Bringing your accounting and inventory management software together will help you grow your business
Managing your inventory is key to increasing profits
According to the U.S. Small Business Administration, inventory represents 45 to 90% of all small business expenses. This is a two-sided issue: while stockouts can lead to lost sales and disappointed customers, swollen inventory drives up storage and insurance costs, and makes stock items vulnerable to depreciation.
What’s more, with a poorly connected inventory management system, finance teams will have a hard time monitoring inventory health. Without the ability to accurately account for this important asset, your efforts will become mired in hunting down errors and rectifying damaged customer relationships.
Why your business needs accounting software with inventory management
Cloud-based accounting software that supports inventory management makes for healthy profits and happy customers. It will help you track orders, manage stock and meet the needs of your customers.
You’ll delight your customers
Today’s customers want assurance that you will fulfill their orders quickly and accurately. Cloud-based accounting software with inventory tracking can accommodate different pricing levels for customers with different order frequencies, set up discounts based on order quantity, and manage pertinent customer information, all so you can best serve your customers’ unique needs.
You’ll cut expenses
Managing inventory is a time-intensive and often error-riddled process that can delay fulfillment and impede cash flow. Too much inventory increases capital carrying costs and stockouts impact sales; both are the result of poor inventory management. With an inventory management solution, you can rigorously control your warehouses, avoiding common errors such as mislabeling and misplacing items.
You’ll have a complete, transparent view of your inventory
Managing every stage and detail of your inventory flow is a challenge that you can only overcome with the proper tools and insight. Cloud-based accounting software with inventory tracking displays crucial inventory resources, including item information summaries, recently used inventory reports, and graphic analyses of trending sales. With sophisticated inventory management, you can put this crucial asset to the best use possible.
You’ll maximize profit margins
In the early 2000s, Nike rebounded from a $100 million loss in sales by adjusting its inventory management system. Running out of stock, or ending up with too much, can seriously damage your business. With the proper solution, however, you can instantly analyze live sales and inventory data, and produce accurate forecasts in no time at all. Rather than worrying about fulfilling orders, you can focus on maximizing profits.