Usually, businesses invest a considerable amount of capital into their inventory. Even though they have spent so much on their inventory, they tend to manage it through spreadsheets. Just as the financial accounts are handled through bookkeeping software such as QuickBooks, the inventory needs to be managed using appropriate software to ensure smooth handling of data and business operations. The software will help you to understand more about your inventory and customer trends when it comes to your product.
Thanks to the incredible advancements in technology, many inventory manufacturing software integrate bookkeeping to ensure that your data remains in one place. You do not have to switch applications or software to have access to your essential data. When you have the right tools, you can plan your operations better and run your business efficiently. This allows you to know only have a handle on how much product you have, but also to understand your finances all in one spot.
The integration of both inventory manufacturing and accounting software enables you to optimize inventory management. It gives you a competitive edge as you can plan effectively and execute operations with confidence. This also allows you to minimize the costs of labor and errors linked with manual entering of data.
The integrated solution you choose should be flexible and in real-time whilst offering full transparency to users to avail the maximum benefits.
The key benefits of having integrated solutions include
- Inventory will be optimized to meet ROI goals and product availability.
- Supply chain partners will be able to have access to your inventory information, knowing when to deliver.
- Enables you to create accurate financial reports.
Though several other benefits are associated with integrating inventories and accounting systems, those mentioned above three will significantly impact your business. It will enable you to propel your business forward by effectively planning and managing the resources at hand.
Optimization of Inventory
Using an integrated software provides immense benefits to both the customer and the investor. Customers always search for ‘fresh’ products, and investors do not like having any working capital stuck in inventory. Creating a balance between the two is a tricky endeavor, as storing extra inventory causes a lot of money.
To plan and get the right amount of inventory, your sales order, purchase order, and other planning systems should have a clear view of your inventory in ‘real-time.’
Visibility for Supply Chain Partners
Several companies use supply-chain partners for adequate stock and inventory management and customer shipments management. For effective management to take place, the inventory system must be linked with the business’s back-office systems, along with third parties such as suppliers. When the data regarding fluctuating stock levels are made available to your suppliers, they can ensure prompt delivery of goods whenever required.
Creation of Accurate Financial Reports
It is crucial to ensure that annual financial reports and tax returns are accurate for investors and the government. Most of your assets could be in the form of inventory value. Therefore the assets stated in the report must reflect the physical value present in your warehouse. If you want to create accurate financial reports, you need an integrated solution that combines the inventory system transactions with the back-office accounts.
Here are the full features you will be able to access from an integrated solution that will enable you to achieve smooth business operations:
- Billing of Items
- Forming Assemblies
- Management of the Inventory
- Entering and Processing Orders
- Production Control
- CRM – Contact Management
- Scanning of Barcode
- General Ledger and Bank Management
- Configuration of Products