7 Point Of Sales Softwaretips To Improve Inventory Control

Inventory control is vital for any business, particularly in retail and wholesale industries

. Knowing when to reorder so you can meet ongoing customer demand was once left to guess work on the part of the owner. But these days, thankfully, point of sale software can give you all the information you need to make the best judgement call.

Not only that, but by maintaining a strict control over this process you can automate your entire inventory control strategy to ensure that your cash flow is maximised to your benefit, rather than your detriment.

Here are seven tips you can neutralise to improve your inventory control too.

Analyse Your Sales. When you know what your customers are ordering on a regular basis you have a clear indication of what items to stock. Use these numbers to set your reordering levels and check the trends every day.

Automatic Purchases. Usual software to automatically produce purchase orders when stock level alerts are generated. This way the purchase orders can be sent or transmitted to your suppliers immediately.

Special Orders. Your point-of-sale software can be used to track special orders that fall outside your automatic system. Set up a reminder to check the status of special orders every day.

Track Lost Sales. Make sure that you record each time a customer declines to proceed with the sale because you don't have sufficient stock. This will alert you to the need to adjust your reorder levels.

Track Your Top Sellers. Your bestselling items are your bread and butter, so you want to make sure of two things. First, that you have sufficient stock. But, secondly and perhaps more importantly, you do not have too much stock. By holding too much inventory in one particular item you are locking up your cash, so make sure that you reorder only as regularly as you need to by maintaining minimum stock.

Check Stock Receipts. Make sure your warehouse staff check each receipt against the purchase order. Businesses that automatically assume that the correct product has been shipped to them are making a big mistake. Before entering a stock receipt into the system, if you sure that it is completely accurate and in accordance with your purchase order.

Make Seasonal Adjustments. Many stock items will have sales trends that follow seasonal patterns. Nobody wants to stock overcoats during summer! Your POS software can be used to highlight spending patterns on items during different seasons or times of the year, so you can easily stay on top of your stock levels and order in advance of your anticipated seasonal needs.

There are many more ways that you will find the usual point of sale software to keep track of your inventory because each business has its own individual idiosyncrasies. The amount of data you have at your fingertips will label you to keep control of your cash loss at the same time ensuring that you will be able to anticipate the spending patterns of your customers.

by: Shirly Sareyka

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