Handling your business’s inventory can be a hassle, especially when you are not equipped with the right technology to do it. However, using a point of sale system can make all your logistical headaches go away. Here are a few tips for improving inventory control with a POS system.
Prioritize Your Inventory
Prioritizing your inventory means sorting your items by whatever metrics or means make sense for your industry. This process includes noting and categorizing the products you need more of and which you need to order most consistently. Also, establish and note par levels for your products—the minimum amount of the item that you need in stock at all times. For example, if you run a restaurant, you will want to prioritize your inventory based on spoilage dates and note how many bags of rice or lettuce you need on hand.
First In, First Out
The first in, first out approach, also known as the FIFO approach, establish that you should prioritize selling products and goods that you purchased or created first. This policy is especially important for restaurants or grocers who sell food items that will go bad. By prioritizing older products first, you can sell items before they spoil and make room for more products in your backstock. Quality restaurant POS equipment like the systems we offer here at Business Software Solutions can help you track and organize your inventory based on the date delivered, date created, or date of spoilage.
Remove Low-Turn Stock
Low-turn stock products are those items that have been sitting on your shelves or in your warehouses for six to twelve months without selling. These items may not have been problematic to start, but they are now taking up valuable shelf space in your storefront and your warehouses. By using POS software, you can audit your inventory to find your problem products. Once you have identified these, it is much easier to find a solution and deal with the low-turn stock.
With these tips for improving inventory control with a POS system, you can start refining your business operations in no time. By relying on effective technology, you do not have to worry as much about the logistical work of managing inventory alone. If you have any questions or are looking for more information about inventory control with POS systems, contact one of our team members here at Business Software Solutions today.