Best Inventory Management Software for Small Businesses

how to keep track of inventory for small business

Easyship can help you meet customer demand and handle your shipping needs so you can spend more time keeping track of your inventory management system. If you have a warehouse, then tracking your inventory will ensure that you construction bookkeeping are also contributing to good warehouse management and not overstocking the space you have available. If you do end up overstocking or your business grows to be very large then you may end up needing multiple warehouses.

how to keep track of inventory for small business

For example, a car manufacturing unit has aluminum and steel as raw material, half-assembled cars as work-in-progress, and completed cars as finished goods. If you run a multichannel retail business and feel intimidated by learning a new inventory management system, Veeqo’s easy-to-use platform may be the best bet for you. The platform consolidates all your sales channels in a single place for easy management you don’t have to spend all day on. Only three users are included in the midsized business plan and B2B ecommerce costs an extra $129 per month. Add to that the compulsory managed onboarding at $329, and you’re buying software that will run you $737 for the first month!

So, Would a Small Business Need an Inventory Tracking System?

With less money earmarked for inventory, you can invest it in eCommerce marketing to increase your sales and continue to grow your business. For the average cost method, businesses will assign the cost of an item based on the total cost of goods they purchased divided by the number of units purchased. This method is simpler to apply and less expensive than FIFO, making it an appealing option for items that are difficult to calculate costs for.

It helps you evaluate how well your business is doing and whether it’s on track for success. Some are basic while others are feature-rich, and some are best suited for specific industries, like retail or manufacturing. So, before choosing a solution, you should carefully assess your business needs.

Unleashed Inventory: Best for fast growing warehouses

It’s also a good idea for nonperishable goods since items sitting around for too long might become damaged, or otherwise out of date and unsellable. The best way to apply FIFO in a storeroom or warehouse is to add new items from the back so the older products are at the front. Manually entering sales into a ledger or POS system can get tedious, especially if you run a retail business with lots of daily sales. Scanning your products into your sales and inventory ledgers automatically using a barcode scanner can speed up the checkout process, cut down on errors, and make inventory tracking automatic. Keep in mind that the inventory management systems that come with POS systems are often tailored to different industries.

Use this template to keep track of your small business’s uniform inventory. The template auto-tallies total monthly costs for each listed uniform item, as well as annual straight-line depreciation, monthly straight-line depreciation, and current value. To ensure everything is as up-to-date as possible, you don’t only want to rely on your business inventory management software the same way you wouldn’t only rely on yourself. Thankfully, we can help you ensure your small business inventory management endeavors are successful and smooth at all times.

small business inventory management software

Inventory management is a key element of supply chain management, but the terms aren’t interchangeable. Supply chain management oversees the flow of products from raw goods and production sourcing through final distribution. Inventory management deals with receiving, tracking and storing the products you hold, plus provides data for informed purchasing. We know how overwhelming it can be when you’ve just started up, and all you want to do is let the world know about the products or services you offer. But as with any business, there’s a lot of admin work and set-up involved before you can even think about order management or sales orders.

  • Also, spreadsheets can’t scale with your business, can’t communicate with your POS, and don’t show you how your products are selling.
  • Integration across platforms will avoid problems like accidentally promising the same item to two different customers.
  • Small businesses might have to run a sale or destroy products for the immediate problem of too much of something on the shelves.
  • Several of our successful clients reportgrowing their business four timeswith the help of our powerful inventory management tools.
  • In most cases, ERP platforms feature modules for all your business aspects.
  • If you handle inventory in your own facility or store, first organize and identify storage areas, such as racks, shelves and bins, then assign each product to a specific area.
  • Bench assumes no liability for actions taken in reliance upon the information contained herein.






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