Small business inventory software or inventory management Software

Inventory management software is important to track the level and flow of inventory and orders. It is being used by many industries to initiate a work order, generate the bill of materials or BOM, and several other documents. The inventory management software also works to prevent overstocking of the inventory leading to spoiling and deterioration of the products. Recognized as one of the best tools for managing and organizing the inventory digitally rather than the traditional manual form, inventory management software is one of the best innovations to help the business managers. 

Inventory management aims to have the right products in the right quantity. Best inventory management software can help track your inventory in real-time. It reduces costs and improves cash flow. With good inventory management, you can forecast the demand and prevent shortages and excess stock. 

Some small business owners believe that inventory management software is not made for them, but they are truly mistaken. Whether it is a large business or medium business or even a small business, you can always seek the help of inventory management software to ease your business operations.

The inventory management software can help the business:

·         Tracking the sales and inventory levels.

·         Process and follow work order 

·         Inventory management software is also used for letting the manager know when the time to reorder the product is. This saves companies from running out of stock. 

·       Helps in tracking the product whether it is there in the warehouse or store or not. The same can be tracked through its barcode or serial number. 

·     The software can track the product right from the time when they are shipped by a vendor to a warehouse, then hops between different warehouses, and then to the retailer or a customer.

·         RFID method helps in the product identification 

·         It maintains a balance between overstocking and product shortage.

·         These days the inventory software can identify stock via smartphones so that the businesses can track the inventory without scanning hardware. 

·         Helps to fulfill special orders from the customers

·         Consolidate all things such as purchase, transfer, and delivery into a single order

·         Automatically removes the returned items from your inventory

·         Reduces carrying cost of excess inventory and drives to maximize sales at the same time.

Small business inventory software can help to:

·         Forecast accurately based on real data and figures.

·         Help towards first in, first out approach so that the product is sold in the order it was purchased specially in the case of perishable products

·         Identify low selling stock to clear the same through discount or promotion

·         Auditing of the stock

·         Track stock at any time

·         Ensure quality control

Benefits of cloud accounting

Cloud accounting has emerged as a quite preferable concept in this modern era. You can rather say that the era of the onsite accountant is about to be removed with the effortless cloud computing system. Be the business size medium or big, and everyone is opting for such accounting software. Even accounting software like ERP for small business is being used.

Well, what exactly is this cloud technology and how it helps in accounting?

Cloud technology is considered to be one of the revolutionary inclusions by digital science. It helps in storing all the data in the cloud in a secure manner. A server is installed in the cloud which is accessed by the internet connection. Hence, to further make use of cloud accounting, all the data of the business needs to be integrated with the QuickBooks hosting. It helps in simplifying the daily work with a number of advantages.

Benefits of cloud accounting are as follows:

•  Greater flexibility: It offers greater flexibility in operation. One can enjoy the data access from any location. It means the data storage is not limited to any particular computer of the site.

•  Less dependence on the technical devices: As the computing work is done in the offsite, the technical device is given no importance.

•  Cost-effective: If you evaluate it with the other accounting software, certainly you will understand that it is not highly-priced. It is cost-effective with the regular update being made available.

• Increased efficiency in working: The cloud-enabled services could be accessed from any device. Therefore, one can make use of the data whenever required from any place.

•  Ease to use: The user of this software does not need to hold any accounting qualification to run the software. Therefore, the team of people enjoys the ease to use the software. 

•  Information is always available: Just with some clicks, one can fetch all the required information.

You cannot ignore this fact that the easy access to data may pose potential security issues. But still, in every financial circle, it is still gaining importance.

PHPERP system, ERP for small business

As per the past working model, the businesses always used traditional tools for accounting, finance, and HR which often led to inaccurate results and fallacies. Also, the different verticals of the same business worked quite separately without talking or working in coordination with each another. Then, it was realized that streamlining and coordinating all the business verticals under one head is quite important for business growth. Then ERP was designed. Today, it has become as important for business as breath is for us. 

If you also want to streamline your business, you need ERP or Enterprise resource planning system software. The ERP for small business is dedicated to helping the small business owners and start-ups to reach their business goal in an economical way. Many companies offer a cloud-based ERP solution which are custom-made to suit the needs and requirements of small and medium businesses.

Getting an ERP software for your enterprise would mean a progressive approach and acceptance of the new technology, and doing so is the need of the hour. In the current world, the demands of the customers are insatiable. To survive, we need to upscale our technology and operations by adapting the latest innovations. 

There are many uses of ERP for small businesses. Firstly, it can make the simply the payroll or the salaries of the employee. The pay roll process also includes things like incentives, travel allowances, daily allowances, and many more things. Having ERP as compared to the traditional handling of the pay roll, will mean more compliance, accuracy, better check and control, and more transparency. 

