Usually, businesses invest a huge amount of capital into their inventory. Even though they have spent so much on their inventory, they tend to manage it through the use of spreadsheets. Just as the financial accounts are handled through bookkeeping software such as QuickBooks, the inventory needs to be managed using an appropriate software as well in order to ensure a smooth handling of data and business operations.
Thanks to the incredible advancements in technology, there are a huge number of inventory manufacturing softwares that integrate bookkeeping to ensure that your data remains in one place and you do not have to switch applications or software to have access to your important data. When you have the right tools, you can plan your operations in a better manner and run your business efficiently.
The integration of both inventory manufacturing and accounting software enables you to optimize inventory management and gives you a competitive edge as you are able to 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.
In order to avail the maximum benefits, the integrated solution you choose should be flexible and in real-time whilst offering full transparency to users.
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 there are several other benefits associated with the integration of inventories and accounting systems, the above-mentioned three will have a huge impact on your business. It will enable you to propel your business forward by effective planning and management of resources at hand.
Optimization of Inventory
Using an integrated software provides immense benefits to both the customer and the investor. Customers are always in search of ‘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 wasted.
In order 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 that is in ‘real-time’.
Visibility for Supply Chain Partners
Several companies use supply-chain partners for effective stock and inventory management, along with the management of customer shipments. In order 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 is made available to your suppliers, they can ensure prompt delivery of goods whenever required.
Creation of Accurate Financial Reports
It is extremely crucial to make sure 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 to have an integrated solution that combines the inventory system transactions with the back-office accounts.
Here are the total 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
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