Features that you may consider in order to choose the right POS tracking system.
Ease of use
Make sure that the interface of the BeOS tracking system that you choose is something that you understand and are comfortable working with.
Some prefer a detailed interface whereas other people prefer the option of being able to bring up a user-friendly graphical interface. Preferably, the POS system should allow you to switch between the 2 as per your requirement.
Entry of sales information
Most of the POS tracking systems that you use will allow you to use some way of inputting inventory codes either manually or in the form of bar codes through a barcode scanner.
This not only helps you keeping track of inventory but also makes a checkout process more streamlined for your customers. Putting in the inventory code manually or automatically will bring up information like the sales price, provisional discounts, volume discounts and any other related information that will help in faster checkout process.
POS systems will provide usually a variety of ways to keep track of pricing, including add-on amounts and custom formulas. This allows you to set up multiple prices for each item depending upon the circumstance that it is being sold under.
Updating product information
The POS tracking systems are capable of automatically updating the inventory and accounts receivables once the sale is made. This is one of the biggest advocates of using a POS tracking system and why it is sought after for cash flow management and inventory management.
Sales tracking options
Different businesses have different ways of conducting sales and consequently different ways of getting paid. A repair order service shop may keep the invoices open till the time the work is completed. So they need a system that allows to put the sales of food. Similarly a business that offers sales on installment would do well by implementing POS system that tabulates monthly payment and interest.
An effective POS system helps you maintain control over cash receipts and prevent theft by providing audit trails so you can trace any problem quickly.
Many POS systems can support numerous tax rates which is helpful if you are shipping to more than one state with different tax rates.
Most of the businesses find it much more useful to implement some sort of a computerized and automated system to keeping track of their inventory and stock.
To start with, manual inventory taking takes up too much of time and physical effort.
Instead of having to constantly update the inventory count on a daily, weekly or monthly basis the computerized system can help you integrate your sales with the inventory count.
This means that every time that the sales occur, automatically the inventory gets updated. This is commonly known as POS, point-of-sale inventory tracking system. However, even if you’re using simple desktop inventory tracking software like Inflow, your effort is going to be greatly reduced and you will be able to analyze more information automatically.
Softwares are capable of analyzing the data that you input and generate many kinds of reports that tell you more about which are the higher profit-making products, when to order fresh inventory and also let you track usage, monitor changes in the unit cost and calculate when you need to resize your inventory level.
Because a computerized inventory tracking system helps you save time, you can devote more effort towards managing your business profitability.
Benefits of Using a POS Inventory Tracking System
By using a point-of-sale, POS inventory tracking system, you can:
- Analyze sales data and calculate how well the various products are doing. This allows you to adjust your inventory purchasing by concentrating more on the highest selling products.
- A POS inventory tracking system helps you keep the sales history which lets you see the trends in your sales over a long period of time. This helps you to gear up and prepare in advance by keeping additional stock and inventory for the on season purchasing trends.
- POS systems allow you to integrate various sales tools such as barcode scanners, credit card processing, cash registers which makes your checkout process more streamlined.
- There are plenty of options for a POS tracking system that enables you to use add-on devices that you checkout stations such as electronic cash drawers, credit card readers, receipt or invoice printers. The POS package frequently comes integrated with accounting modules such as general ledger, Accounts Receivable, Accounts Payable, purchasing, inventory control systems. Not only is the POS system good way to track your inventory is also very effective in keeping track on the business cash flow.