EPOS and Payment Processing Specialist | Haven Systems Haven Systems in an established software development house specialising in Electronic Point of Sale, Payment Processing and Management Information Systems.

Why is Inventory Management crucial to Point of Sale?

A good EPOS system will have so many features it can be difficult to know which ones your business truly needs, and which ones you can maybe hold off on until you’re ready to upgrade. This comes down to your business and its needs. However, one feature that is crucial and shouldn’t be skipped over is inventory management.
There are many reasons why inventory management is a crucial element to include in your EPOS till system. Keeping tabs on stock can be a difficult task, so having your software do all of the hard work will automatically save you time and money.

Inventory management when done manually can be prone to errors, but inventory management software will streamline the process making it less complicated and leaving far less room for error.

How can an EPOS system help with inventory management?

When setting up your EPOS till with inventory management software, you will have the opportunity to load product information and stock take into the system. This information will include the names of products, their descriptions, supply pricing, PLU (Price Look Up) codes and barcode numbers, any categories, or departments that these products fit into, supplier information, and their quantities. Then every time an item is sold, the system will automatically adjust inventory levels. This works with restaurants and ingredients within individual dishes too.

It is important that your software can handle all aspects of product management, including being able to associate stock units. For example, the option to associate a separate base unit, reporting unit and buying unit for any product should be enabled. Also, a PLU may be sourced from different suppliers with different and varying cost prices, so it is important to have visibility of all the options.

There are many advantages to be found with an effective inventory management system.

Real-time stock visibility

This saves time and money as employees will be able to quickly check for an item’s stock level, rather than having to manually search the location, meaning customers can have answers quickly, staff have more time to assist and there is a better customer experience.

Order and Delivery Processing

Having full order and delivery processing functionality provides an additional level of control when it comes to raising orders and accepting deliveries to replenish stock, all within one EPOS back-office system.

The chance of data loss is eliminated

The ability to access all of your data from a central, secure location has changed the way that businesses operate. There won’t be the need to retake a stock count because a drink spilled on the paperwork or a need to wait for another day because the person with the laptop is on annual leave. Being able to store the data in a cloud-based store is safer, and makes it easily accessible for anyone required.

The ability to manage remotely

For a growing business with multiple locations, being able to manage the stock of each venue remotely is a huge benefit. Not only does this save travel time and effort, it means that all your venues can be tracked at the same time, without the need for involving several staff to grab data simultaneously.

Report generation

Generating sales report insights on your EPOS is a great way to monitor your business, track best sellers and those that bring in the most profit, without any of the difficult maths or strenuous hours looking at formulas. Your EPOS can show data for particular locations, time periods and even by product category, helping you to determine when it is best to reorder products or run a promotion, such as a loyalty program to help boost
sales and enhance profits.

If these benefits sound like something that could benefit you and your business, you can find more about EPOS software here. Alternatively, you can get in touch to discuss how Haven Systems can help with bespoke EPOS systems to meet your needs, helping you to take your business to the next level.