essential part of managing them (this is applicable to both retail and restaurant companies). You&#8217ll want a listing system that gives for smooth and simple product searching. This is accomplished by assigning groups or tags to products. A great search function can discover the product you’re searching for according to item tags (size, color, etc.).
  • Location-specific cost modification. In today&#8217s global world, it’s useful to possess a POS system that instantly adjusts prices (and taxes) based on location. (Location-specific cost modifications will probably be worth more for retail companies.)
  • Raw component tracking. Raw component tracking is among the most significant includes a restaurant POS might have. Because foodservice companies use &#8220raw&#8221 substances that are eventually put together right into a final product (hamburger, cheese, tomato plants, pickles, and mayo are utilized to produce a hamburger, for instance), it may be very helpful with an inventory system that monitors both raw ingredients and finish products. This way, you will get a precise concept of where you have to be ordering many in which you&#8217re simply wasting product. For any more in depth description of the items raw component tracking can provide, read POS 101: Raw IngredientTracking.

Which POS Systems Have Good Inventory Management Tools?

Maintaining your above features in your mind, listed here are four POS software packages which are particularly notable for robust inventory management:

Shopkeep

ShopKeep is made for SMBs, in both foodservice or retail. Despite being aimed at smaller sized companies, however, this POS boasts some advanced inventory management features. ShopKeep&#8217s capability to set reorder points is especially impressive. When a reorder point is arrived at, Shopkeep can order any volume of a product (based on your requirements) &#8212 what&#8217s more, it knows which vendors to buy from. Additionally, products could be purchased as &#8220raw goods.&#8221 This is a great feature for restaurant companies that cope with, and assemble, raw ingredients.

Read our full overview of Shopkeep or visit the organization&#8217s website to learn more.

LAVU

restaurant pos software

Lavu is particularly attractive to restaurant proprietors because of its capability to manage inventory at either the component or complete dish levels. Inventory could be managed in the remote back-office or front-finish register. Lavu can make low inventory alerts, but doesn’t presently possess the capacity to transfer inventory.

Read our full overview of LAVU or visit the organization&#8217s website to learn more.

Vend

Vend has almost all the features you can want inside a POS system and is an excellent solution for retail operations (although it lacks restaurant-specific features). Vend really enables you to definitely include pictures of products when uploading them to your inventory. Prices, taxes, and charges could be adjusted based on location inventory could be imported/exported via CSV file you can also import can make bar code labels.

Read our overview of Vend or take a look at the website to learn more.

ERPLY

erply-logo

ERPLY&#8217s inventory management is extremely advanced and suits retail operations. This POS boasts automatic reordering and maximum stock level limits. It is made for companies from the bigger side and enables for simple viewing of inventory across multiple store locations. For the reason that same vein, it is simple to transfer products between store locations as well as your inventory will instantly update. For that seller having a wide subscriber base, Vend comes outfitted with prices that may be based on location, customer groups, promotions, and purchasers.

Take a look at our overview of ERPLY or take a look at the organization&#8217s website yourself to learn more.

Final Ideas

Like other things running a business, becoming knowledgeable in inventory management needs time to work and includes experience. Even while an unskilled business-owner, however, you may make smart, practical decisions about which inventory management features you need. When buying a POS, consider what size your inventory will probably be and just how frequently you’ll have to replenish it. Getting a POS that can help you eliminate waste and keep steady stock levels goes a lengthy method to your company&#8217s solvency and eventual success.

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