Last updated: December 9, 2017 at 0:21 am
Inventory may refer to items or “stocks” held on a business premise for resale purpose. These may be items stored in a bond or on the shelves of the store. In large retail stores, where employees are hired to do most of the selling, the managers may need an “inventory management software” to keep track of the sales of items.
An inventory management software may help to determine expected income and tell you if items are being lost or stolen. If properly accounted for, the inventory management software will “balance” the stocks sold with the income received so that you can be sure everything is going OK.
For example, let’s say John owns a shoe store in a different city. He stocks it with ten thousand pairs of shoes at 10 dollars per pair. At the end of one month, John comes to visit and does and “impromptu” stocktaking. His count of the physical items reveal that five thousand pairs of shoes were sold. He checks the software which he had preloaded with the information. The software also shows the same data: 5000 pairs of shoes sold.
He then asks his employee to hand over the cash for the items sold so far. The employee hands over a total of fifty thousand dollars. That way, John knows that his stocks are being properly accounted for.
An inventory management software helps to automate the process of tracking sales. Less work is required.
The above example is a very simplified example of what a good inventory management software can do. A good inventory management software is able to keep track of a myriad of products, grouping them in their respective categories and subcategories.
One thing is established: the most successful businesses today will require a good inventory management software to increase the efficiency of their operations. The question then arises: which is the best inventory management software on the market?
Throughout my career as a manager, I have been exposed to quite a number of inventory management software. Some are really specialized and there are quite a few good ones. However, the best so far, in my experience is Quickbooks.
But Quickbooks is more than just an inventory management software. It sports a full suite of financial and accounting features that can serve just about any purpose required for your business.
Quickbooks can help take your business to the next level. Quickbooks is especially useful for “remote control” of your business, or if you’re a business owner who can’t always be around.
Give Quickbooks a try today with a completely free 30 days trial. Click here to download the latest versio of Quickbooks.