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Accounting Software for Inventory Management: What to Look For?

If your business is growing faster than you can manage, inventory management software should be on your radar. An inventory management platform is an excellent way to reduce complexities, ga...
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10 Ways You’ll Save Time with Inventory Management Accounting Software

Want to save some time and money for your business? Throw out your inventory management software and use 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 to consider inventory management accounting software.

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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 more value-added activities, like analyzing your inventory data.

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.

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.

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.

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.

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, an 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.

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 means that you always have the full picture of what takes place in your business. 

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 connect 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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