Benefits of an Apparel Software and the Value of Barcoding in a POS

Jul 18 2020 Published by under Uncategorized

A garment software is a solution utilised by any retail business that works with apparels. It is used in:

  1. Supermarkets
  2. Small retail shops
  3. Medium-sized retail stores
  4. Chain of apparel shops
  5. Readymade garment showrooms
  6. Fabric and textile stores

In a gist, any business that works with clothes of any form can employ a garment software. The size of the company doesn’t matter – from a tiny local shop to an international brand, all of them can benefit from POS system. Software for garment shop aids in:

  1. Managing retail operation accurately
  2. Focus on key aspects of the business
  3. Freeing employing from completing daily mundane chores

What are the features of a garment shop software?

Think of the apparel management solution as a storage place for all crucial data of every inventory item. It categorises each item based on varying classifications such as price, colour, design, and size. It also produces a unique barcode for each garment. As a result of this data, POS software for a garment shop comes with the following features:

  1. Faster sales process and checkout
  2. Smarter inventory
  3. Proper purchase management
  4. Better loyalty programs
  5. Discount and promotion techniques
  6. Financial account keeping
  7. Analytics and reporting

How does the software help the apparel shop?

A garment software system can:

  1. Boost sales
  2. Liquidate stock
  3. Ensure better customer service
  4. Balance payables with receivables
  5. Point on trends and create strategies for sounder selling

A more advances garment software can even be integrated with add-on services like alterations and tailoring which enhance customer satisfaction even further. But the most practical and useful part of the system is the barcode. For example, using a portable device one can capture the barcode of every garment and then update the inventory balance instead of manually checking each piece.

What is a barcode?

A series of lines printed on a paper that is stuck to a garment is called a barcode. The lines on it are of alternating widths. To the naked eye, all barcodes appear similar. In reality, each line of the code is a character that only the barcode scanner can read and understand.

Upon scanning a barcode, the light sensors convert the tracks into electric signals. The barcode reader (a software) decodes the electronic signals and turn them into the characters represented by the bars. Creating barcode with the software is very affordable, so is printing them and any apparel business can have the budget for it.

Why integrate the barcode with the garment POS system?

In order to use the barcode scanner productively in an apparel shop, integration with management software is essential. When the barcode scanner is compatible with the POS system, it scans each item during the sales process. The information thus collected can be employed to maintain inventory.

How a POS installed with Barcoded Inventory is advantageous to the store?

When a garment business merges a barcode system with their management software, they get access to the following benefits.

  • When pricing and inventory management is conducted manually, the process takes hours, if not days. Teaching it to a new employee is even more arduous. But when a barcode scanner connected with an inventory software is installed in the clothing store, the same task can be done quickly. Furthermore, the time taken to train a new worker is decreased drastically.
  • A clothing store has the same product available in different sizes or colours. It is just one of the ways managing inventory in an apparel business becomes painstaking. The variation in pricing as seasons change adds to the complexity. It signifies that when employees do stock keeping, the chances of an error occurring are highly probable. The very nature of the products sold make it so. A barcode system that automatically transfers all information to a connected POS software takes away this chance of mistakes happening.
  • The same item in an apparel shop goes through many pricing changes; it is part of the business. Continuously and manually updating that change is neither a very appealing task nor a quick one. Barcodes make it simpler. A new barcode can be affixed to the garment and the new pricing (or inventory) information can be transferred through the management software for garment shop.
  • Tracking of every apparel in every shop is done easier with barcoding. It removes the overheads connected to inaccurate SKU tracking.
  • To run a successful business, the checkout time has to be as short as possible. Long wait times make customers unhappy. When barcodes are integrated with the POS, a single scan transfers the following data:
  1. Pricing
  2. Discounts
  3. Size
  4. SKU number

It means that the time taken to process the sales is decreased to a great extent. Inputting the same date one by one would have made the checkout time much longer.

  • It is not merely check-out that is faster; every other process is quicker like decision making. When you have accurate data on your fingertips at all times, judgments like which garment to put on discount and which to promote can be done in a jiffy. It saves precious resources like effort, money and time.

