Square Inventory Management
Square Inventory Management Software For Multi-Channel Sellers
Leverage Finale Inventory to prevent overselling on your online selling multiple channels.
Square Inventory Integration
If you have a booth at a trade show or a physical storefront, Square makes it easy to take payment anywhere your customers are. With online sales on a steady rise and brick-and-mortar purchases as popular as ever, it’s never been more critical to offer your customers multiple shopping avenues. To maximize sales, savvy store owners know the importance of selling both offline and online as more selling channels generally result in higher sales, but this requires a Square inventory management solution to manage inventory seamlessly.
When you integrate your Square inventory management with your Finale Inventory account, you can automatically sync both online and offline sales into a single, accessible location. This is an effective way to manage real-time stock and helps you avoid overselling or overstocking.
Read on to learn more about the benefits of tracking inventory in Square and Finale.
What Is Square?
Square is a type of point-of-sale (POS) system you can use at physical storefronts and mobile businesses. Instead of being tied to a stationary machine, Square lets you bring the POS to your customers. It’s also a fast, simple way to manage inventory and get daily stock alerts about your in-store products.
Square software is available for most Apple iPads, iPad Minis, iPhones, some iPod touches, and most Android tablet and smartphone devices. You can also purchase standalone Square registers or small terminals.
Does Square Do Inventory?
Square collects information about all physical transactions that take place in-store or at your booth. The Square inventory management system lets you manage stock according to item, transfer items in bulk, and view inventory history. The Square point-of-sale inventory management system is most effective when paired with an automated inventory management software like Finale Inventory.
Prevent Overselling With Square Inventory Management
Having a firm grasp of inventory becomes more challenging with each additional selling channel. When you use Square and Finale together, Finale makes it simple to track inventory across your online and offline sales channels in one central location.
Customers who use both Finale Inventory and the Square inventory management system and POS will automatically sync inventory across different selling platforms to prevent overselling on their ecommerce channels. With multi-warehouse (location) support, Finale allows for inventory to be tracked as shared inventory or separate inventory for your online and offline channels.
Separate Inventory Tracking for Offline and Online Sales
In this configuration, the cloud inventory management system will track the stock of each channel separately and will update the selling channels every five minutes. Additionally, Finale can sync orders to multiple Square readers and decrement the stock from the correct sublocation — Store A’s Square reader decrement from Store A, Store B’s Square reader decrement from Store B, and so on.
Shared Inventory Tracking for Offline and Online Sales
In this configuration, Finale will track the shared inventory and update the selling channels — like Shopify and BigCommerce — within five minutes of a stock change. Let’s say you have five pairs of jeans for sale. If you sell a pair in your physical storefront, Square will send the sale down to Finale, which in turn will update your selling channels that four pairs of jeans are now available. We’ll take a closer look at this later on.
Benefits of Square Inventory Integrate With Finale
On its own, Finale Inventory management software is the best way to automate your inventory management and track products. When paired with Square POS inventory tracking, you get an even better look at real-time inventory changes and transactions. Here are some of the top benefits of integrating Square and Finale.
Syncing and managing your Square and Finale inventory is easy, even with a high volume of transactions. Finale Inventory can currently support up to 500,000 transactions each month, allowing you to utilize both Square inventory and barcode inventory management to keep products moving quickly throughout each step of the process.
All you need to integrate successfully is your Square login information. Once logged in, you’ll make a few small adjustments to your Square account to pair it with your Finale Inventory software. Our customer service team is happy to walk you through the process and answer questions along the way.
Seamless integration between Square and Finale Inventory means you can control stock across multiple locations, terminals, and transactions. Finale supports more than one Square reader at a time and will adjust stock according to each sublocation. Finale also lets you use multiple SKUs for unique Product IDs, so you can keep each SKU separate and corresponding with the correct ecommerce platform, like eBay or Amazon, if necessary.
