Not many years ago, only large retailers gained access to enterprise resource management software. The software planning, development, integration, and testing was at least a year-long process. Well-financed businesses are capable of spending hundreds of thousands or even millions on products such as SAP, Oracle, Salesforce, and others to integrate and optimize large departments, and these powerful products serve large corporations well.
The implementation of these large-scale software solutions requires companies to budget for (1) servers, (2) tech support teams, (3) endless meetings, (4) service contracts, and (5) maintenance hours. If you’re a small business owner and all of that sounds daunting: don’t worry. Today’s intuitive, cloud-based platforms give you all the operations management software you need for small business inventory management in all types for all industries and for businesses of all sizes, whether you are your only employee, or you’re managing a whole team.
GAAP with POS Small Business Inventory
Federal and state governments require all retail businesses to use generally accepted accounting principles (GAAP) to track and report inventory every quarter. Most US-based companies choose the last-in-first-out costing method (LIFO). The US standard doesn’t comply with countries that use the International Financial Reporting Standards (IFRS) approach.
The latest POS software helps you to improve your stockroom checklist and reduce the hours you spend recording and reporting the results for your business. The key features to be on the lookout for are:
- Integrated bar code scanners that allow your staff to zip through stock room shelves and submit results directly into your POS software.
- Ability to immediately review data such as the average costs of last month’s inventory purchases.
- Cloud-based software that allows you to access your information on any device, at any time.
Your POS system should also allow you to plan ahead by scheduling the reports to run automatically and email them to yourself if you chose to. Small business inventory management software can export to the general ledgers of most accounting packages preferred by small businesses, and streamline your entire inventory tracking and accounting process.
Multi-location Stockroom Management
Do you own multiple locations for your restaurant? Perhaps you’re a small retailer with one location, but you’re looking for an excellent opportunity to add a pop-up shop or second store? Small business inventory software can remove some of the uncertainty around managing your multi-location inventories under one umbrella.
Your sales associates will no longer need to call to verify if you have a product for a customer or not. A few taps on the iPad, and they can see all stock levels in the same view to give patron an answer right away. Customers can then pay for the product on-site or online, for that matter, and pick it up at their convenience. Help reduce the need for as much sales support with real-time store information. You can also begin to place more focus on reducing the costs of carrying excess inventory and get a better handle on excess stock and out-of-stock occurrences with a cloud-based small business inventory management platform.
One of the biggest concerns bars, retailers, salons, and restaurants are having these days is cash flow levels. Companies are finding themselves looking for innovative ways to compete under strenuous economic conditions. When managers feel more confident about how inventory costs are affecting cash flow, they can start rolling out new products for the showroom floor. Services-focused shops such as salons can begin offering new services and products for purchase, too, which can help in lieu of other revenue losses.
The Best in Small Business Inventory Management
Companies that must keep large amounts for products on hand face a challenge when needing to adapt to a changing consumer and regulatory environment. A smart POS system can help you to gain more insights into how well your small business is managing its inventory.
A touchscreen server purchase in the past may have caused some small businesses to second guess the value of going to a new POS platform, as the hardware could be cost-prohibitive. Fortunately, you don’t need to purchase expensive hardware and software. New POS systems that require nothing more than a tablet to run offer very reasonable monthly rates that you can scale at a lower cost as your business grows.
You can implement a more adaptive retail operations model that, as a manager, empowers you to control costs while you keep new sales coming in. Start by making a shortlist of products you want you to retire with a history of weak sales. What would it mean to your business if you could plan for the rollout of new products while improving your cash balances? Managing resources with the help of technology is no longer only a dream of enterprise-level corporations. Affordable, dynamic POS systems can be easily implemented and streamlined into your small business operations to keep things humming and to free you up to enjoy running your business.
It is crucial that the point of sale software you choose comes with small business inventory management tools. The experienced consultants at talech will take the time to examine your business and will recommend the perfect blend of technology to address your inventory control requirements. Reach out to us today to sign up for a demo and to learn more about how talech can be your valued POS partner.