Ditch the Sales Ledger: Reasons Why Point of Sales Systems Can Make Running Your Business Easier
Managing inventory can be one of the most challenging parts of running a small scale retail business. It gets even more difficult when you don’t have enough manpower to keep up with the inflow and outflow of merchandise. For most store owners, the default way to keep track of merchandise is by manually inputting store inventory on using a paper sales ledger, or if they are more sophisticated, on a computer.
But here’s the problem with using this manual method: it wastes time! Small businesses spend more time on store and inventory management than they should. Precious time that could be spent on more important things, like strategic thinking and long term planning, gets wasted on repetitive tasks.
Another problem with this manual inventory management is how much ample room it leaves for human error. That’s why, sometimes, you find yourself ordering for more or less stock because you miscalculated in your inventory taking. There are even times when you forget to place orders for new stock, and when customers ask for a particular product, you end up disappointing them. In the midst of all this, you end up losing out on sales, customers or both.
This does not have to happen to you or your business. You don’t have to manually input your inventory and take stock at the end of every work day. Instead of burdening yourself, look for ways to make your life easier. Here’s two reasons why embracing point of sales systems can make running your business easier:
Take control and plan for the future
Sara Teczah of Business Bee writes that, “many small business owners think recording inventory by hand and performing tasks manually will give them more control and save money. However, doing it this way can often create extra work and more room for error. With an automated system, the stock is scanned when it is received at the warehouse and instantly updated in the computer, and then it’s scanned again before shipment.”
This simply means that using an automated inventory system gives you more control of your business and gives you more room to plan for the future of your business.
Stay Accurate and Efficient
Not every product in a retail store will sell fast. In fact, you will find that there are products that sell very fast while there are some that do not. It’s even safe to say that majority of your store’s profit come from a minority of the products you sell. But you may not notice this on time if you are stuck will manual inventory management methods.
If you want to optimize storage space and time, it is best you focus on those products that attract the most customers and sell fastest. Imagine the benefits that come with stocking up with products that people absolutely love. Now, that’s progress. But to know this, you will need to automate your inventory system. Ditch the sales ledgers and make life easier for yourself.
Using point of sales systems, you hardly ever worry about miscalculations or duplicity of tasks, There is usually one central system where everything gets inputted. A point of sales and inventory management software could also integrate data analysis features and provide you with regular updates of how your products move. Really good ones will even help you calculate which products are bestsellers, medium sellers and slow fellas.
Do you have a point of sales system in your store? We’d love to hear how it has been working for you.
If you still use pen and paper to manage your inventory, we are sure you’re convinced to use more efficient ways using technology. Need help setting up your own point of sales system? We’ve got you covered. Get in touch with us via email at firstname.lastname@example.org to get started. You can try PrognoStore for 60 days free. Sign up using the promo code PB60FREE at https://www.prognostore.com/