Periodically, it’s a good idea to conduct inventory audits using quality inventory management software that produces a detailed report. Like many business owners, you may feel one audit per year is all you need. But doing audits every month, or every quarter, can help you stay better informed about the status of your inventory. Audit reports may also help with forecasting and risk management.
With real-time inventory software like QuickBooksOnline, you can have up-to-the-minute information on the state of your inventory at any moment. The best inventory software does the following:
- Assigns barcodes to each item.
- Updates inventory records whenever an employee scans that barcode, noting the removal of an item from the warehouse shelf.
- Update your website immediately whenever you run out of any product.
- Provides tracking information during shipping, so customers know when to expect delivery.
Inventory software can also provide you with valuable sales analytics data. Likewise, it can send you notifications whenever you run low on a product-by-product basis.