The inventory quantity of the company is also acceptable, which is difficult to handle and if not handled properly then it will have a bad impression on the inventory. Inventory means materials of our firm that we want to sell to earn profit and make our income by generating revenue. So let’s get started with today’s topic “best inventory management software”, which helps us to manage our inventory department from buy to sell each year.
conducting an inventory is not a smooth process due to large quantities. It’s not that only because of just a huge quantity of inventory, we can’t manage inventory process, rather there are many reasons due to which we have to use inventory management software such as any mistake that happens at the time of transaction like:
- Delivery of the wrong product to the right customers.
- Delivery of goods to the customer in low quantity.
- Defect goods reach the customers.
The inventory turnover ratio describes the actual position of the firm’s inventory and how well the company sells and replaces the inventory with the new inventory. In simple words, we can say how much inventory a company sells in a month, quarterly, or annually which is calculated with the formula, cost of good sold/average inventory. This gives the company a sense of whether they are able to manage the inventory or not.
Now the point is, how this ratio represents the inventory’s position so let’s discuss.
A higher inventory turnover ratio indicates high sales which generate more revenue. On the other hand, a lower inventory turnover ratio indicates low sales which generate low revenue.
The reason for the non-sale of inventory is the inability to manage the inventory operations, so, in that situation, companies need to choose a Best Inventory Management Software which has multiple advanced features and formats with the ability to manage clients.
How does inventory management software work?
Inventory management software gives us the supervision for starting up the process of managing inventory from beginning to ending. As we said that it’s not an uncomplicated duty, it contains a lot of heavy burdens that only manages the effective management software that is topped in every sense with magical tools which automatically create changes in inventory needed after every transaction.
Benefits of inventory management software
Inventory management tools are masters to keep tracking inventory from manufacturers so thta they can easily make records to reduce the burden of sales supervisors. With the help of inventory mangement software, we can satisfy our customers by giving accurate inventory sales receipts and get good profit in our business.
Suppose, a company buys inventories in bulk so inventory software automatically tracks and makes new records of new inventories to start new sales.
Get purchase orders
It helps us to get purchase orders from anywhere after judging all the details regarding clients and records clients details along with purchase orders. It helps businesses to keep track of fulfilling the purchase orders, sales.
Check products availbaility
It has a capabaility to check new inventory according to purchase receipt and keep records of every incoming stock in the warehouse so that we can estimate the sales records out of total sales at the end of the year.
Helps to make better decision
It gives us the better records so that we can easily take decisons for future according to the availability of inventory. Decision of buying inventory after proper estimation or calculation is not complicated but not easy. That’s why we adopt inventory software, they tell us “how much inventory we should buy” for the future sale.
Increase customer expectation
If we have a better estimation and recordation of inventory software so it put a great effect on customers because they also expect from our side for better sales recordation and get also chance to them to keep tracking details from anywhere. It helps us to control inventory and meet the customer expectations.
Understandable tools
Your tools can work accordingly if you want. If you can navigate with ease and having all the features after purchasing tools with premium so that you can enjoy all the features such as automatic manage inventory, free customer support, track useful resources.
Provide knowledge resources
It creates a list of best inventory products and helps us to find better resources and better customers. Work as a knowledge provider who provides guides related to finding best out of total stock.
Access data from several location
With the help of inventory management software, we can access data plan from several locations. They always active for their user from any location and capable to provide data, record data, and data guidance. Customer support is the main part of every software because they are the only one who are always available for solving any obstacles so if you are thinking to adopt a inventory software, please first check the availability of customer service.
Inventory reports
When we adopt a inventory software, so we need to access records of every time sales and purchase. We always choose a tool which completes your all requirements and helps us to collect data by using analytics reports.
Top Best Inventory Management Software
ERP Inventory management software
- This management software helps us to tackle the inventory process from buy to sell.
- It is a growing tool that is used by medium or large organizations for inventory management.
- It accedes us to the permission to get the performance of inventory from numerous locations.
- With the help of this inventory management software, advanced tools with advanced features help to upgrade the salesforce which will have a good impression of inventory.
- The Company can affix with clients through email, calls, messages for training support but can’t offer live support to the clients.
- ERP stands for enterprise resource planning, which describes the grip of resources with an effective mixture of solutions.
- It comes up with numerous services for divergent companies such as manufacturing, education, production, medicare business, and so on which can fasten with us.