This expanded control over your inventory lets you get creative with marketing and selling tactics and is especially useful when implementing product kits. Product kitting is when you bundle together existing items and sell them as a single piece to customers, sometimes for a special price. Assemble kits based on items customers frequently purchase together or as an upselling or cross-selling technique at checkout. Finale Inventory and the Square inventory system work together to adjust stock quantities for kit purchases based on each item in that kit, so your readings stay accurate and up-to-date.
With multi-platform support backing your inventory, you get even faster inventory response time. When you use Finale Inventory, you choose when and how to receive inventory reports, so you always have real-time information about your stock levels. Once you’ve established the connection between your Square POS and your Finale Inventory account, you can select and edit how often to receive transactions from Square to generate into your overall inventory level automatically. With so much customization available, you can stay in-the-know as often as you need to.
In addition to automatic inventory updates, Square and Finale Inventory offer restock forecasting. Finale Inventory automatically calculates restock suggestions based on the product sales velocity and the information you’ve put into the system, like desired safety stock levels, expected growth, and lead time. Finale uses this information to help you make better decisions about when and what to order to keep your shelves stocked and customers satisfied. Avoid stock-outs and keep operations moving by establishing your own product count thresholds to identify which items you need to reorder quickly.
Plus, when your inventory starts to get low, we’ll send an automatic alert to let you know.
Supports Multiple Square Readers
For your multiple Square readers, Finale can be configured to decrement stock in different sublocations based on which Square reader processed the transactions. As a result, Square #1 transactions will decrement stock from Store #1, Square #2 transactions will decrement stock from Store #2, etc.
Configure your Finale Inventory to sync your Square and other marketplace sales to your QuickBooks account to avoid manual double entry of data.
With Finale Inventory, you also get support for multiple shipping locations and integration with various marketplaces, including Etsy, eBay, Amazon, and Magento through ShipStation. Once you consolidate these different platforms, you get a complete overview of how your products are performing, which channels are most profitable for you, how to compile orders, and where you need to focus your attention.
Your business is always fluctuating and evolving — that’s why we designed our integrated processes to help you make changes when you need to, including more or less stock, inventory report type, when inventory automatically updates, new count thresholds, and more. Our inventory management software is also scalable, so if you need to grow or shrink operations, you can take Finale and Square along without disruption.
Know Which Products Are Performing Well
With a complete overview of online and in-store transactions, you can track patterns and get insights into which products are performing best and which aren’t moving as quickly. You can identify whether certain items are selling better in-store, rather than online, or vice versa. You can use this information to identify bestsellers, adjust marketing strategies, make necessary inventory adjustments, and automate kit creation to boost sales and move merchandise.
Keep Tabs on Quantity and Value
Avoid running out of stock online and in-store with offline and online stock management from Square and Finale Inventory. Track how quickly specific product quantities deplete to make better decisions about your next order quantity. Compare the value of a product to how much in-store space it takes up, how interested customers are in the item, and how similar items are performing.
Focus on Other Operations
With Finale Inventory automation and Square order management, you save hours of valuable time you can allocate to other areas of business, including:
- Faster quoting and invoicing.
- More effective marketing and outreach.
- Enhanced customer service training.
- Product design and testing.
- Transportation and deliveries.
Better Automation Through Seamless Integration
The seamless integration between your Square POS system and your Finale Inventory account is one of the many benefits of having an automated inventory management system.
Additional advantages include:
- Speed: With automated inventory management, gone are the days of guesswork. While manual tracking may be effective, it’s common to continue making sales or accepting returns after inventory has been counted and your order submitted. While this gap may be small for some, other businesses operate on tight stock budgets or have minimal in-store space for excess merchandise. Instant inventory counts mean less costly guesswork and less time spent counting, tracking, and ordering.
- Scalability: Manual inventory management may be suitable as a temporary solution for a small business, but as your operations expand or you take in new products, it is no longer sustainable. Automated inventory management scales up and down with your business with easy transitions, so you can make changes with little to no interruptions to your daily operations and order scheduling.
