Want to save some time and money for your business? Throw out your inventory management software and use an inventory management accounting software instead. Not only will you save money on the software itself, but your business will run more efficiently and avoid a lot of headaches.
Read on and we’ll tell you the top 10 reasons why to consider inventory management accounting software.
1. All Your Data in One Place
Let’s face it, trying to monitor your data from two systems is a time-suck. Instead of being in and out of each system, trying to reconcile differences, you can opt for an inventory management accounting software. Your data can be housed in one system without the need to migrate or upload it between multiple places. That can free up a lot of your time for value-added activities, like analyzing your inventory data.
All data in one place also have a different meaning. You can access all your data from anywhere you are. Doesn't matter if you are at holidays in New Zealand or visiting your grandma in New York, you can view all your data from anywhere with internet connectivity - both your accounting and your inventory data. This is thanks to cloud communication technologies that store your data instead of your traditional in-office computer.
No more running out of products, or materials, or imported goods, you will check your inventory in your hand from anywhere.
That you have multipúle warehouses and that you would need two separate systems anyway? Actually, not. Advanced inventory accounting management systems like ZarMoney have a function of the split view, you can view your storage spaces location by location, making sure every of your storage units has all it needs.
2. Learn Only One System
Learning and getting up to speed on a new system can be a process. Instead of having a brand new system just for inventory management, you can use a robust inventory management accounting system to save time. You can familiarize yourself with one system and dedicate more time to becoming the expert on all its features. With two systems, you may struggle to learn each of the systems just to make it through the day.
Consider the learning curve. The learning curve states that it takes 2-3 years to fully understand a new program with all its caveats and functions and features - not considering much updates of your software. So why wasting this time twice to learn two systems when one can manage it all?
That you already know them both so learning curve doesn't apply to you?
And does your bookkeeper, storage manager or manufacture head know both as well? Do you have a turnover of employees risking that you'll lose at one point or another your valuable employee knowing both and you will have to find a replacement?
There is always a risk of you expanding a business and needing to hire more people and teach them to use your tools.
3. Reduce Implementation Time
Implementing an entirely new system just for inventory management can tie up business resources for quite a while. Your IT professionals will spend time getting everything set up, working with the users to make sure everything works as it should, and running tests. Instead of starting from ground zero, you can save a ton of time by using an all-in-one inventory management accounting system. You’ll save your business the time and energy of implementing a whole system.
Not to mention the cost. Implement and development time and costs can easily go to six figures.
But then you are going to save on maintenance you say, as it will be done by your internal IT person? You couldn't be further from the truth. Maintenance can easily cost you hundreds to thousands of dollars a month by an internal team, as you have to manage it from A to Z internally, having it outsourced you pay some minuscule number that will keep you up and running.
4. Fewer IT Issues
With one less system, you’ll face a lot fewer hang-ups in IT. Using two separate systems can lead to problems with integrating data. Your employees will likely spend time finding workarounds when integration isn’t working smoothly. Instead, having an inventory management accounting software means that all your information is already integrated so everything will flow seamlessly from inventory to invoicing to reporting.
And this works similarly in both scenarios, that you have two third-party platforms or two inhouse built platforms.
5. Track Inventory and Sales Data Together
Rather than use two separate systems to track your inventory and sales information, using one system lets you track them together. You can keep your data updated in both systems each time you record a transaction. Plus, you won’t have to jump between systems to make sure the data is accurate in both places.
Ever thought how cool would it be for your data to be tied together, tracked and connected in a way a single system cannot manage it? Something like how many red cars are being sold while vanilla ice cream is on sale? With a single system, this is much more realistic than one could possibly think.
Just think about all those reports you could show to your company or your management coming from such integrated systems.
6. Up-to-Date Inventory Reports
Using a robust inventory management accounting software means you’ll have access to the most up-to-date inventory reports through your accounting software. You won’t have to wait for the information to migrate or for someone to update the system. Instead, the data will be ready to pull into reports that you can use to make better business decisions. It helps keep your business moving at a fast pace so you can keep up with customer demands.
7. Real-Time Inventory Control
Being able to make up-to-the-minute decisions about your inventory is important. With an inventory management accounting software, you’ll have access to real-time information about your inventory so you can make changes and prevent problems. You can instantly see what inventory you have on hand and what’s going out. That way, if a shortage is likely, you can take action to prevent it.
8. Automatic Updates to Quantities
As you’re updating your accounting data with customer orders, inventory management accounting software can also update your inventory quantities automatically. That means you’ll only have to enter the data once and it won’t require you to double-check every system. Using just one system saves you manual entry time and adds convenience to your daily routine.
These automatic updates work two ways. Not only you won't have to update two different systems, but you also won't be getting two different sets of notifications from your systems. Imagine how annoying could it be one system barking at you that it needs something you have ordered in the second system a week ago and just forgot to update it in the first system.
9. Faster, More Accurate Audit Trail Information
Can you provide an audit trail for inventory transfers from your current accounting software? Instead of having to track down proof of every transfer when your auditors come to evaluate your business, save yourself some time and let your system do it for you. Being able to track your transfers and all inventory transactions within your accounting software mean that you always have the full picture of what takes place in your business.
This is especially important in not announced audits. An auditor shows up in the door and wants to see some data for the previous month. Your system isn't updated and your IT person is on holidays. What now?
10. Connect Pricing Data with Inventory
Using an inventory management accounting software allows you to connect your pricing data from the accounting side with the inventory data. You can assign special prices for certain customers and easily see all of the data in one place. Having the data connected seamlessly between inventory and accounting saves you the time of verifying customer information in both places. Plus, it can cut down on customer service issues for incorrect pricing.
Bottom Line
Using accounting software that also houses your inventory information can save your business time and money. Not only will it increase your efficiencies and prevent you from keeping up with two separate systems, but it can also help you keep the most accurate records for your business. Relying on two systems to integrate and play nice with one another is a risk that can cost you extra business resources. You’ll be fighting problems and reconciling data back more than you need to.
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The 10 reasons why not to keep your systems separated are:
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All Your Data in One Place
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Learn Only One System
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Reduce Implementation Time
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Fewer IT Issues
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Track Inventory and Sales Data Together
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Up-to-Date Inventory Reports
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Real-Time Inventory Control
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Automatic Updates to Quantities
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Faster, More Accurate Audit Trail Information
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Connect Pricing Data with Inventory
Are you convinced that having two systems in one is a good idea? Good. And did you know that ZarMoney offers such a solution, with the FREE trial and no credit card details requirement?
