Benefits You Can Get From Inventory Reports In Your POS Software

by Amina Hassan

Keeping track of your inventory in your POS software is crucial for the success of your repair business. Let us tell you why. 

Imagine you just started a repair and found out that the part going to be consumed in repair is not available in your inventory and you have to complete the repair by tomorrow.

Now, what option are you left with? Because not meeting your deadline can lead to losing your valuable customer. 

One thing you can do is avoid such circumstances altogether. And you can do that by taking a look at your inventory reports. You can keep track of your entire inventory through your POS software.

A reporting module in your POS system for repairs provides you with valuable data that you can use to make real-time decisions. For instance, which hot-selling inventory items do you need to stock more during the holiday season. When is the right time to increase stock levels?

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To make it easier for repair businesses, RepairDesk comes with a host of inventory reports that allow you to get real-time inventory insights. 

Inventory Reports For Better Management

With the help of inventory reports in your POS software, you can plan your inventory in a better way and create transparency in tracking. It also helps you categorize your inventory.

From Parts Consumption Report to Low Stock Report, inventory reports generated by your repair reporting software help you get important insights into your inventory usage. 

And with the help of all those details, you can make better decisions. In other words, the more you know, the more you will grow.

Let us show you how each inventory report can help you.

1. Inventory Summary Report 

Imagine you are running a multi-store repair business and you have no idea in which store you have enough stock and in which store there is a need to restock items. Definitely, it is hard for you to keep track of your inventory across multiple stores and inventory management is more complex.

For this, the Inventory Summary Report in your POS software plays a huge part to monitor the inventory of individual stores.

These reports give you an overview of your inventory across all your stores.

In this report, by selecting the stock details section, you can determine the exact number of available items in all your warehouses at once! 

How does it add value to your business? 

The following points highlight the value of the Inventory Summary Report.

  1. It displays on-hand inventory quantity and value at any point in time. So when you are going to start a repair, you will be clear about the availability of a part you are going to use in the repair. Trust us, it is going to save your time to a great extent. 
  1. These reports are helpful to filter your data, store-wise, and date-wise. You can conveniently get information about a specific store for a particular date range. Isn’t it convenient?
  1. Your inventory is visible across all stores. It will help you keep track of the inventory of multiple stores. So, if any item is not available in any store, you can conveniently import it from another store. 
  1. You will be able to track items that are on the purchase order (PO). So, you will be aware of the status of the purchase order and it also shows how many items were ordered for purchase. 
  1. The report also gives other important details. For example, you will get all visible store names, manufacturer of items, devices, product names, and SKU. Such details are of great help to categorize your inventory. 
  1. It also gives the total number of on-hand and displayed items. In the case of serialized inventory, it also mentions the average cost price. So you will be able to adjust the selling price and to what extent you can give your customer a discount. 

2.  Parts Consumption Report

Transparency is crucial for the growth of any business. Similarly, for a repair business, things should be crystal clear. Parts consumption report helps you get detailed information regarding the parts consumed in any specific repair.

So these reports in your cell phone store POS software give clarity on how many parts are consumed in repairs at your repair shop.

How does it add value to your business? 

Here are a few benefits of the Parts Consumption Report.

  1. It will allow you to know the parts consumed in your repair shops. So, you can order and manage inventory accordingly. Furthermore, you will be able to get store-wise data. So things will be more transparent and clear. 
  1. Under this report, you can also view the tickets of any store from the store filter. It also shows repairs of multiple stores and you can monitor the progress of your employees as well.
  1. It will also show the date on which parts are consumed and other details like the ticket number, invoice ID, customer name, service name, SKU, and quantity of consumed parts. 

For instance, your employee comes to you and complains about a missing part. In that case, you can conveniently trace down that part from the part consumption report. 

  1. You can also get details like supplier name, the total cost of goods sold, the discount if any given, and profit. All these details are helpful to manage your suppliers and you can do an analysis of your business.

