Inventory management does not have to be a time-consuming task that frustrates and confuses you and your employees.

Even if you’ve adopted POS software to track your inventory, you might not be optimizing it. Utilizing the many features available in today’s POS software programs allows you to make smart decisions when tracking your inventory and ordering new items. Boost profits, streamline the inventory management process and manage a smarter and more efficient business with these POS software tricks of the trade.

Make Pricing Changes With a Click

Bumping up your pricing by a few percentage points no longer means hours of poring through spreadsheet after spreadsheet. POS software features a bulk inventory management option, which allows you to make wholesale changes to the pricing of your products. Leave the calculator in your desk drawer – entering a formula into a spreadsheet is all it takes to adjust pricing.

Track the Popularity of Products

As a smart small business owner, you know that the key to long-term success is keeping your customers’ must-have items in stock. At the same time, you don’t want to overstock items that sit on the shelves for months at a time. Inventory management requires you to keep hot products on hand and reduce your supply of those not-as-popular items. POS software can identify both your top-selling and least popular items, which allows you to make calculated decisions when it’s time to restock.

socket inventory scanner for ShopKeep iPad cash register

Cross-Check Inventory With Ease

Regular inventory management also allows you to ensure that your physical inventory matches your records. An accurate record of your inventory can result in substantial savings over time. If you always know what’s in stock, you can avoid reordering products that you don’t actually need, reducing waste and cost to your business. POS software allows you to compare your inventory records with the physical inventory in your warehouse. Gone are the days of walking around your store and counting inventory item by item. POS software allows you to compare your supplier’s invoices with your purchase orders and inventory databases built into the software. This crosschecking step can simplify your inventory management and ensure that you always keep accurate records.

Automate Reorders

You’ve crosschecked your supplier invoices with your inventory records. You know what’s selling well right now and what isn’t. Now, you simply need to focus on restocking those popular items to maximize your profits. POS software offers automated ordering, allowing you to keep those fast-selling products on the shelves. While you still want to be involved in the reordering process so that you can adjust inventory as needed, the automated ordering option allows you to focus on keeping your store stocked with the products your customers want the most.

Simplify inventory management with POS software. By discovering what’s in stock, what’s running low, and what you don’t need with a few quick clicks, you’ll develop an intricate understanding of your business, allowing you to make smart purchasing decisions moving forward.

About the Author

Yamarie Grullon has years of experience creating helpful & engaging content for small business owners. As Manager of Content Strategy at ShopKeep, Yamarie provides merchants with practical advice on all things related to their business or their POS system.