Understanding what is online inventory software small business
There are managers and business owners who use spreadsheets to keep a tally of stock quantities and conduct physical counts regularly to keep the numbers updated. Having an inventory management solution is extremely critical for small business owners as they can’t afford to lose money just like that.
But how do you remain confident in those inventory numbers when you are unable to see a bigger picture? In case you keep inventory in multiple warehouses or storage bins, are you aware of the stock counts of those individual locations? After accounting for orders that are placed and waiting to be shipped out, are you aware of exactly how much of each product is actually available? Luckily, you have the option of using online inventory software small business. Let’s face it! If your inventory count is not reliable, then understocking and overstocking costs are just piling up for your business to bear.
Management of finished goods, goods in process and raw materials happen to be among the crucial elements of small businesses but traditional inventory management methods come with serious challenges for managers. That is where online inventory software comes in to take charge of your small business and keep your business operations running smoothly without any disruptions and delays.
What does online inventory software do for small business?
1. It can save money on inventory stocking and re-stocking
Small businesses don’t have the margin to waste money which is why they can’t tie it up in idle inventory. A major aspect of inventory control is having the right amount of inventory at hand. In case you order too little of something, you are probably going to run out of stock early or oversell. On the flip side, if you order too much, you will occupy valuable warehouse space waiting for those items to be sold. There is no way you will find out the right amount of inventory to order if you don’t have the right stock levels recorded.
Keep accurate inventory counts and use your warehouse space efficiently
Having awareness about your current stock levels have a great impact on what you spend replenishing them. By using an inventory control solution, you will be able to have a clearer picture of how much you need to order and when letting you trim unnecessary costs. You can also keep a close watch on when and where every transaction takes place keeping you updated with the current stock level count. It simply wipes off the guesswork when it comes to keeping track of your stock levels.
2. It can automate business management effortlessly
Tracking inventory is nobody’s favorite activity at work. There is nothing fun about filing purchase orders, making inventory reports or keeping a stock count. Such tasks only drain away countless hours of your week taking time away from sales, management, marketing and other critical aspects of your business required to run the projects smoothly.
As the online inventory management software automates more and more tasks, you will be required to spend less and less time completing those tasks manually. There will be less time spent sorting through bins, tallying stock counts and shuffling through receipts. Counting your inventory by hand can take days but an inventory control system can do it in a matter of hours. Take that time back in your hand and use it to run your business well. It is about working smarter not just harder.
3. It can improve visibility efficiently
When software systems are unintegrated, you are bound to have multiple overlapping databases which means you are not going to have a magnified view of your business performance in a timely manner. Inventory control for small businesses consists of a lot of juggling with business reports that need monitoring. Reports that show performance across your marketing, service, finance and sales department are important. They provide you with an integrated view of your company’s operations.
Most of the time, companies give up on acquiring this information on a regular basis since it takes up a lot of time to extract, filter and analyze this data. And those who do it regularly have to spend countless hours trying to tie outdated, unrelated and error-prone information together. As a result, businesses end up making important decisions in a delayed manner based on inaccurate information.
Planning future budgets and making quick decision becomes easier with real-time data and inventory reports
Real-time visibility is crucial for making timely and informed decisions as small businesses cannot withstand the loss caused by faulty or delayed decisions. An easy inventory software for small business can easily solve your problem. It lets you access information instantly from anywhere at all times which is a missing feature in manual inventory tracking. Employees don’t have to waste time tying data from different sources together or in data extraction. The inventory system efficiently generates data reports. Consequently, managers can make faster decisions based on accurate information.
4. It can keep track of what’s coming and what’s going
Tracking inventory is not just about keeping a close watch on what you have in stock right now because you are constantly purchasing new stock from your suppliers and shipping orders out the door. This means you should also be tracking where your supply is going and coming and how that is having an impact on your inventory needs. This supply chain is of immense importance when it comes to knowing what to create the purchase orders for and when.
Online inventory software small business will provide you with a crystal clear view of your entire supply and distribution chain. You will not only be able to keep track of your existing stock levels but also what’s going out through processing sales orders, what’s coming in from pending purchase orders and different historical trends in sales and receiving.
EZOfficeInventory – Take charge of your inventory!
Is excel-based inventory control causing errors? Is it difficult to manage your paper-based inventory processes? Are backorders a common issue? EZOfficeInventory is the answer to all your concerns. These are some common issues that can be solved with the best software for small business inventory.
EZOfficeinventory will get you over hurdles created by inventory mismanagement. With it, you can solve problems like double counting errors, inaccurate data and manual errors along with dealing with troublesome day to day operations like matching or sorting through backorders. Our online inventory software small business lets you integrate into an early stage of your business and enables you to optimize every stage of supply and production helping your company grow.
With up-to-date data regarding all your stock, your organization will drastically increase its bottom line. Not only are you going to save money by not reordering unnecessary goods, but you will be in a better position to make a critical decision quickly. Furthermore, you will also be able to navigate any unexpected changes in a business like a supplier unexpectedly going out of business.
Let’s go past old-fashioned, painstaking and time-consuming inventory control systems with EZOfficeInventory online inventory software solution.
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EZOfficeInventory is the leading online inventory control software for small business around the world. Make your small business operations hassle-free and save unnecessary costs!