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The Role of Technology in Inventory Management

In order to lay a strong foundation for any business that thrives to be successful in the longer run, it is mandatory to have an effective system of inventory management in place. The key to a strong and well - run inventory management system is to strike a balance between the requirements of consumers and the expenditures that are being made on inventory.As per a study carried out by Aberdeen Research Group in the year 201, few exciting data points were brought forth –60 percent professionals in the supply chain claimed that minimizing the expenses that were being made on their inventory was the priority, 42 percent of these professionals favored that customer support is equally important.

An inventory that is operating seamlessly can pose challenges at times, particularly when you are attempting to track the stock requirement ensuring customer satisfaction, simultaneously. However, technology has been a dynamic element with which multiple options of inventory optimization have been introduced. These are accompanied by the introduction of tools and softwares for inventory management and simplifying other business processes.

Quickbooks Auto Data Recovey

In contrast to managing the stock in warehouse manually, it is considerably easier to manage inventory through technologies that are hosted on cloud servers. Many such softwares are available for users. These solutions are known to offer end – to – end assistance in managing the inventory.

QuickBooks Inventory Management is one such service that is a component of the Intuit’s QuickBooks software. With QuickBooks Inventory Management, it becomes extremely convenient to manage inventory. It can help you analyze your stock and ascertain if you have enough to deliver for your next order.

Keep track of everything you sell and purchase with QuickBooks Inventory Management

QuickBooks Inventory Management can help you keep a track of inventory by documenting and updating the quantities of stock. Depending on this, it will be easier to determine what products are selling more and subsequently what the things that you will need to reorder.

QuickBooks Inventory Management can assist you to evaluate your inventory real – time. The values of the inventory are auto – updated in the balance sheets depending on the sales order that is being fulfilled.

QuickBooks Inventory Management assists you to stay in sync with all your purchase orders. It helps you to document the products you have ordered from vendors and organizing their contact details.

QuickBooks Inventory Management assists in the organization of stock along with its images, categories, and prices.

QuickBooks Inventory Management calculates the price of each product that has been sold based on FIFO (First In, First Out).

Organizations that utilize QuickBooks for their finance and accounting requirements have three alternatives in case they are looking for inventory management solutions:

  • 1) Upgrading to QuickBooks Enterprise Solutions which a comparatively comprehensive rendition of the software and utilizing QuickBooks inventory management.
  • 2) Replace QuickBooks for an ERP system or customized software based on the company’s operations.
  • 3) In addition to using QuickBooks subscribing to a third – party inventory management system.

If you are already using QuickBooks and attempting to improve the processes of inventory management, considering the above questions will enable you to narrow down your choices.

If you use QuickBooks

For small and moderately sized businesses, that already utilize QuickBooks for managing order and accounts, should consider the first option mentioned above. Given that you have familiarity with the interface of QuickBooks, the learning curve for QuickBooks Inventory Management softwarewill be shorter. Since the records of order are already fed into QuickBooks, it will help users to seamlessly integrate the data into the QuickBooks Inventory Management software.

QuickBooks Inventory Management software extends the components of QuickBooks enabling users to sync as well as authenticate the distinctive items in inventory such as vendors, PO, Invoices, stock records, etc.

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