Inventory management software can help companies manage their supply chain. But choosing the right product like QuickBooks online, QuickBooks Enterprise, Tally Prime or Zoho is crucial. Learn more about which software to choose.
Inventory accounting software monitors inventory, helping organizations streamline inventory creation and organize order execution operations. These systems help businesses enhance their records and advance supply chain productivity. Advanced inventory management systems provide actual inventory control and auditing functionalities.
Why is stock control and inventory management important?
Having too much stock, or not enough, can cost your business dearly. If you don’t have the products your customers want readily available, you might have to pay extra for an express order – cutting into your profit margin. Or worse still; lose the sale to a competitor. With too much inventory, on the other hand, you could find yourself paying for storage or warehouse space that you wouldn’t otherwise need. Excess stock might also have to be insured, secured against shrinkage, depreciated and taxed as an asset. All of this will eat into your working capital, reducing the amount you have to invest in things like product development, new equipment and marketing. That’s why planning and managing your inventory with precision is key to business efficiency.
Key Features and Benefits:
• Real-time Visibility:
Software provides immediate insights into inventory levels, helping businesses avoid stockouts and overstocking.
• Automated Processes:
Features like automated purchase order generation, inventory tracking, and sales order fulfillment streamline operations.
• Integration with Accounting:
Many software solutions integrate with accounting software like QuickBooks Online or Xero to ensure accurate financial records and reduce errors.
• Cost Reduction:
By optimizing inventory levels and automating processes, businesses can reduce costs associated with storage, handling, and potential obsolescence.
• Improved Efficiency:
Software can help businesses streamline their inventory processes, leading to faster order fulfilment, better customer service, and increased profitability.
Some Most commonly used Software’s :
1. Zoho Inventory – Zoho Inventory is a popular small business pick for businesses with multi-channel selling needs. It supports combination with popular platforms, including Shopify and Amazon. This allows you to
synchronize data crosswise sales networks to manage stock levels and inventory costs more easily. This makes it an excellent pick for small businesses with simple inventory needs.
2. QuickBooks Online – When you’re busy for time, inventory management software that can handle several tasks or offer multiple versions so that you don’t repeatedly need to learn new things is an asset to your business. QuickBooks Online offers plans that contain its inventory management tools, so you get inventory plus accounting software in a single package.
3. QuickBooks Enterprises – QB Enterprises offers a range of features, including invoicing, expense tracking, and payroll management. QuickBooks Enterprises is user-friendly and has a strong support network, making it a good choice for those who are new to Business accounting software.
4. Tally Prime – Tally Prime is a flexible inventory management software that helps small and medium-sized businesses maintain the correct stock levels.
From MSMEs to large-scale corporations Inventory supports all businesses
1. Order management: Handle all your sales and purchases activities, manage invoices and bills, and track payments. Zoho Inventory also helps you monitor packages and shipments to keep your deliveries on time.
2. Warehouse management: You can control your stock in different warehouses or godowns centrally from Zoho Inventory. Track item movements, transfer items within warehouses, and generate warehousespecific reports.
3. Barcode scanning: Zoho Inventory is compatible with different types of barcode scanners which makes it easy to set up a barcode system and add SKUs, serial and batch numbers, and items to sales and purchase orders.
4. Integrations: Sell on Shopify or Etsy, integrate with Zoho CRM and Zoho Books, and receive payment online via PayPal or Razorpay—there is a wide range of integrations to support your business.
5. Inventory tracking: You can keep track of spare parts, saleable items, and even expiry dates with the serial and batch tracking feature of Zoho Inventory.
6. Reports: Know your inventory aging, vendor payments, sales details and inventory valuation from a range of reports which can be generated, downloaded and shared easily.
7. Item management: Group, customize, manage, and track your items from a single application. Try out what’s best for your business without losing control over your stock.
8. Customer lifecycle: Manage every operation, from accepting an order to dispatching it to your customer, without the need to fill in information at every step.
9. Vendor relations: Manage all of your vendor transactions and bills in one place, so you never have to compromise on your data or your relationship with your vendors.
10. Integrations: Find out how online integrations can help you expand and make your business more able to survive in a competitive market.
11. Customization & Automation: As your business grows, you might need to simplify some of your daily processes. Check out how our automation features help you to do so.
12.Smart features: When the world is embracing smart technology, inventory management can’t be left behind! Try out our smart tools to catch up with the industry trends.
Choosing the Right Inventory Management Software
There are key features to look for in the best inventory management software for your business and inventory management requests that can make or break your system.
Inventory management is the process a business uses to track goods and materials as they travel to and from the company’s warehouses and retail locations.
The best inventory management software for great businesses or inventory management software for small business helps you track the quantity of products in your warehouses and in your store and automatically refills items as needed.
The most important points to look for in your inventory management systems are as follows:
- Easy-to-use features that join in with your current technology and inventory systems. This can include barcode scanning, SKU number tracking, and retail label generation.
- Inventory software design in a way that’s easy for you to follow and learn and that you enjoy using rises the chances of sticking with a wellordered inventory tracking plan
- Order management capabilities that allow you to customize control over automatic order renewals keep you in charge of the inventory flow while removing the tracking of fast-moving inventory from your plate.
- Integration with billing management software that tracks individual items from the initial order to inventory to invoice and payment.
- The ability to provide fully detailed reporting on the areas that matter most to the maintenance and scaling of your business.
Investing in accounting and inventory software is a prudent choice for your business.
Transitioning to an online system eliminates the dependence on physical paperwork, which is prone to misplacement. Automation significantly decreases the time required for data entry, thereby enhancing both
productivity and accuracy.
Cloud-based accounting software consolidates all the features typically found in a general ledger. It enables you to monitor accounts receivable and payable, and swiftly generate financial reports to assess your performance. With a cloud solution, businesses can simultaneously access records alongside their bookkeeper or accountant.
Accurate inventory tracking is essential, especially in the dynamic realm of e- commerce. Inventory management software assists in preventing overstocking or stockouts and automates labour-intensive tasks such as product identification, reorder points, and drop shipping.
While it is possible to invest in separate software solutions, it is more advantageous to select a platform that provides comprehensive tools for both accounting and inventory management. By centralizing all data within a single system, you are better equipped to evaluate the overall health of your business and make informed decisions.
Here’s a more detailed look at the types of businesses that can benefit:
• Retail Businesses:
Inventory management software is crucial for retailers to track stock levels, manage sales, and avoid stockouts, ensuring they can meet customer demand.
• Wholesale Businesses:
Wholesalers often have large inventories and distribute goods to retailers, making inventory management software essential for managing large volumes and multiple warehouses.
• Manufacturing Businesses:
Manufacturing companies need inventory management software to track raw materials, work-in-progress, and finished goods, optimizing production and ensuring materials are available when needed.
• E-commerce Businesses:
Online retailers also rely on inventory management software to track stock across different sales channels, manage online orders, and ensure accurate inventory updates for customers.
• Food Service Businesses:
Restaurants and other food service establishments use inventory management software to track food and beverage supplies, manage waste, and optimize ordering.
Which inventory system is best for my small scale business?
A fundamental inventory system involves conducting physical counts of your stock at regular intervals, known as ‘periodic inventory.’ This approach may suffice for businesses with a limited product range. However, as your product offerings or sales volume grow, or if you operate across multiple locations, a more sophisticated solution becomes necessary. For instance, a perpetual inventory system provides real-time insights into your stock levels, sales performance, and profit margins. Typically, this system is managed using inventory software.
Perfonec Computers LLC, Dubai provides Complete inventory management software that offers a wide range of features, customer Support and tools for ecommerce businesses.