Another and the most important benefit of the ERP is to ascertain an optimum working of the production and planning department which are responsible for various critical operational tasks. ERP monitors and checks the production tasks under a single umbrella. It also allows to make necessary changes based on the facts and data and not on the basis of some haphazard manual thinking. 

ERP can gather, store, manage, control, and understand data for various business verticals. The PHP-based ERP software companies aim at organize the workflows of a particular company or business. PHPERP system also ensures a smooth transfer of the inventory from one place to another until it reaches the customer. Maintaining supply chain and identifying the loopholes is an easy task for ERP.

There are various modules of ERP system such as database of the clients, daily dashboard, purchase orders, invoicing, reporting, admin, calendar, etc. in short, if you have ERP in place, you can manage various functions of the company such as finances, manufacturing, supply chain, operations, HR, reporting, and many more. Most companies including small businesses use ERP today to manage everyday business and foster their future business growth.

Inventory and warehouse management software

A warehouse management software or system is also commonly called as WMS in short. It is a software which is especially curated to help the management and optimization of the functions of the warehouse. A WMS helps the warehouse management team in the things like making the plans, organizing, staffing, monitoring, directing, supervising, integrating, utilizing the available resources in the best way, tracking the movement of the materials in and out of the warehouse, tracking the storage goods, and much more. There are many free warehouse management software available too. 

The businesses who have to take care of the warehouse solutions, do make sure to buy and use the warehouse management software. It helps them respond well to the increasing customer demands and is also imperative for business requirements such as supply chain management along with the distribution network. If the business is big, it becomes next to impossible for the team to handle the things traditionally or manually. Software, which has replaced the manual spreadsheets and thick registers, are proven to be more accurate, easy, and convenient way to work that also ensures an increase in the performance and sales. 

WMS has come as a big relief to the staff of the company, because the warehouse management system support them performing important tasks such as receiving the goods, efficient labor allocation, inspection of the material, acceptance of the material, cycle counting, tracking movement, recording the movement of the stock, replenishing the same within the organization, picking, receiving orders, packing, making documents, and loading and shipping. 

Likewise, inventory management software also has similar functions, but it is a different concept as compared to the warehouse management software. The latter is more complex while the former is more product oriented and may not talk much about the warehouse. The retail inventory management software can track sales, average per day, profit margins, when to purchase new inventory, inventory integration, tracking of inventory movement, etc. 

inventory management systems are being used by many industries other than just retail like construction, medicine, education, public units, etc. Inventory management systems helps in monitoring the flow and maintenance of stocked products so that the right measure of inventory is found at a given time. An inventory management system allows an organization to maintain a record of every material or stock and let the staff know its exact location. An inventory management system has many benefits including better cash flow, better reporting, forecasting ability, reduced overhead costs, less labor cost, no dead stock, better management, transparency, and seamless integration between supplier or vendor and partner. In short, the IMS can cast a direct impact on the productivity and revenue of the organization.

ERP for small business and the use of warehouse management software

ERP or the enterprise resource planning helps to integrate the business operations. ERP software is equally needed for the small business as much as it is needed for the big businesses. Even the small businesses or the start-ups need the automation and integration of different functions like marketing, finance, inventory, sales, accounts, production or manufacturing, and stock management. 

There are some ERP’s which are specially designed for the small and medium enterprises. The ERP for small business streamlines the process that ultimately helps reduce the cost of operations and time as well. ERP assists to get a better understanding of the business and also helps the strategists to plan the operations better and later implement it effectively. From the competition point of view also, a powerful ERP solution has become a prime requisite for all the small and medium businesses. 

ERP technology is getting better and better and brings an incredible productivity. ERP involves things like business performance management, supply chain management, purchasing, business intelligence or BI, planning, reporting, HR, scheduling, managing, accounting, logistics handling, and much more. Capturing all the data on cloud ERP helps effective management and seamless integration of all the departments. With ERP in place, you will have a clearer vision of the future making you more confidants and enabling to have a better clarity when you consider the expansion of your business. ERP is smart software which will grow with the growth of your business. 

The warehouse management software helps the businesses to control and manage the operations of the warehouse right from the time the goods are brought in the warehouse till the time it is out. You can have warehouse management software depending on the size and the type of the business. Warehouse management process can be used as a separate system or in ERP system. WMS helps in inventory management, stock processes, and financing and accounting. WMS helps the managers know the status of the organization's stock at any time they want. WMS also assists in management of supply chain involving manufacturer, warehouse, retailer, and distributer. 

WMS is designed on the basis of the nature of the business. Also, the warehouse management software is available in different modules of complexity. From the simple versions to the complex WMS, it can be designed as per the size of the organization. Some organizations can design their own WMS but it makes more sense to get a WMS from a trusted vendor. WMS may look as an expensive proposition to you as of now, but after it is implemented, it helps reduce the organization’s cost along with providing several other benefits. Hence, it is a wise investment.