3. Damaged Part Report

When you start a repair, you cautiously check your inventory and make sure that you have the repair part in your inventory. But what if you find it damaged and unfortunately that was the only part you had in your inventory. 

Obviously, you don’t want to encounter this kind of situation. 

Here Damaged Parts Report plays a significant role. Whenever an item from your inventory is marked faulty, you can view it from the Damaged Parts Report. 

How does it add value to your business? 

Under the action button, you can perform specific actions, which makes these reports helpful.

  1. While creating a ticket, you check your inventory and you find an item faulty or damaged then you have three options. Either you mark it faulty, send it back to inventory, or mark breakage. 

You can conveniently perform the above three-step from a single screen with a few clicks. It will save you time and energy. 

  1. This report shows store name, date, and SKU (if attached). It will also show you the Serial or IMEI for specific items. Such details will give you insights into which vendor sent in which damaged part and you will be aware of the source of faulty items.

4. Inventory Adjustment Report

To keep your inventory up to date, it needs to be well adjusted. But keeping yourself aware of every change in your inventory is not easy. So, the Inventory Adjustment Report in your POS software is the ultimate solution. 

With the help of this report, you can easily monitor your inventory levels and make crucial changes in your inventory.

How does it add value to your business?

  1. Inventory Adjustment Report helps you to adjust your stock levels in a timely manner. So, you will be aware of which item is adjusted and you can view adjustment levels in real-time. 
  1. It also helps you to monitor the selling trends of products. It will show you your slow-moving items. You can conveniently sell those items by offering product bundles to your costumes. Now it is up to you how to use this technique smartly.
  1. Similarly, this report also tells you about your best-selling items. Yes, you should know this so you can restock them timely and make the most out of them.
  1. In this report, you can select the store filter to view data for a particular store and get the filter report by selecting the employee. Data will be presented against the specific employee. This will increase the accountability on your employees’ part. 

5 Low Stock Report

The low stock report shows on-hand stock for all products with low stock warnings. It is based on the minimum stock level or reorders threshold you set against each product.

If your current inventory is more than the minimum product level or has no minimum level set, it will not be mentioned on the low stock report.

How does it add value to your business?

  1. Low stock reports help you analyze low stock patterns around which products are getting sold. For example, if a particular item is short you will constantly get low stock warnings. Thus, it will notify you to restock items in real-time. 
  1. You can easily change stock warnings and reorder levels. This will give you a reminder before a product runs out of stock.
  1. This report also identifies if any purchase order is generated against the item. The order quantity of that item will be shown in the report that this quantity is ordered in the purchase order. So you can create and monitor your purchase order as well.

6 Ticket Items Report

Suppose a customer enters your shop with an unusual repair and the part you need to use in the repair is not available in your inventory. In this case, special parts ordering software will help to order that special part. 

The Ticket Item Report allows you to do exactly that.

How does it add value to your business?

Let us tell you further how this report can add value to your business.  

  1. You can view all the parts used while repairing. It will tell you about the total tickets created in a day and which employee created which ticket. So, you will be able to divide the workload equally.  
  1. As your employees can easily view parts associated with specific tickets, it will instantly tell them which part they need to use in the repair. It will save time and effort for your employees and will enhance their productivity.
  1. You can also view the cumulative quantity of the parts used in all repairs. This will help you keep track of used inventory.
  1. In this report, along with customer details, ticket ID, device and service name, and other information, you can also know about the tax price and the cost applied. So you can adjust the price conveniently

Final Word

So, all this information tells us about the reporting capabilities of POS software. Upgrading to RepairDesk will help you play around with reports. You can also read more about the benefits of top cloud-based POS software.

It also adds great value to your business and saves your time and effort. Just imagine you are manually managing everything and opening files to get every tiny detail. Obviously, it is not possible for you to keep a record of everything. 

So you definitely need to shop inventory software and manage your repair business efficiently.

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