Never is organization more important than when you run a contractor business, especially when it comes to monitoring and tracking your inventory.
While there was a time when these tasks were accomplished only by laborious manual methods, today’s technology has streamlined and virtually error-proofed numerous processes.
Learn what your point of sale (POS) system can do so that you can put it to work for your business and your future.
Inventory tracking
When you run a company whose success is based on providing measurable services on a preset schedule, you can’t afford to run out of crucial supplies that could compromise your deadlines and lead to dissatisfied customers and broken timelines.
Obtaining a POS solution from a contractor merchant account provider who is familiar with your industry enables you to have a solution that is equipped with a built-in set of valuable tools.
An effective inventory tracking tool integrates with the product scanning capabilities of your system to enter each piece into the system as soon as it arrives.
As a result, you always have access to a running count of any given item, making it possible to re-order in plenty of time to ensure that your supply never runs critically low.
Easy identification
Dividing your inventory into unique categories gives you a way to divide your materials and supplies into easily remembered segments. Organized product lists and designations minimize the chances of oversights and re-ordering errors.
Intelligent re-ordering
Since you juggle endless tasks as the owner of a contracting company, it stands to reason that you would benefit from a system that efficiently takes away some of these burdens. With its re-ordering and low-inventory capabilities, your POS certainly fits that description.
The magic lies in the system’s database, which you have already filled with specific information about each piece of merchandise when it arrives at your site. You can then configure your POS to alert you if quantities of specific items fall below a set threshold, enabling you to proactively submit orders to your suppliers.
Some systems even have serialized inventory tracking that allows you to track high-value tools and equipment by serial number. This can be crucial to schedule maintenance, follow a warranty, and prevent loss or theft.
Analytics and reporting
Your POS is a master at generating actionable reports that you can leverage to optimize your contracting business. In just a few clicks, for instance, you can create a document that showcases slow-moving or bestselling items, identifies your busiest times of the year, and your most expensive merchandise.
Armed with this data, you then have the ability to make smarter and more streamlined purchases from the most economical suppliers while effortlessly preparing accurate financial details for investors and tax preparation purposes.
Integration with third-party software
Most likely, you are already well-acquainted with accounting powerhouses such as QuickBooks. These assist you with payroll, tax preparation, and other routine bookkeeping tasks.
With your POS inventory tools in place, you can continue to benefit from the accuracy and accountability that these software programs furnish.
That’s because your POS system is configured to easily integrate with these programs, providing you with the quality and continuity you have come to expect as you track your finances and manage your supplies.
Maintaining a comprehensive set of inventory in the right quantities is an absolute necessity for your contracting company. Bring POS inventory tracking and management tools into your operations, and you will soon wonder how you ever functioned without them.
North is a leading financial technology company that builds innovative, frictionless end-to-end payment solutions designed to simplify and grow businesses of all sizes. From the front door, to the back office, the developer world, and partnerships that expand the payments landscape, North offers proactive, comprehensive merchant services, in-house processing, and more.
