Inventory management is a crucial component to a successful business, and luckily, there are plenty of options available for POS software that tracks your inventory. Most POS systems track inventory in real-time, and some even work even when you’re offline. If you’re in the market for a POS system, here’s how to find one with the tools you need to get a grip on your inventory management process.
Identify Your Specific Needs
First and foremost, you’ll want to identify the needs of your business as far as inventory management goes. Does your current inventory system need a total overhaul or just a push in the right direction? Are you looking for a POS system that’s loaded with other features, or simply centered around better inventory management and payment processing?
Once you’ve identified the specific needs of your business, you’ll have an easier time choosing a brand that can fill your needs and meet your price range. It’s important to note the distinction between what your business actually needs in terms of tools and functions, and what you want. Sometimes, the two simply don’t match, and you have to put the needs of the business before your personal desires.
Identify Your Price Range
Now that you know what you need from your POS system, it’s time to identify your price range. POS systems vary from company to company, with some of the cheapest systems like Square charging per transaction rather than via monthly subscription like Vend and Shopify.
Cheaper rates don’t necessarily mean better software though, and sometimes it’s more affordable to choose a monthly service package instead of a per-transaction fee. If you’re just getting started as a business, per-transaction fees may be the most affordable option; but for larger businesses who move a lot of products every month, a monthly subscription is the way to go.
Be sure to account for business growth when you’re choosing your POS system. Will you be able to afford this same system ten years from now? Twenty? It’s important to think ahead so you don’t have to go searching again for a new system every time your business experiences a growth spurt.
What Other Business Aspects Could Benefit From a POS?
Besides inventory management, POS systems have a lot to offer both large and small businesses alike. Consider these extra features when you’re searching for a better way to organize your inventory. Many POS solutions offer analytics tools, marketing tools, customer databases, cloud storage and backup, and more.
These extra features can make the price of your POS system even more affordable, as you’ll be getting more for your dollar, so to speak. Does your business need a way to collect customer information as well as inventory management tools? A POS can help.
Are Your Online and In-Store Systems Synchronized?
Take a look at your current inventory management systems. Are your in-store and online systems synchronized? Do they even have the ability to be? Without synchronization across all business channels, you’ll find it quite difficult to streamline operations and make your business run more efficiently. You’ve probably had plenty of late nights already plugging in your website’s numbers to ensure accuracy across all inventory systems.
With a POS system, everything is tracked in one software program. You won’t have to import data, synchronize anything manually, or worry about counts being off because of conflicting numbers. Everything is counted in real-time, across both platforms. Nothing feels better than knowing you can take a hands-off approach to inventory and still have accuracy!
With your website and brick and mortar inventory systems synchronized, you can worry about more important things like growing your business and connecting with your customers.
Choose a Trustworthy Brand
The final consideration for choosing a POS system for inventory management should be the brand. Some of the top POS brands in the world as of this year are: Vend HQ, Square POS, Shopify, Shopkeep, Clover, Lightspeed, and Quickbooks POS. While there are dozens of other options available, these companies continue to meet or exceed industry and customer expectations and raise the bar for how POS systems should operate.
Choosing a quality product from a trustworthy brand ensures that you’re making a good investment; and make no mistake, a POS system is nothing short of an investment in your business. Would you throw away hundreds of dollars on stocks that no one knew anything about? Probably not. So why take a chance on a POS brand that doesn’t have the reputation for customer service and quality that the previously mentioned brands do?
Overall, a POS system is one of the best investments you can make in your business, and not only for managing inventory. Be sure to choose a trustworthy brand and product, and always know your specific needs and price range before making such an investment. The more you know, the more secure you’ll feel in spending your hard-earned money on one of these great modern POS solutions.
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