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Efficient inventory management is critical to run your business successfully. Your inventories hold the bulk of your working capital, the better you manage it, the better the business results. Just like Cash flow, it can make or break your business.
Any inefficiency in inventory management will impact the business in incurring the high cost involved in managing inventories and can lead to lost sale as well.
Using inventory management software help you automate the inventory management process and actionable insights help you make accurate on-time decisions. While there are plenty of options available in Indonesia, you got to choose a best inventory management software that suits your business needs.
Here is the list of things to evaluate a best inventory management software in Indonesia.
Flexible inventory system
Flexible inventory management software allows you to organize the stock, create units of measure, etc. the way you want and follow a process defined by you. The software should allow you to classify your stock by product type, brand, colour, size etc. by creating unlimited stock groups and stock categories.
Sometimes you buy a product having a different unit of measure but while reselling it to the consumers, you may choose to quantify it differently. For example, You may buy a case of 24 which you want to sell as a box of 100 and for another customer, you want to sell as a pack of 4 boxes and it goes on… Likewise, you may encounter many such inventory requirements and inventory management software can adopt it, only if it is flexible.
Accurate and on-time reports
This is one of the most important aspects of inventory management software. Inventory management inherently involves a lot of manual process right from you count the goods till you dispatch them. As a reason, firstly the software should be accurate in terms of showing the information and secondly, it should consist of a wide range of inventory reports that will help you stay on top of your inventories.
The software should help you with insights related to stock movement to know fast-moving and slow-moving goods, ageing of inventories that help find you the older stock, Stock-wise profitability that helps in knowing the high and low profitable inventories so that you can invest better and many such insightful reports for on-time business decisions.
Inventory control for optimum stock
Managing adequate stock is key for managing inventory successfully. Overstocking will lead to cash flow blockage and the additional cost for managing excess stock. On the other hand, understocking leads to loss of sale due to the non-availability of stock at the right time. Inventory control tools such as re-order level help you to maintain optimum inventory level always. The software should continuously provide insights that assist in having a right product at the right place and at the right time. Insights such as shortfall, net stock, saleable stock quantities to be ordered etc. ensure that enough stocks are maintained to meet customer needs, at any point in time.
Fully integrates inventory and accounting
If you are looking for the best inventory management software in Indonesia, integration of inventory and accounting is a key factor. Based on the invoices you record; your accounts are prepared, and your inventory is updated. This also ensures that your invoicing, accounts and inventory are always in sync with each other. When this happens, you can be assured that reports always give you a complete view of your business.
Features to manage your inventory needs.
As a business grows, different problems and opportunities demand different solutions. This is true for inventories as well. For example, owing to a growing demand for products, you brought a warehouse to store the goods. Now, this requires, that software should help you in warehouse management. Likewise, as you grow, your business demands more inventory features to manage your growing needs. Keeping this as focus, firstly, the best inventory management software should be rich in features and secondly, it should be flexible such that when your needs grow, you can incrementally add those.
TallyPrime is a flexible inventory management software that helps small and medium businesses to manage the optimum level of inventories always. It’s so flexible that it adapts to the way you work and generates insightful reports help you manage your business better
What’s more? Using TallyPrime, you can manage accounting, banking, payroll, cost control, credit management and much more.
Here is a list of inventory features in TallyPrime
Inventory management software helps organise, streamline and manage inventory processes in a business. An efficient inventory management software will help business owners and accountants keep a strong check on their inventory levels, for better management of stock movement.
The most crucial features of inventory management software are:
Check out 7 questions that you need to ask for selecting the right software for your business
Benefits of inventory management software are many. Some are:
Inventory management can be defined as a whole lot of activities done to maintain an optimum number of inventories to ensure uninterrupted production, sales, high customer satisfaction, reduced inventory handling cost and so on. The three major inventory management techniques are - ABC analysis, Just in time (JIT), Economic order quantity (EOQ).
TallyPrime is the best and the most flexible inventory management software, in Indonesia, that helps small and medium businesses to manage the optimum level of inventories always. It’s so flexible that it adapts to the way you work and generates insightful reports that help you manage your business better What’s more? Using TallyPrime, you can manage accounting, banking, payroll, cost control, credit management and much more.
Take a free demo and find out how TallyPrime can be the best fit for your business.
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