How to Use Lightspeed Inventory Management Software in 6 Steps

In this post, you’ll discover how to manage inventory using the Lightspeed POS system. Since it is browser-based, you may immediately sign up for a free trial and use the platform. We’ll go over adding goods, submitting purchase orders (POs), receiving and tagging merchandise, doing inventory counts, and resolving discrepancies.

The finest POS inventory system for medium firms with several locations is Lightspeed. It includes money processing, analytics reporting, and age verification features. Register for a free trial.

To try the system for yourself, follow the instructions below and get our Lightspeed dummy inventory list. It is created using the product import file from Lightspeed. Additionally, you may see the program in action by watching this brief video on the fundamentals of Lightspeed inventory management.

6 tips to get the most out of your inventory management system

1.    Log In to Your Lightspeed Account

Once you’ve created an account, visit the Lightspeed website and log in to see your dashboard. From there, a vertical navigation bar may be found on the left. Choosing “Inventory.”

2.    Create & Submit POs Manually or Automatically

The effort and difficulties involved in creating a PO largely stem from determining the exact quantity of each commodity you want. The appropriate configurations allow Lightspeed to configure POs for you. You may build up special rules in Lightspeed to automatically produce POs by keeping track of your goods on hand and lowering your inventory count after each sale.

Additionally, Lightspeed POS will merge POs for the same vendor, keeping everything organized and simple to follow. You only need to review the PO before sending it to your vendor.

Additionally, you may choose various regulations for various stores. Assume you have an internet business (nmbr1fan.com) and two physical stores (Stadium business and City Store), each carrying and ordering their own merchandise.

Certain locations may sell Team Pompoms faster than others. If so, you may create a rule specifically for each store. When it achieves a level of 25 Team Pompoms on hand, Stadium Store can automatically reorder 100 of them, whereas City Store can do the same when it reaches a level of 5 Team Pompoms on hand.

3.    Take stock of your surroundings

You may now begin counting all the objects you presently have on hand as you are prepared to move on. You need to cover all the bases and make sure you have a precise assessment of where you are because this is the first stocktake of the rest of your life.

No need to get out your pen and paper; you can conduct the stocktake directly from Lightspeed’s system. Whatever can be counted, count it. Weigh every item that requires it. Update all the values, then save the modifications. Then, and this is crucial, ask someone else to act once more. When your statistics agree, congratulate yourself! You’re finished!

4.    Obsess your data

You will discover that you have control over the inventory in your company if you take all of these actions. This frees you up to concentrate on the remaining items on your constantly growing to-do list while also enabling you to make educated judgments.

You may compare your actual use to your forecast and modify your purchase strategy as necessary. You’ll be aware of everything that enters the building, leaves the building, what was wasted, who squandered it, and much more. You’ll have a greater understanding of how your business runs, what it costs you, and how to make savings if you pore over your data in real-time.

The entire inventory exercise brings you one step closer to your company. It will become evident how merchandise moves from the delivery door to the tummies of your consumers, and you’ll have the information you need to maintain that clarity. Good software may change your life, but you must be willing to put in the effort to maintain its trustworthiness. The food you have in your kitchen is both a cost and a potential source of income. Don’t ignore it.

5.    Record waste (and why it happens)

You should understand why food is removed from your inventory whenever it does. This explanation is typically seen in sales reports. But what happens when food isn’t sold but is still removed from the shelf? You should also be aware of it.

Don’t merely throw out expired items and update your inventory while conducting manual stocktakes. Make a note of the waste in the system together with its cause. The same holds when anything is spilled or when a client returns something. Lightspeed Purchase enables you to determine the precise cost of your trash and take steps to reduce subsequent waste and save money. How?

• Record food waste easily, including who inputs it and why.
• When waste is noted, inventory is automatically updated.
• Run reports to find trends over time to reduce waste.

It takes more than just knowing what you have on hand to keep good inventory records. Knowing what you’ve squandered allows you to quantify your losses and understand their financial impact. Knowing the cause of your waste allows you to take action to stop it from happening again.

6.    Reconcile Differences

You’re prepared to reconcile after you’ve finished counting the physical inventory. There shouldn’t be any discrepancies between the stock-on-hand figures your POS reported and what you physically counted. If there are, now is the time to consider it and ensure that your POs will refill inventory levels appropriately.

It’s excellent that your physical count page is still active. If you didn’t, go back to it by choosing “Inventory,” choosing “Inventory Counts,” and then opening the particular count you want to reconcile. Once you’ve finished counting your tangible assets, click “Reconcile.”

Your inventory number will be updated to reflect the result of your physical count when you have reconciled your numbers. Reviewing Shrinkage is now appropriate.

The reporting for shrinkage will compare your actual physical count to what your POS predicted you would have based on documented deliveries and sales. You will be able to see variations by product in terms of both total value and number of units.

Your inventory counts have been updated at this point, and you are prepared to return and submit fresh purchase orders to your suppliers in accordance.

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Conclusion

Finally, Lightspeed Inventory Management Software is an effective solution that may completely transform your inventory management. You’ll be well on your way to effective inventory management and enhanced company success by following these six steps. Remember that maintaining consistency in your data updates, trend analysis, and problem-solving will help you stay one step ahead of the competition.

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