For example, Square has good all-purpose tools for different sales channels, Toast’s are good for restaurants, and Shopify’s are good for ecommerce businesses.
Keep in mind that the inventory management systems that come with POS systems are often tailored to different industries. Most POS systems also come with a card scanner that lets you accept card payments, send invoices and purchase orders, and offer advanced sales analytics tools. Product code (UPC barcode number, SKU number, etc.).Name, price and quantity of product sold.Many small businesses still use pen and paper to track inventory, but popular POS systems like Square, Vend or Lightspeed offer inventory systems let you do a whole lot more.Ī good POS system can plug into a barcode scanner (see below), process debit/credit card payments, print receipts, and make the entire checkout process easier for high-volume sellers.Ī good POS system can also track all of the following information in real-time: If you have a high-volume business, you won’t be able to do this manually, but inventory management software can help you with this (more on that below).Ī good sales or inventory ledger should record information like:Īs an example, your ledger might look like this: At the end of the day, use the numbers in your ledger to update your total inventory numbers. You can do this with most accounting software, a spreadsheet, or even a physical notebook.Īny time you make a sale or a purchase, record it in the ledger. The most barebones method of tracking inventory is to set up a manual inventory or sales ledger.
How to track inventory for small business in excel how to#
Here’s how to make sure your inventory data is accurate and up to date: Set up an inventory ledger
You can’t manage your inventory if you can’t track it.
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