- It is mainly used to track inventory for sales, and purchase movement and prepare a report of inventory and provide to the customers with a proper update.
- It saves and time for software that saves our data in a secure place.
Vend
- This software cannot be well active on android phones, but the iPad is the best convenient place to use it.
- It is mainly used by small businesses due to uncomplicated features and available systems in software such as hardware, software, pieces of equipment, etc.
- It allows us to add multiple products in a single time for tracking.
- It is known for allegiance, faith, support, an attractive online platform where users can active online.
- Users can choose packages from the available three packages according to the magnitude of the business.
ProfitBooks
- We do not need to put some extra effort into this software because it is considered as sharpest brain inventory management software.
- Once we join this software, we will notice that it is the easiest with simple features.
- It is especially for design business with our own firm’s materials.
- We can easily sell our materials or products on shopping platforms where people buy various kinds of products the simplest way.
- All sales and purchase transactions automatically save as data in a securable place and always track this data to make changes with daily updates and also track expenses related to inventory.
- The most useful thing is that it is free to use.
Snipe-IT
- Available tracking process.
- Simple and easy to use.
- Get data from multiple locations by using different languages.
- It gives us a guarantee for the protection of data through SSL.
- Available for unlimited users.
- Customer support is also available through emails, phone calls, messages on text for technical help.
Zoho
- It is active on both online and offline conditions to maintain the stock level.
- The Company needs to hire an accountant to work on this software such as tracking inventory changes, active on multiple e-commerce platforms such as Flipkart, Amazon, Shopify, etc.
- Available 24/7 customer support
- Zoho’s popularity spread in the US, UK, Canada, and other foreign countries.
- It has many versions with advanced features.
- FIFO is available to track inventory.
- Anyone can use it for the inventory management process because it is available at a reasonable price.
- It has three packages: basic, common, advanced, or professional according to the magnitude of the business, sales volume, status.
- It circulates money transactions in any currency.
- It gives us the notification of reports to analyze the performance and status of inventory.
- It allows us to make social payments.
- It helps us to increase salesforce with advanced features and get more chances to interact with more business clients and vendors.
Sortly Inventory management software
- It is mainly used by small businesses because it is the easiest tool to track inventory from any device such as android, iPhones.
- It notifies us about the quantity of inventory through alerts, reminders.
- It accesses data and provides data through CSV files, PDF, dropbox.
- We can make our web page attractive by using logos, templates, elements, photos on this inventory management software.
SAP
- This is one of the oldest german software which contains financial accounting, CRM, ERP, and inventory management.
- It is hand-down by professionals for their work such as product, purchasing, manufacturing, sales, warehousing.
- Costing methods: FIFO, Stand cost, Batch costing, Moving Cost.
- It is satisfactory for small business to medium business.
Odoo
- It is fit for a large business.
- It is very easy software to make work more convenient.
- It also handles employee data including salary, performance, entry-level, position, status and gives regular updates to the user.
- Automatically stable with the bank regular updates regarding transactions related to inventory.
Cin7 inventory management software
- It allows the users to sell inventories on top social media sites or e-commerce platforms and B2B business through Electronic Data Interchange(EDI) between different parties.
- The Software has 100 third-party applications which are available on single platforms.
- Automated selling and purchasing inventories according to the requirements of customers and also import data and export data through CSV files, PDF formats.
- These inventory management software apps might be difficult to use due to complicated features.
Handyfox
- It is mainly used by small to medium businesses.
- It is the pipeline of sales that manages and controls the data on the web page for the future.
- For self-employed people, this is the best inventory management software for them.
- It allows users to receive payments through social payments, track sales of inventory, shipping of inventory from multiple locations.
Quickbooks
- QuickBooks has many advanced features such as invoicing, sales, tracking of expenses, inventory, and calculating revenue. All of these things are done on many versions.
- Accountants can manage inventory data on this software in an easy manner.
- Remove all errors and data entry without errors through scanning of the barcode.
- It has full control over inventory tracking.
- Users can act on this software from any device such as android, web, iPhone.
So there is much more informative best inventory management software also included above features with extra tools such as EZ office Inventory management software(asset management system), Brightpearl Inventory management software( together inventory sales and accounting software in the single platform), Jasva, Primaseller, and so on. We know choosing the best inventory management software and accounting software is a complex process because every firm wishes to better startup with relevant, valuable software so that they can not face any obstacles in the future.