How to Streamline Small Business Inventory Management With Epos System?
Every business have some kind of inventory. Whether you stock merchandise for sale or ingredients to make meals, your store needs to track all supplies. If not, you may become overwhelmed with an excess of goods, or you might serve spoiled milk to your customers!
Much like you have to keep accurate records of all financials, you have to use small business stock management to keep exact stock levels. Fortunately, technology offers a few different ways to create a simple inventory system for small businesses.
What Is The Purpose For Inventory Management?
With proper inventory management, the staff can quickly check your stock and will know where to find it. Else, the worker should look through the entire stock room to determine whether the store has the item. One option takes minutes, while the other can take hours.
Small business inventory management helps enterpreneurs oversee the flow of stock, plan their finances and create staffing schedules. As a store`s stock room grows and the business grows, proper management will guarantee predictable expenses and reliable customer service.
How Epos Direct Manage Small Business Inventory Management
The need to monitor inventory is important. It can be a migraine to organize your stock room and crunch members without the right tools. A few people try to get by with spreadsheets, but this is certainly not a scalable way to track stock for a small business.
Fortunately, Epos Direct made a powerful epos system that takes long stretches of work and transforms it into a 10-minute process. Here are some ways our EPOS simplifies stock management.
Stores and restaurants that don`t keep an eye on their supplies are frequently plagued with excess costs.
A store with a traditional cash register that doesn`t track the specific items that sell, just their value. If the owner notices the boxes of specific item flying off the shelves, they may order more number of boxes to fulfill this demand. However, some people may be stealing the candy and the traditional cash register is not tracking this theft. The proprietor is then ordering more candies that will at last stolen, bringing about further unknown costs.
The Epos system tracks all inventory, whether it is in an extra space room or in a container at the bar. Each time an item is sold, the stock is updated to reflect the most accurate count. Entrepreneurs can then identify what is selling, what is available in stock and when to order more.
Shrinkage is the loss of stock due to staff theft, shoplifting, administrative error, vendor fraud, damage and cashier error. For small businesses, this may appear to be a small issue, however it is definitely not that.
An unorganized stock room is a fantasy for a representative with sticky fingers. While your workers might be honest and reliable, nothing is stopping them from sneaking a can soda or a small item from storage sometimes. After a month of these harmless thefts, your business may see some noteworthy losses.
Likewise, an employee can sneak a couple of pounds from a traditional cash register without anybody taking note. If this is done a few times every week, the staff can sneak in an additional paycheck.
With a epos system with stock management features can track exactly what thing was bought, who rang up the transaction and what payment type was used. If a couple of pounds go missing, the proprietor can check the records and see exactly which representative is the likely culprit. Also, the POS displays what stock is in storage, discouraging representatives from snagging anything since it will cause a reporting discrepancy.
Identify and Keep Up With Consumer Trends
Whatever service or goods your business offers, you should need to give what the customers want. Your small business inventory management system should help you identify changes in supply and order and cater these requirements.
Think about the issue of dead stock. A business that lets inventory levels of a particular item creep up will eventually be faced with the issue of having a stockpile of undesirable products. Each store seemed to have them as people cashed in on the hype. However, the market quickly became saturated and retailers were stuck with massive inventories of the toy. Less people needed these toys, and now proprietors needed to either them at a lower price or liquidating them. Either way, they would understand a loss on the grounds that the stock was dead.
Dead stock can turn into a huge expense that can cause serious monetary stress. Small business inventory management is crucial to preventing this sort of dead stock disaster.
The Epos Direct system visualizes data to give you how your stock is performing. If specific goods are selling left and right, you can check how much stock you have and place orders ahead to stay aware of the demand. Then again, you can track historical sales and notice downward trends to abstain from carrying undesirable products.
Are You Sure Your Inventory Count Is Accuarte?
Epos Direct hardware and epos software that can improve your stock management, simplify your accounting process, improve your customer service, thus much more.