POS Inventory Software And Most Popular B2B Things To Consider Before You Buy One

Category: Questions & Answers

qnaMartin runs an electronic shop selling mobile phones and accessories. His sales have been increasing the past few months and now considers putting a system in place, in lieu of manual counting. Colleagues in the industry have told him about POS inventory software and he would like to be enlightened on how this works. Martin writes:

Hello. Am one of those entrepreneurs who believe in putting a good system in place to realize profits and maximize revenues. In this light, some people have told me about the wonders of POS inventory software and how it makes running my small business easy. So am considering adopting it for my enterprise, with my limited budget, preferably on a trial basis first. Is there such a thing. I would like to know some things like the installation, if there’s a free software or not and most importantly how it works and how it will help my business. Anticipating your response, thank you.” Martin, AL

Hello Martin, the importance of POS inventory software cannot be overemphasized. As a retailer, you need to have the best tool for inventory management. Managing your stocks well means your shelves will not run out of your most in-demand products while avoiding the replenishment of the wrong items.  You will also want to avoid issues like shrinkage. This is where the software will help you. It will give you a scientific, hassle-free approach to managing your items so that you will have time for other aspects of your business. No more manual counting and paperwork is minimized.

There’s a variety of web based software available in the market. This is helpful should you decide to open an online store as well. A few pricing plans offer the convenience of a website where you can showcase your products, apart from their suite of cloud services. This is a bonus feature that you might want to consider to maximize your subscription, should you decide to get one. But not to worry because most software companies also offer a free trial period of two weeks to one month to give you time to assess if what they offer is the right fit for you.

Since you are just a small retailer, we recommend that you get a cloud based POS to save you from paying setup fees. When you are subscribed to this kind of POS software, it only means that all your business data is not hosted locally or in your hardware but in the remote server of your host. One advantage to this system is that you can access all your transactions anywhere where there is a web browser, and not just the comfort of your office computer.

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When shopping for POS inventory software, here are a few stellar features to look for:

  1. Barcode scanner support
  2. Ability to integrate the processing of credit cards for easy payment
  3. Ability to integrate with third party apps like Quickbooks, Shopify and Mailchimp
  4. Presence of Customer Relationship Management component in software, with transaction history, orders and contact information of each client
  5.  Description, category, history and other labels for each item in the inventory list
  6. Security, with industry standard firewalls and 128 bit SSL encryption
  7. Capacity to export and report data for sales, inventory and other aspects of the business

By Jenny Chang

Senior writer at FinancesOnline who writes about a wide range of SaaS and B2B products, including trends and issues on e-commerce, accounting and customer service software. She’s also covered a wide range of topics in business, science, and technology for websites in the U.S., Australia and Singapore, keeping tabs on edge tech like 3D printed health monitoring tattoos and SpaceX’s exploration plans.

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