If your business’s nature involves a fast-moving inventory, as the trading stock goes in and out of your warehouse or place of business, on a day-to-day basis, it can get complicated as your business grows. At this level, your monitoring may even be prone to human errors as you handle an increasing number of supplies every day.
It used to be that inventory management systems were way beyond what a small business could afford. However, today, there are several solutions that you can take advantage of to manage your inventory digitally and thereby managing your costs effectively.
The below are just some of the vast number of inventory solutions.
Some of the main advantages for using these solutions are:
- They help reduce your costs
- You will get deeper insight into your profitability as most of the solutions allow you to track your pricing and costs to help calculate margins.
- They increase your productivity allowing you to focus on designing or being creative with your products. Time spend on spreadsheets can be reduced or eliminated with a good inventory solution.
- Most of the inventory management solutions can be integrated with your accounting software.
- Inventory management solutions will also track KPI’s such as stock turnover to help you know how your inventory is going as well as ensuring that you have accurate stock on hand numbers.
Cin7 provides inventory management for e commerce, retail (point of sale) and wholesale. It integrates and works well across multiple sales channels
This is a cloud-based ERP software that integrates all your sales channels: ecommerce, pos, retail, wholesale and manufacturing.
Comprehensive and efficient inventory management. Great for B2B and B2C. Integrates well with pos and accounting system
Cloud based inventory management solution which helps with production line management as well as ecommerce. TidyStock Integrates well with accounting softwares. The software works across a wide range of industries.
Katana is great for manufacturing businesses and integrates well with ecommerce and accounting software.
This inventory solution boasts of a truly interactive system that will make you feel like you have an inventory manager in your employ, 24/7. Jumpstock caters mostly for hospitals and health care businesses.
Inventory management for warehouse and manufacturing. It integrates well with most ecommerce and accounting platforms such as Xero and QuickBooks Online. Great for scaling businesses.
If you are utilizing QuickBooks as your accounting software, the SOS Inventory app will sync seamlessly with the system and will be able to offer you more advanced features with the integration, one of which is sales orders.
With the app, you can create packing slips, pick tickets, monitor your work-in-progress inventories in every stage, do a cost history and tracking of items via serial numbers, and supervise your overall stocks in various locations.
Cloudbased stock control. Helps you to optimise and efficiently manage inventory. Intergrates with most accounting softwares and inventory solution.
Stock planning with predicted demand tells you what you need.
Digital solution to help track your stock. It is great if you are looking for an easy-to-use simple solution for your business. It works great across multiple industries. You may have to import a csv into your accounting software.
In choosing your inventory management solution, consider the following factors:
Does it work for your industry? As noted above some inventory solutions are better suited to certain industries. Finding an industry specific inventory solution will probably be better for your business.
If you are scaling will it support your business as it grows?
Consider the learning curve how difficult will it be to use. Do you need extra time to learn? and will it be possible to get a free trial or to do a parallel run with your existing software?
Get an expert Brisbane Bookkeeper or Accountant to manage the accounting software integration. Sometimes there are opening journals, chart of accounts configuration, tax issues that need to be sorted when you integrate a new software.
Ensure that you fully understand your supply chain and see how inventory management will support that. For instance, will it support multiple locations or multiple sales channels?
Last but not least what are the key features that you are looking for or pain points that you are hoping to find solutions for? If you do drop shipping for instance you will want a solution that supports that.
If you are having stock blackouts or finding it hard to manage your inventory consider integrating an inventory management solution to your existing accounts-based inventory module.
If you need a hand in finding the best inventory solution do not hesitate to contact us.
Your Friendly Bookkeeper