This means you'll spend more on a monthly or annual basis for your POS application. Almost every POS plan offers basic inventory control, but advanced inventory management may require add-ons or integrations.
Inventory management software is not a uniform set of features included with POS systems. The reports you require depend on the specifics of your business, but become familiar with your industry-related inventory formulas and benchmarks to ensure you're not operating in a vacuum. ReportingĪs you add sales locations, products, and transaction methods such as mobile payments, you'll require progressively more granular inventory data that's automatically generated to save time and increase accuracy. None of these inventory management types is mutually exclusive instead, use combinations depending on the current stage of your business's development.
Common inventory management types include:
To identify the POS system with the inventory management features you want, you must choose your method(s) of tracking inventory. Consider what you need now and for the future. Look closely at the inventory functionality each POS system offers, which can range from adding inventory items from your POS terminal to complex reports based on different inventory management formulas.
Online inventory management software that automatically updates stock levels with each POS hardware transaction saves time and increases inventory accuracy between manual counts.Īll applications are not created equal, so factors to remember when choosing your POS inventory management system include features, reporting capabilities, and cost. What to consider when choosing a POS inventory management system Here are our top five picks for the best POS inventory management systems for small businesses: Inventory management is another critical area where your retail POS system can improve efficiency and reduce costs. You may not realize it, but your point of sale (POS) system has superpowers: Beyond processing credit card transactions, POS data informs business activities ranging from sales to marketing and more.