With a myriad of point of sale systems and software available, how do small businesses choose the right one their own specific needs? Small Business Trends has identified 25 point of sale systems small businesses could benefit from. With the Brilliant POS system retailers can make payments, manage time sheets, track inventory, run reports, and more. With cloud backup and offsite access, Brilliant POS removes the worry of losing data if a device is lost or stolen, as all the data is stored securely on the Brilliant POS servers.
With a POS, the ordering process is quite easy. Since a POS tracks your sales data and inventory for you, you can quickly place orders based on up-to-the-minute sales numbers and inventory levels.
You can even set up automatic reorders or be notified you when products hit a low-stock level. If you sell in any sort of volume, this automated convenience is a major timesaver.
Creating purchase orders in Lightspeed 3. A sound process that includes checking all stock receipts against purchase orders minimizes these losses.
So another key aspect of small business inventory management is to have a standard method for receiving inventory shipments. Suppliers generally include a packing slip that lists the items and quantities in your shipment. That leads to stock shortages, backorders, and ultimately, cash losses.
How to Accurately Receive Stock Shipments Ensure that you receive all boxes, containers, or other units in the shipment Unpack the shipment and organize items by product Check the items and counts against your PO If the counts and products match, receive the PO in your POS, as shown below.
Or, adjust the stock counts in your spreadsheet or manual inventory management system If you find errors like wrong, shorted, or missing items, note these on your PO and contact your supplier immediately to resolve Shelve or store all correctly received stock, tag or label first if needed for your system.
Unlike manual inventory management methods, when you receive the PO for a stock shipment in a POS, your inventory numbers are automatically, and correctly, adjusted.
Receiving purchase orders in Lightspeed 4. Second, product labels, particularly barcode labels, help you closely track your inventory and speed up the checkout process. If you carry a large inventory, say over unique products, barcode labels can make many key functions quick and easy.
They speed up the checkout process, help you do fast and accurate inventory counts, and link each inventory item to your sales. Regardless of the type of price tags or product labels you use, a good time to tag and label inventory is during the stock receipt process.
You can simply build this step into the stock receipt process we covered above. If using a POS, you can even have barcode labels print automatically when you receive stock into the system, like this: Print barcode labels automatically with Lightspeed Once printed, labels can be affixed directly to product packaging or attached to hang tags.
In that case, your job is easy. You can just add a price label.
A good small business inventory management system also records every order in detail, including each item sold. A small operation can handle this manually as long as inventory reductions are tracked regularly, say at the close of each business day.
But as you grow, a POS system will dramatically streamline your operation by automating your inventory reduction with every sale. That means every time you make a sale, each item sold is automatically removed from your inventory records.
Plus, each recorded sale lists each item sold. A POS also gives you up-to-the-minute sales totals.
And remember those POs we covered in Step 2? As your inventory numbers click down with each sale, reorder alerts or automatic POs will generate. This makes stock reordering quick, easy and, most importantly, bases your reorders on actual sales trends, not your best guess.
Luckily, I was able to quickly restock and fill those orders. It would have been a disaster. Now my POS system ties inventory management to every sales task. This gives me peace of mind. But done right, physical counts can dramatically reduce all types of inventory problems.
Here are the 2 primary types of inventory counts that most businesses use: Annual Inventory Count This is the full inventory count done at the close of each fiscal year for income tax purposes.
Cycle Counts Cycle counts are periodic spot-counts that you can easily fit into your daily activities. With cycle counts, you just count a small portion of your stock on a rotating basis, such as a single category or product line each week.
Done regularly, cycle counts uncover receiving errors, misplaced stock, and theft shortages quickly before they become costly, long-term problems.Get an unfair advantage with inFlow Inventory management software.
A complete system to run your small business used by 's. Click for your FREE trial! A barcode system for small businesses is designed to help them automate many aspects of their inventory management.
It does this with the aid of a number of tools: Barcodes scanners and printers to facilitate the barcoding process. Stockpile is a free online inventory system for small business and at home uses. Create an account for free and check it out for yourself!
We think you'll agree Stockpile has tons of useful features: add inventory, take returns, record sales and damaged goods.
Barcode System for Small Businesses. If your small business has inventory to manage (and what business, big or small, does not?), a barcode inventory management system can help you dramatically increase your efficiency in surprisingly simple yet important ways, and it can also save you a great deal of time and money in all sorts of areas of .
Stockpile is a free online inventory management system for small and medium-sized businesses.
Canvus apps are built to give small business owners time back. 3. Credit management & control is critical in any inventory system for small business.
When running a business, efficiency is crucial. While some businesses resort to spreadsheets and a mass of Outlook reminders, a better choice is to let an inventory system for small business do the work.