Many retailers still consider Inventory Management as merely another form of keeping stock records, and as a result, continue to face losses. Research suggests that close to 43% of small businesses either don't track inventory or use non-automated processes that are cumbersome and leave room for human errors.
Modern inventory management software does help in keeping records; however, they are designed to do much more to help a business. Over the years, they have evolved to help you maintain a healthy sales cash flow and more efficient inventory management to allow you to stock correctly to avoid losses.
A good inventory management software can turn out to be a big boon for any online retail business by helping it gain greater control over its inventory and optimize its inventory for higher profits. It can also save you a great deal of time, helping you to focus on more pressing matters. Let us take a look at how you can save your precious time if you use the right inventory management software:
A well-built inventory management software helps you get the latest inventory figures instantly at your fingertips. You don’t have to wait around for your staff to update information into the system. Instead, your data would be ready to be used in reports for rich insights that will facilitate better decision-making. This way, your business keeps moving ahead smoothly as you catch up with market demands.
Modern inventory management software can help you keep track of both your sales data and inventory. Data is simultaneously updated for both sales and inventory after each transaction, reducing the back and forth action to tally each of the figures separately.
Having a unified system for managing several tasks takes away a lot of pressure from your IT team while reducing your dependency. As a result, you face fewer technical issues and spend less time fixing them. The inventory management software keeps all your information integrated, ensuring a seamless from inventory to invoice reporting.
Most businesses have to spend a lot of time getting data from one source and feeding it into another to get the information they need. The process usually repeats several times and has to be updated again on the arrival of new data. Not only do you have to migrate the data, but you also have to tally the different sources. However, with an inventory management accounting software, all your data is stored in a single system that automatically updates itself, saving much of your time and effort.
Learning and mastering a new system can be quite a challenge. But it is still less of a challenge than having to learn two or more new systems, understand how they work together, and then procure the data you need. A top-notch inventory management accounting software greatly reduces your learning woes, saves time, and makes sure that you learn exactly what serves you the most.
Putting up a new system can be quite time-consuming and can tie up your resources unnecessarily. There is plenty of reorganizing and a lot of training involved.
For any retail business to flourish, the business needs to make prompt decisions based on real-time inventory data. Using inventory management software helps you access the latest information at all times so that you can make the necessary amends in time.
Inventory Management software updates your inventory automatically as you update customer orders with accounting data. You only need to enter the data once in the software and it automatically updates all related systems with the information saving saves a lot of time daily.
Most accounting software available today does not provide you the audit trails for inventory transfers. Thus, you have to track the proof of every transfer during business audits. An inventory management software helps you track all your transfers as well as the transactions within your inventory accounting software. This also provides you a holistic picture of your business dealings besides saving you time.
Having a good inventory management software handy allows you to seamlessly connect your pricing information from accounting to the inventory data. You can easily assign special deals or discounts for customers and see all the data in a single place. Owing to the connected inventory and accounting data, a lot of time is saved that was otherwise spent verifying information from two different sources. Moreover, it can also reduce customer service issues due to incorrect pricing.
Using an inventory management accounting software can greatly benefit your business, saving you both time and money. It reduces your dependency on multiple sources, provides you more accurate data points, and helps you remain in-step with every change. This way your business is streamlined and several bottlenecks can be removed.
Which inventory management software have you loved, please feel free to share your experience with us.