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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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Best Inventory Management Software 2020

Keeping an accurate inventory is essential for almost any business. Whether you are in retail, wholesale, hospitality, or logistics, inventory accounts for a significant portion of your business’ value. However, without a good inventory management system, the results are often inaccurate and misleading, resulting in false valuations, overstocks, out-of-stocks, and an inability to forecast future needs accurately.

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What Is Inventory Management Software?

Inventory management software is a way by which companies maintain an electronic record of their stock. Inventory software runs the gamut from very simple (such as an Excel spreadsheet) to a highly complex system that tracks sales and stock, communicates with suppliers, and sends data straight to the ERP or accounting system.

Using inventory management software reduces time and effort, optimizes productivity, reduces errors, and decreases waste throughout the organization.

Modern inventory accounting software systems track everything in the warehouse and throughout the supply chain. From the moment a product is ordered to the time it reaches the customer’s door, your system can deliver deep insights that inform the way forward.

 

Top Players in Inventory Accounting Software for 2020

Inventory accounting software integrates an inventory module with an accounting platform. Similar in function to an ERP, these solutions are available for any size of business.

Each platform offers full integration of their inventory module with accounting features, though some charge an add-on fee, and most are designed for specific industry use cases.

In 2020, the top inventory accounting software platforms include:

ZarMoney is a highly customizable and affordable platform that enables multi-warehouse management, tracks inventory from multiple sources and locations, provides sales and purchase histories, and gives you global visibility into your entire operation.

Sage 300 is a top accounting platform, through which the inventory module is an industry-specific add-on premium. As such, their inventory feature is designed more for enterprise-level companies and is facilitated through third-party integrations.

Oracle NetSuite is an enterprise-grade solution for SMBs and up, designed to manage global supply chains and multi-outlet operations in a range of industries. With it, you can collaborate, plan, forecast, and automate processes, including warranty tracking, deliveries, and many other critical functions. NetSuite is often the next step up when companies grow out of their QuickBooks iteration.

QuickBooks focuses mostly on financial management functions for small businesses. It’s much more affordable than an enterprise solution and tailored to retail and mid-sized ecommerce businesses. It offers some visibility but still requires manual input to work.

Syspro is an enterprise-grade solution geared toward the manufacturing sector. It is a complete supply chain solution that enables inventory optimization from raw materials to finished goods.

Accountmate offers a collection of add-on inventory modules to augment its warehousing and manufacturing verticals.

Features to Look for in Inventory Accounting Software

Before choosing an inventory management software platform, think about the features that will serve your needs best.

Here are a few that you should consider:

  • Costing. Inventory is considered a business asset. As such, it is accounted for in the assets section of your balance sheet. Costing features in your inventory management platform give you at-a-glance visibility into your assets, helping you make informed business decisions.
  • Real-Time Visibility. Real-time visibility eliminates the need for manual counts, which are time-consuming and often full of errors. This can be facilitated by RFID tags and IoT sensors that transmit inventory data directly to the system, where it can be viewed instantly by your stakeholders.
  • Integration With Your Accounting Platform. Integration with your accounting system further streamlines the process, eliminating the need for manual input and allowing your employees to focus on higher-value tasks.
  • POS Integration. In retail, especially, having an inventory management system that connects to the POS is the best way to ensure customer satisfaction and economize operations from end-to-end. Sales associates can see what products and they have and their locations, reducing time spent searching and possibly losing a sale.
  • Supply Chain Integration. When integrated with the supply chain, a modern inventory management system will ensure you are never out of stock or overstocked. When products are sold, new stock is requested, reducing the need for employee intervention.
  • Data-Driven Insights. Your inventory management system delivers real-time data on sales, orders, and stock levels, enabling more accurate demand forecasting. Reports are generated automatically, and alerts are sent to stakeholders in the moment, helping them better understand customer behavior and buying trends.

Which Inventory Management Solution is Right for You?

In conclusion, when choosing an inventory management and accounting system, choices are often limited by the available resources. Full-featured solutions come at a high price, while those tailored to small businesses lack the automation and features you see in enterprise-grade systems.

If you are ready for a platform that strikes the perfect balance between affordability and feature-rich environment, ZarMoney is the answer. Start your free trial today. We are a leading inventory management software company offering a highly customizable platform that is scalable to your needs.

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