Comments are off for this post

Benefits of Portfolio Management Software

Jul 16 2020 Published by under Uncategorized

When it comes to small personal investments and household budgets, most people have no problem using programs like Microsoft Excel, Google Sheets, or another simple spreadsheet tool to track and manage their finances. These tools can also be useful to the financial professional, but usually there comes a time, especially as client lists grow, that simple spreadsheets and free database software just can’t keep up. When it comes to managing corporate accounts, and tracking dozens of clients with multiple IRAs, 401(k)s, offshore assets, structured settlements, stock, bonds, and brokerage trading accounts, these tools are usually insufficient. It’s at this point that most financial professionals turn to advanced portfolio management software.

These sophisticated programs can be used as everything from a corporate pension management solution to a comprehensive hedge fund system. They provide real-time analysis of various markets, including simulations and advanced trend projections, as well as in depth statistics and reporting on each individual income stream and asset class. This becomes key when dealing with clients with high net-worth or dealing with large, highly-diversified corporate accounts. Fund managers also rely on these to create comprehensive hedge fund systems that allow them to closely track and monitor the (usually volatile) high-risk investments that make up these funds. These programs also very often used by those with highly-diversified portfolios as an asset management software solution. As personal or corporate wealth grows, it generally behooves investors to diversify their wealth over as many asset classes as possible. Good portfolio management software makes what would once have been a fraught undertaking, quite simple.

Choosing a Portfolio Management Software

When it comes time to move on from basic spreadsheets to more robust asset management software, there are a few things you need to consider. First, are you managing finances for a corporation, individual clients on a case-by-case basis, or just for your own personal income and revenue streams?

If you’re working with a corporation, be sure to select a requirement that works with any other systems already in place, and make sure it meets your audit and regulatory requirements. Different industries have differing standards, so this will be something you have to research about your particular area. In this case, you’ll want something that’s been heavily vetted by the relevant members of your organisation, particularly those in charge of maintaining privacy and security, as well as regulatory compliance and reporting standards.

If you are an independent finance professional, you have all the same concerns as a corporate finance manager seeking a hedge fund system or other portfolio management system, as well as a few additional ones like keeping client accounts separate and secure.

Comments are off for this post

Benefits of Tax Software

Jul 16 2020 Published by under Uncategorized

Tax software is designed to enable you to cheaply and easily prepare and file your tax returns. You are able to use a highly rated and proven program to file your business and personal taxes yourself without having to contract the services of an accountant or other tax expert. Go for an online tax software yearly update or edition which will enable you to receive automatic updates, as well as enjoy unfettered online access to your taxes. Below are some of the benefits of using tax software.

  • Maximize Your Tax Deductions – Updated tax software programs enable you to avoid missing out on all the latest deductions, thus reducing what you owe and earning you a larger refund. This way, you get to keep up with all changes in state and federal taxation laws, and avoid owing taxes that arise from these changes.
  • File Returns from Your Computer – Tax software enables you to e-file your tax returns which is much faster and more convenient than having to mail them. You therefore enjoy more time to pay your tax liability, receive your refund faster and also get to avoid having to go to the post office or wait in line for your check.
  • Avoid Audits – Tax software reduces the risk of your being audited or getting penalized by the IRS. These programs are designed to check for errors before filing, while some offer a guarantee for any calculation errors. This way, you get paid for any penalties arising due to errors plus interest.
  • Answers to Tax Related Questions – It is easier to get answers to your tax related questions using tax software than it would be say visiting the IRS site. Some programs will display typical questions and answers on every screen you are working on. You may also use the help feature or directly ask for answers from specialists on the program’s live community of experts.
  • Store Taxes on Your Computer – Tax software is great for keeping records as it stores your taxes on your computer. Some programs even feature online versions that will store your tax records on protected servers. This enables you to access your tax records for any year at any time and any place.
  • Save Time – Tax software allows for the conversion of tax records from your federal return to your state return which is impossible to do when filling a paper return as you would have to type out or write this information twice. Tax programs therefore save you the time taken by this double work while also getting rid of any common errors that typically occur when copying out such information.

Comments are off for this post

Older posts »