What is Inventory Management Software?
Inventory management software allows businesses to keep track of raw materials, work in process, and finished goods throughout the supply chain. Small business owners also use inventory control software for tracking sales, deliveries, and managing work orders.<br> Inventory management software can support various devices, such as barcode scanning, POS integrations, warehouse management, accounting integrations, and demand forecasting depending upon your requirements. <br> A business inventory management system is a valuable tool that helps small businesses control inventory by ensuring that the company is not spending money on products that are not being used, or accidentally making too many of a product. The system also helps companies identify what products are not popular enough to keep on the shelves. Small businesses use point sale systems for resource planning using inventory management software. <br> A POS system is a combination of POS hardware and software used for card payment processing for products and services purchased at retail stores, restaurants, or online. A POS system typically includes a cash drawer, display terminals, card reader, receipt printer, and barcode scanner. Using a good POS software for inventory management like Plum POS has made managing inventory an easy job in the business industry. An inventory management software allows business owners to make sure that they have enough stock levels and also get to know when the inventory levels are low. <br> Inventory management is an essential process for businesses of all sizes - big or small. It is a complex process that starts when the goods are delivered in a warehouse in the form of raw materials. The next step is to transfer the raw materials from the stock areas to production facilities where the finished goods are made. The final products are then shipped directly to customers.
Do You Know-: <p><span data-markjs=true class=mark already style=letter-spacing- 0.48px;>Small businesses</span><span style=letter-spacing- 0.48px;> use point sale systems for </span><span data-markjs=true class=mark already style=letter-spacing- 0.48px;>resource planning</span><span style=letter-spacing- 0.48px;> using </span><span data-markjs=true class=mark already style=letter-spacing- 0.48px;>inventory management</span><span style=letter-spacing- 0.48px;> software.</span></p>
POS Systems for Inventory Management
Choosing the right POS system for managing inventory can be a tough decision for any business. The best POS inventory control software will not only save money for small businesses but result in overall business growth.<br> <br>Here are some of the advantages of using <a href=//plumpos.com/blog/how-to-keep-track-of-your-food-inventory-for-your-restaurant.html>Point Sale</a> systems for inventory management- <br><strong> Automated Tracking of Inventory-</strong> Businesses big or small can automatically track inventory using POS inventory software. <br> <strong>Report Generation- </strong>Business owners can quickly generate sales and inventory reports with POS inventory management software. Small businesses can generate purchase orders via an inventory system. <br> <strong>Boost Profitability- </strong>By reducing the costs of carrying and ordering inventory, business profitability improves.<br> <strong>Multi-location Management software- </strong>Inventory management software allows business owners to manage their inventory even if they operate in more than one location. The POS system can track inventory across multiple warehouses.<br> <strong>Advanced Inventory Management- </strong>Warehouse owners use POS systems for just-in-time inventory management or a perpetual inventory system.
Inventory Management Software for Restaurants
Inventory management software is necessary for all types of restaurants - quick-service or full-service, bars, bakeries, cafes, pizzerias, and related businesses that deal in the food and beverages industry. The <a href=//plumpos.com/blog/5-top-benefits-inventory-management-systems-offer-restaurants.html>Inventory Management</a> system helps the restaurant to maintain the flow of stocks and manage the inventory. It helps streamline and automate the operations and allows the restaurant to make the best use of the space and equipment. The inventory management system is crucial for the restaurant business to ensure that the goods are delivered at the right time, in the right quantities, and in the right place. It also helps the restaurant to reduce waste and optimize the usage of the space and equipment.
Benefits of Restaurant Inventory Management Software
Restaurant inventory management software can be one of the best decisions to invest in for small business owners and effectively maintain profitability. <br><br>There are several benefits of a POS-based inventory management solution, some are listed below- <br> <br><strong>Real-time tracking of stocks- </strong>A cloud-based POS system allows you to track your inventory in real-time. You can monitor the exact movement of your stocks from the entry point to the completion of the finished product in real-time. This allows you to reduce waste and effectively utilize your resources. <br> <br><strong>Reduce food waste- </strong>About 10% of food gets wasted before it is even served to customers. Restaurants purchase bulk quantities at a time that might get spoilt before it is even prepared for customer orders. You can optimize food waste with inventory management software. <br> <br><strong>Cut down on the cost of goods sold- </strong>Typically costs of goods sold in a restaurant are 28% to 35% of total costs. You can routinely monitor the COGS using POS inventory management software to maintain higher profitability.<br> <br><strong>Robust vendor management software- </strong>Inventory management systems allow you to compare prices, quality of raw materials from multiple vendors. Business owners can manage payments to vendors. <br><br><strong>Automated inventory supplies- </strong>A business owner can monitor inventory supplies with inventory management software as it provides an insight into the food supplies of a restaurant. An inventory management system allows you to automatically order essential food supplies to fulfill the minimum required amount of an ingredient to avoid waste.<br> <br><strong>Customer satisfaction- </strong>Your customers will be happy when your inventory is always full of essential ingredients for customers' order fulfillment that will boost customer satisfaction and result in repeat visits. Develop repeat customers and keep them happy by keeping ingredients on hand for all the dishes on your menu.
