Choosing the right software can make inventory management all the easier for your small business. Without it, costs can soar and sales dwindle. It isn’t enough to rely on a paper record or an Excel spreadsheet as an inventory-tracking system: businesses need dedicated inventory management software. So let’s dive in. What is it, and how do you compare options?
What is inventory management software?
Inventory management software is a platform designed to help businesses track stock inflows and outflows. Good inventory management (link to article) is about timing and keeping costs low. The best inventory management software can help businesses with:
- Real-time Tracking: Managing inventory requires up-to-date data on inventory levels, whether that’s raw materials, work in progress (WIP), or finished products.
- Stock Reorder Points (ROP) & Automated Purchases: You need enough inventory to meet customer demand. Setting ROP and automating purchase orders when stock levels reach a certain threshold can help with replenishment and avoid stockouts.
- Item Control: Businesses need to control how their products are created and maintained. For effective management, stock-keeping units (SKUs) need to be categorised, have item descriptions set, and provide stock levels ready at a glance.
Features to look for when choosing inventory management software
For efficient inventory management, businesses should compare software options with the following features.
Inventory cost control centre
Keeping costs in check is key for any inventory manager. A dedicated cost centre control dashboard can help businesses control their supply costs, minimise carrying costs, and allocate resources more effectively.
Supplier management system
Supplier management is crucial for businesses to manage lead times and ensure their supply chain remains intact. By storing supplier contact information, details, and analytics, your software serves as a supplier management system, delivering greater value for money.
Inventory analytics and reporting
Detailed reporting helps businesses to make informed decisions about their inventory management. With analytics and historical data to draw from, software can generate reports that forecast future demand, identify trends, and provide actionable insights to increase customer satisfaction.
Cloud-based inventory software
Cloud-based inventory management software lets you use the same app across multiple locations, providing employees with access from different sites. This can help improve productivity, since employees don’t need to be in the same place to update the same system.
Allows for third-party integration tools
Inventory management software that integrates with platforms such as Shopify, Etsy, and Amazon is crucial for many businesses, as certain industries rely on specific software for their operations. It’s also important for your software to “talk to” and work with your POS systems and barcode scanning tools to improve the efficiency of your stock management.
Why Choose Reckon Cloud Accounting Software?
Reckon One Accounting software has its own dedicated native inventory management system. No extra fees, built to run side by side with your business accounting.
Reckon One accounting inventory software gives users:
- Real-time inventory management: Reckon updates in real time when an item is sold, providing accurate item listings, reducing manual entry and saving time.
- Set reorder points: 49% of customers form a negative impression of a business when the item they ordered isn’t in stock. In Reckon One, Users can automate and set in-stock reorder points to prevent stockouts and increase customer satisfaction.
- Detailed reporting and cash flow dashboards: Reckon gives users full control over their inventory data, enabling detailed reporting and dashboard configurations to support accurate, fast business decisions.
- Integrates with your accounting needs: Reckon One is tax-compliant accounting software that syncs with your inventory, making it easier to reconcile accounts and manage your business in one place.
With Reckon One software, you can make sure that you are in complete control of your inventory management needs
