Top Inventory Management Software For 2019
- Inventory management software helps companies streamline the way they manage their stock of goods to sell
- The three best platforms for this are LightSpeed, QuickBooks Enterprise, and Stitch Labs
- SyncLedgers completes the picture by reflecting better inventory control on your bookkeeping ledgers
Some small business owners may have come to the conclusion that they don’t need any specific inventory management software. You may be comfortable using legacy processes that the company’s had in place for years. Maybe all you want is an Excel file. There are probably a few of you out there who are still doing purchase orders and inventory counts entirely by hand.
This may work for you now, but as every business owner knows, competition is fierce. That competition comes in many forms, too. Many companies have recognized the benefits of increased efficiency, even if the way they’ve always done things was “good enough.” We believe that “good enough” isn’t good enough anymore, though.
Why do You Need Inventory Management Software?
The clearest benefit of inventory management software is that these programs can help you identify patterns in your inventory that you might not see otherwise. With these tools, it’s easier to see which items are selling better, and which ones you might want to consider clearing out.
Another huge benefit is the way that some of these systems include or connect directly with point-of-sale software. What this means is that you can instantly get a complete picture of exactly how much of any given item or class of items you’ve sold. You’ll still have to account for shrinkage and broken items if they’re not RFID-tagged. Overall, though, being able to instantly pull up your sales history juxtaposed with your current stock is about the clearest picture you can get of business performance. This allows you to make even smarter business decisions.
The Top 3 Inventory Management Platforms
We took a look at the three best software systems for managing inventory and why they’re so good:
This is one of those systems that can give you an all-in-one picture of inventory factoring in sales. LightSpeed handles your inventory system and your register at the same time. The only real downside is that for e-commerce, it only integrates with its own system that still could use some improvement, It’s low-cost overall, despite offering a huge amount of customized control. With it, you can automate huge chunks of your inventory process. For example, you can set warnings to appear when your count for a certain item goes below a certain point. Better than that, you can even set the software to automatically generate purchase orders at that same point or any other number that makes sense for you.
If you get the version specifically with Advanced Inventory Management, then here’s a platform that’s a lot better-suited for wholesalers than small retailers. If you’re managing a huge number of SKUs, this is probably the system you want. It offers many of the same functions as other systems. To the benefit of warehouse operators, though, it includes some very useful additional features. Quickbooks Enterprise allows you to go so far as to subdivide tracking locations. You can track your inventory as it passes through different areas of multiple warehouses, down to specific bins. You can watch as items move from the main racks, to order fulfillment, to packing, to shipping, and everything in between. It’s almost like being omniscient!
If you’re growing fast while selling both online and in a brick-and-mortar store, you need Stitch Labs. They’re pricey, but the level of cross-channel integration they offer is second to none. You can unify your inventory between the store and multiple major e-commerce platforms. You’ll know exactly how much of an item you have in stock, no matter where or how you’re selling it. Another cool feature they offer is their vendor scorecard. With it, you can compare the performance of each vendor you purchase from to see if they’re consistently providing high-quality service. If they frequently ship late or send incomplete orders, you’ll be able to recognize it faster and take action.
SyncLedgers Helps Businesses Streamline the Bookkeeping Side of Inventory
Regardless of which inventory management strategy works best for your organization, SyncLedgers provides a way to speed things up even better. Our bookkeeping and reporting solutions help reduce your in-office paperwork. You just scan in your documents or forward us the reports your management software generates, and we categorize and file them according to your instructions. We make all the necessary ledger entries and keep your books constantly up to date. At the same time, we seamlessly integrate with the software platforms of your choice. When you receive a new invoice or make a purchase order, we can immediately reflect them on your budget reports.
Contact us today to make both your inventory control and financial management easier than ever!