There are several methods used to manage and track inventory in retail. One of the most accurate inventory management tools is the specific identification method. In this system each piece of inventory is monitored and tracked throughout the process.
Point of Sale System
A point of sale system is designed to provide sales volume, form of payment, customer sales, and inventory information. At the end of each day, the till box must be reconciled in order to control cash. By using a point of sale system sales can be compared from one period to the next.