Matt Crowe’s Blog
One of the most difficult tasks involved in running a business is managing inventory. If too much is ordered, items will sit gathering dust on the shelves. If too little is provided, a consumer may become disgruntled at the lack of supply and refuse to return. According to the National Retail Federation, United States retailers lose two hundred and twenty four billion dollars a year from excess inventory; forty five billion dollars are lost from lack of sufficient products. As a result, despite how time consuming and labor-intensive managing inventory can be, it is obviously crucial to success as a retailer. Entrepreneur recently completed an article to assist business owners with this daunting task.
The article recommends employing QuickBooks Point of Sale software, which addresses three specific common mistakes to allow the owner to effectively and automatically track their inventory. First, owners often buy too much and end up tying money to product that won’t move off the shelves. Point of Sale has two reports that enable the retailer to resolve this issue. One report shows which products are failing to sell; a “Best Sellers” spread acknowledges the best moving products in the shop, with one mere click. Armed with this information, the owner can then decide which items need to be discounted and which should be promoted.
Second, entrepreneurs often make the mistake of buying too little product and, as a result, risk losing customers. Point of Sale resolves this by setting reorder points, which sends alerts to the owner that it is time to restock the chosen item. The third and final error enacted by entrepreneurs is loading up the stock room and forgetting the inventory located there. With QuickBooks Point of Sale, the owner has the ability to track all inventory, which allows recognition of all items previously ordered and prevents accidental duplicates and unnecessary restocks. The ledger is updated as items are rung out at the checkout counter, providing an automatic and real time account of all items both in the store and the storeroom. With these three built in features, QuickBooks Point of Sale allows the owner to eliminate unnecessary inventory expenses and boost their profits.
from About Matt Crowe http://ift.tt/1hTT0zJ