A successful business can be described as a well-oiled machine. But in order to get that way, the machine must be cared for properly. Inventory management is the oil that keeps a business running smoothly.
Without a well-defined inventory management system in place, the machine would come to a screeching halt. For most businesses, they manage their stock using inventory management software. Such software has become the gold standard for inventory tracking and business insights.
So if you’re looking to turn your business into a fine-tuned success, consider using inventory control software to gain these eight significant benefits of inventory management software for your company.
1. Higher Productivity
An organized and systematic inventory management process means more gets done in less time. Using software to manage inventory will cut down on time it takes to process, audit, and track your merchandise. With one interface, you can check the stock amounts on all your inventory, track what’s selling and what’s not, find vendor information, and connect to payment apps for invoicing and purchase orders.
2. Better Profitability
Gain business insights with inventory tracking software to see what goods are popular this period and what goods can go next period. With an eye on the inventory and tracking reports illustrating what is selling well or poorly- investing more in the stock that sells means more significant profit for your business.
Successful inventory management means knowing and using that knowledge to get the most out of the market and merchandise. Inventory software provides you with this information to make decisions that will net you a higher income.
3. Easy Inventory Processing
Streamline inventory processing by tracking stock and inventory numbers and associated costs, using inventory management software to save time. With clear visibility of the stock movement, you’ll always know the status of your inventory for good inventory management practices.
Inventory tracking automatically updates the quantities on hand when buying and selling products in real-time for quicker processing and selling times. The software can also help companies with over or understocking ensuring there is never too much inventory to move.
4. Reduces Aged Inventory and Deadstock
Sort your inventory by date to know which orders have come in first, and check the quantity on hand to determine how much you need to sell. Knowing what goods are going out of date soon, especially for perishable inventories, means selling aged inventory before it becomes deadstock and loses your company money. Keeping up to date on out-of-date products will help your business reduce wastage and repurpose ageing inventory to save money. Dealing with such stock before it goes bad is one of the many advantages of inventory management.
5. Automate Manual Inventory Tasks
The right software can automate inventory management systems for your business to increase count accuracy and revenue while decreasing human error and costly mistakes. Your employees won’t have to waste time counting and recounting stock when automated software provides you with real-time information.
No need to run to the back to check and count specific stock levels. Instead, flip open your phone or check your tablet screen and quickly reference accurate and precise information—gain calculations and expense tracking without human error for fast and precise number crunching and quantity counting.
6. Better Customer Service
Providing customers with what they want, when they want it, is a massive part of customer satisfaction. Your business can keep the popular stock in store thanks to the automatic low stock alerts inventory software will send directly to your phone. View the quantities on hand and quickly order more with all your vendor information in one spot.
Keeping sought-after products in stock and on the shelves can also turn one-time buyers into loyal customers. They know you’ll have what they need, and that makes them appreciative of your services, returning, again and again, to buy from your business. Therefore, inventory management software can help you retain customers and produce new ones.
7. Lessens the Chance of Stock-Outs
Inventory control software helps businesses prepare for various events, such as a stock-out, that affect the supply and demand of your goods. A stock-out happens when there is an unexpected demand for a specific stock, causing the product to sell out. Using inventory tracking software can help your business prepare for these eventualities.
Low stock alerts, real-time inventory valuation, and automatic quantity updates are all features that will help you adjust to the supply and demand of the market and your customers.
8. Accurate Expense Tracking
Expense tracking is an integral part of any department within a business, and inventory is no exception. Inventory software can run reports to calculate the total sales, total taxes, and other pertinent financial information, like real-time inventory valuation, to help you keep track of your inventory costs and revenue.
These inventory and expense reports will hold your business in good stead when it comes to the auditing and accounting aspects of your inventory. Cross-reference your stock with your financial information to ensure the two line up accordingly when it comes time for your next inventory audit. Get the most money out of the least amount of inventory.
Using QuickBooks For Inventory Management
Your business can significantly benefit from QuickBooks inventory management software to improve productivity and profitability while curbing wastage and lost inventory. Gain insights into your most popular items and give your customers more of what they want! QuickBooks can even sync with other inventory apps to cover all of your business needs.
Try this software today and join the millions of small businesses to improve their inventory management and move more of their products off the shelves and into customers’ hands.