Any business inventory expecting effectiveness in their day-to-day operations should possess best inventory management software. It does not matter if you are purchasing the warehouse management system or an inventory tracking solution, what matters is the selected solution should bring ease and convenience in managing your work. OneAccounting Software, offers a comprehensive inventory management system that can be easily integrated with their Accounting Software. The option is either to purchase it along with Accounting Software or as a stand alone software that is specifically designed to suit every item in the inventory which can be from products to services and from raw materials to finished goods.

Three Important Aspects That Will Determine The Efficiency of a Comprehensive Inventory Management Software

#1. Stock Types

When you are looking for the inventory management solution, then obviously you are either offering services or providing products as a part of your business stock. Therefore, the stock types are broadly classified into four different categories

– Raw materials and components

– Unfinished goods

– Finished goods and

– Consumables

Offering great flexibility to customize stock type according to your business needs, it is up to you to use this feature to its fullest potential.

Classifying stock, according to their value is possible, which allows you to arrange the stock either in ascending or descending value. In addition to that, you can plan expenditure on new and replacement stocks and concentrate on a specific lot of stock driving more business profit.

#2. Methods to Control Stock

Usually, an inventory system will have different stock controlling methods deployed in the system. Always remember more the methods more is the benefit. If you have different types of stocks, then it is always better to opt for a system that has more than one integrated stock controlling method. Otherwise, choose the system offering the best method suiting your business and to your business needs. Here are few stock control methods used in different inventory management software’s.

– Minimum Stock Level: Option to set a minimum stock level to reorder upon inventory stock reaching that level. This can also be called as ‘Reorder Level’.

– Stock Reviews: Option to regularly review stock levels and during each review place an order to return stocks to a predominant level.

– Just-In-Time (JIT): Good for businesses aiming to cut stocks to a minimum level of reducing costs. Although this option poses a threat to run out of stock, inventory managers confident about their suppliers delivering on demand heavily rely on this stock controlling method. Often for refining stock control system, this method is used along with other processes.

– Reorder Lead Time: This is an option that allows time for businesses to place and receive orders of their stock.

– Economic Order Quantity: This is a standard formula used for incorporating a fine balance between holding too much or too little stock. If you want to do it manually, then it is a complex and tedious process. Prefer this feature of the stock control method if you intend to manage your stock in the above-mentioned manner.

– Batch Control: If you represent a manufacturing firm, then this formula is best for you that will allow you to manage stock of produced goods in batches.

– First In-First Out: Inventories managing perishable stock should look for this specific feature as it allows inventory managers to use the perishable stock scientifically so it will not deteriorate. The software is designed in such a manner that it is defined or identified according to the received date and then moves on to each stage in a strict manner.

The inventory management software allows enough customization if your needs are predictable. You can align the software to order fixed quantity of stock at fixed interval of time.

#3. Type of Stock Control System

Making an inventory or list of stock, thereby to understand its location and value is called as stocktaking. Often this is considered as an annual activity, a kind of stock audit for calculating the value of stock as part of the accounting process.

– With The Use of Bar Code: Using barcode is the latest trend in inventory management. However, it can be time-consuming at times, so advised, to prefer according to individual choice. Radio frequency identification tagging is another method, wherein handheld reader devices are used to maintain and track the inventory on a continuous basis. Remember the inventory management system ( http://www.oneaccountingsoftware.com/inventory-software/ ) you prefer should allow you to track stock levels, make orders and issue stock in an efficient and effective way.

– With the use of Stock Cards: This is a method integrated with the inventory management software for handling and managing complex inventories. In this feature, each type of stock is managed by issuing a stock card containing distinct information such as a description, value, location, reorder levels, details of suppliers, past stock history, etc.

How The OneAccounting Inventory Management System Helps You Organize Inventory and Increase Productivity

A Computerized inventory management system ( http://www.oneaccountingsoftware.com/inventory-software/ ) is always the best option if the business is dealing with different types of stocks. Some of the notable features that you should find in a comprehensive inventory management system are

-> Stock and pricing data is seamlessly integrated with the invoicing and accounting system. You do not have to repeat the entry of stock as all the systems are aligned to draw on the same set of data.

-> Sales Order and Purchase Order processing are integrated into the system for stock balance and statistics is processed automatically along with the processed order.

-> Stock monitoring is automated which is set to trigger an order after the set criteria for reorder is reached.

-> Businesses producing goods in batches can manage their inventory with automated batch control system.

-> Easily identify cheapest and fastest supplier

-> Bar coding system enhances the entire processing and re-coding process. The software is designed to print and read the bar codes directly from the computer.

-> Radio Frequency Identification or RFID makes it possible to track the products or its components through the entire supply chain.

With an intention to help businesses, business owners, and warehouse managers save their valuable time and increase revenue, a Singapore-based company OneAccounting has developed a comprehensive inventory management software. The software suit cohesively addresses the entire range of functions and processes carried out at the facility or inventory management center. From Strategic portfolio planning to management and day-to-day operations to maintenance and security of stocks using unparalleled technology OneAccounting offers a customizable and flexible inventory management solution that easily integrates with their own, Accounting software.

With an intention to help businesses, business owners, and warehouse managers save their valuable time and increase revenue, a Singapore-based company OneAccounting has developed a comprehensive inventory management software. The software suit cohesively addresses the entire range of functions and processes carried out at the facility or inventory management center. From Strategic portfolio planning to management and day-to-day operations to maintenance and security of stocks using unparalleled technology OneAccounting offers a customizable and flexible inventory management solution that easily integrates with their own, Accounting software.

Author Bio: With an intention to help businesses, business owners, and warehouse managers save their valuable time and increase revenue, a Singapore-based company OneAccounting has developed a comprehensive inventory management software. The software suit cohesively addresses the entire range of functions and processes carried out at the facility or inventory management center. From Strategic portfolio planning to management and day-to-day operations to maintenance and security of stocks using unparalleled technology OneAccounting offers a customizable and flexible inventory management solution that easily integrates with their own, Accounting software.

Category: Computers and Technology
Keywords: inventory management system, inventory management software, Inventory System