- Accuracy: With manual inventory management, there is always room for human error. Typos, illegible handwriting, miscalculations, and overlooked merchandise can throw your inventory count off, causing overstocking or understocking. Automated processes calculate inventory as it changes, eliminating the need for manual input.
- Organization: With a semi-automated or fully-automated inventory management system, you can implement time-saving procedures across all departments of your business.
Automated inventory helps you make better decisions that ultimately result in more profit and efficiency while strengthening your brand image and building lasting relationships with your customers.
Take Control of Your Inventory with Finale
Whether you’re an existing Square POS user hoping to get more insights into your inventory or a Finale Inventory member seeking an in-store POS system you can integrate into your current operations, we’re here to help. Learn more about Finale Inventory’s integration options and schedule a demo for your company today.
Hello. This is Mike, Finale Inventory. In this video, we’re going to give a demonstration of an exciting new integration with Square POS. So, for those of you out there that run kind of either events or you run a brick and mortar store and have a POS system, you wanna tie those sales into your Finale Inventory so that we can track the amount of inventory you’re going through or using up. We now have a solution for Square inventory management. So, let’s take a look at our Finale account here, this demo account we’ve got set up. We’ve got maybe six items in here. We’ve got some red t-shirts, some white t-shirts, and blue t-shirts. And if you notice that we’ve got 45 on hand, 65 on hand of the whites, and 39 of the blue. So, now, let’s go take a look and maybe ringing up a sale on the Square POS. So I’m gonna pop over to my iPad here and I’m gonna go ahead and execute the Square register here. So I’m gonna pull up the Square register, and notice that I’ve got a red t-shirt, and a white t-shirt, and blue t-shirt. It’s corresponding to these items in Finale.
So let’s go ahead and ring up five red t-shirts, and I’m going to pick the red t-shirt. I can say, “Hey, I’m gonna get five of those.” And save that. And then, let’s do on the white t-shirts let’s bring up five as well. So I’m gonna pick the white t-shirt and add five to this order, and on the blue one let’s add maybe nine of those. So I’m gonna go ahead and add nine of the blue t-shirts into the system, or actually into the order. So you see we have a $285 order here in the Square POS on the iPad. So I’m gonna go ahead and charge that off and we’re gonna take some cash for this order. So I’m just gonna say they gave us exact change and ring up that sale. And we have just now completed a sale on the iPad using Square POS. So now, let’s see, how do we get that sale recognized into Finale?
So, over here in Finale, I would simply have a connection set up with Square POS to start the Square inventory management solution. And in this demonstration account, it’s all the way down here at the bottom. So I have Mike’s Square POS here. This is set on automatic, so it runs automatically every five minutes and pulls those sales from Square POS. So right now for us to get this sale in here, I’m just gonna go ahead and say, “Hey, run this test now,” so that it will go out there and grab the sale that I just rang up on my iPad. So it’s pulling that into Finale at the time, so I’m gonna go ahead and find it and show you that we’ll be able to see it here on our sales page.
So, here on the sale, since we’re kind of pulling that into the system in the background, I’m just gonna go ahead and refresh my screen here so that we’ll see that sale. So, as I wait for the browser reload and pull in the latest information, you will see that this is not it, but I’m gonna go ahead and because I have my settings set to go ahead and complete the sale. So we should be able to see it come into the system here. And there it is right there at the top of the screen. So I have a completed sale here from Square POS, shipped today for $285. So if I click on this sale, you will see that, hey, there’s our blue t-shirts, and red, and white t-shirts. We got nine of the blue, five of the red, and five of the white for $285. So let’s go check out our stock levels. So if I go and investigate my stock levels, I’m gonna pull up my Square POS products here, are now down to 40, 60, and 30. That’s it. So you can see how easy it is to address the square inventory management within Finale Inventory.