Tips to Optimize Your Restaurant Inventory Management Software
An automated inventory system can be a great inventory management solution for businesses, a POS-based inventory system has various advanced inventory management features including order planning reports, automated inventory tracking, data forecasting, and also includes integrated accounting software. However, your inventory management system cannot take into account losses due to theft, spillage, customer complaint resolutions, spoilage, and incorrect food or drink preparation processes. There are some measures that you need to take manually to make your software work for you. <br><br>Here are a few tips to fully optimize your inventory management system.
Note-: <p><span style=letter-spacing- 0.48px;>Advanced </span><span data-markjs=true class=mark already style=letter-spacing- 0.48px;>inventory management</span><span style=letter-spacing- 0.48px;> features include order planning reports, automated inventory tracking, and data forecasting.</span></p>
Make sure your system is set up properly
The initial setting up of inventory management software can be a tough job for any retailer, but make sure that your POS inventory software works properly and delivers the correct data for further report generation. Business owners need to ensure that they enter exact and consistent information including serial numbers, measurements, and quantities of the raw materials that will, in turn, generate accurate reports. Plus, your staff needs to be well trained to use the inventory tracking software.
Regularly check reports
You can generate various reports by using a POS inventory management system. Make sure that you know your <a href=//altametrics.com/inventory-management/inventory-management-software.html>Inventory Management</a> software capabilities to utilize the system to your advantage. Regularly checking sales and inventory reports will make you aware of the health of your business.
Know the weak points of your business
Once you start entering information in the inventory management software, it will start showing you the high and the weak points of your business. You will be able to identify the best methods to reduce food waste by implementing the best practices to streamline your supply chain.
Several restaurant inventory management systems include a menu re-engineering feature that allows restaurant owners to replace the slow-moving items in the menu with the more profitable ones. Even if your POS inventory software does not have a specific menu re-engineering feature, your inventory data report can help you identify less profitable menu items.
Best Inventory Management Software for Restaurants
Choosing the right software is a tough decision. Or is it? If you're a restaurant owner, you know that inventory is one of the most crucial aspects of your business. It's the backbone of your inventory management system as it determines your profit margins. You want to choose an inventory management system that will help you save time and money by organizing everything easily and simply.<br> <br>The following are some of the best POS systems for inventory management-
Plum Inventory management
Plum POS is a free POS system that provides integrated inventory management software to small businesses, including restaurants and retail store owners. Plum POS is one of the best all-in-one inventory management software and offers multi-channel order management and asset tracking features. Plum POS provides a free credit card scanner with its basic plan. It comes with a variety of easy use pre-configured POS hardware. Plum POS also supports various third-party digital wallet apps that allow you to download several add-ons and plugs, including accounting software, advanced inventory management, and employee and customer management tools from the app store.
MarketMan inventory management
MarketMan is a cloud-based restaurant inventory management and purchasing software that allows easy ordering and tracking features from a mobile app. With MarketMan inventory software, you can easily track your sales channels, restaurant accounting, delivery, and procurement. MarketMan inventory management allows you to create low stock alerts that can be sent through emails or texts.
Upserve inventory management
Upserve POS comes with built-in inventory and vendor management tools. With the Upserve POS inventory management tool, you can convert your smartphone into a barcode scanner to easily manage your inventory count. You can also operate Upserve software in offline mode on mobile devices like tablets and smartphones if the Internet is not available. You can get Upserve's inventory management software with its Pro membership for $199 per month plus $50 per terminal.
Zoho inventory management
Zoho inventory management is a cloud-based management solution for small to medium-sized businesses. It offers inventory management software that is compatible with Android and iOS mobile devices. With Zoho inventory management software, you can create drop shipments, backorders, and purchase orders. It allows you to keep track of every inventory item with serial numbers and batch tracking functionality. Business owners can start free trials of its inventory management software for up to 50 orders and 50 shipments per month.
POSist inventory management
POSist inventory management software allows you to track your raw materials in real-time. It is a cloud-based inventory management solution. Its integrations include digital wallets, accounting software, loyalty programs, and online ordering and table reservation platforms.