Posted 8 months ago by Tracy
A key benefit of accounting software is that it makes what can be a complex and time-consuming task that much easier. However, when it comes to running a business there are always more things that need to be done and, as every business sells a product or service, managing inventory can be one of the more challenging elements.
By opting for accounting software that also includes inventory features, however, it’s possible to more easily manage the items you’re selling while keeping all the relevant information in one easy to access place.
Inventory is the goods and materials that a business holds, it includes goods available for sale, raw materials used to produce goods for sale, and work in progress. Inventory is an important asset for any business as it will represent the primary source of revenue generation. That being the case, thorough inventory management is crucial.
No matter the size or scope of your business, inventory management can be the difference between satisfied customers and a healthy balance sheet or potential losses and unfulfilled orders. By tracking inventory you’ll ensure you are able to fulfil orders without holding too much stock and therefore potentially paying more in storage or spoilage.
Inventory features in accounting software enable you to record the quantity of the products/services you sell, along with other key data such as price and cost. This brings with it a number of benefits that ultimately help to save time and money all while improving the customer experience. Poor inventory management can cause significant revenue losses, whether that’s having to pay to house excess stock or not being able to fulfil orders due to products being out of stock.
An inventory that keeps track of your items in real-time from the moment you create them will ensure you never run out of stock and by enabling inventory tracking you will be able to monitor stock levels at all times. The added benefit of automating this process on a single platform also means there is less opportunity for human error to creep in.
Having easy access to inventory data also helps you to identify trends and plan accordingly. So, if sales are always high at a particular time of year, you’ll be able to identify this in advance and increase your stock levels in preparation. This data will also enable you to identify opportunities for reducing your inventory, potentially reducing storage costs. This can be particularly helpful for ecommerce businesses that need to manage sales across multiple channels.
Finally, robust inventory management can even lead to more satisfied customers. Being clear about your stock levels means you’ll only sell products that are available, creating quicker fulfilment times for customers.
With inventory features in AccountsPortal, you can speed up data entry and track your performance across inventory, stock and service items.
Services include comprehensive reports that provide clear and accurate tracking information that works well across any industry, whether you're dealing with physical stock or you're a service provider. For even more analysis, it’s possible to drill down into each stock item over any period of time so that you're always up to date.
You can also add stock and price list items for your products and services. This allows you to easily add line items to your invoices and credit notes for products and services that you regularly invoice.
To access inventory features in AccountsPortal, head to Settings – Product & Services. From here you’ll be able to add new items, amend existing ones, import and export data and filter your record by code or description.