Inventory software: Managing your stockpile the right way

When you have a huge list of items to arrange and stockpile in your storeroom/warehouse, managing them with hand-written record books can be really difficult. You have to write down each entry, which can probably be in thousands. This is where inventory software can help you.

The solution

The right inventory management software will meet all your expectations. It will turn the hours you put in a task into seconds. The fact that you can track the status of your goods and money makes it even better. Sometimes people end up buying list-making software disguised as an inventory management tool. To ensure you have the right thing, you need to look at the type of function the ‘inventory software’ is able to do. The most basic tasks they should be able to seamlessly perform are:

Inventory management

Keeping track of the status of an item in the inventory is important. You also need to know the location so it can be retrieved when needed.

Cash flow tracking

The tool should be able to track the incoming and outgoing of money when a transaction is done. If there are multiple Point-of-Sale counters, they should run parallel to each other, so when one counter registers a transaction, the other stalls are also updated according to it.

Easy invoicing

Invoicing should be fast because customers/distributors are always waiting. Time is money and if you create an invoice manually in a rush, you are bound to make mistakes. On the computer, using an inventory app, you can generate an invoice in seconds, with zero errors.

Insightful reporting

Business owners need to check how well their establishment is going. The inventory tool should be able to generate a report which summarizes and highlights the companies trades, profits, losses, and special events. This will help users make strategies to promote growth in their businesses.

Specialties your inventory software must have

Because the competition is high in the inventory and accounting software market, competitors are constantly upgrading their tools to add innovative elements. Marketable functions that attract more customers are constantly being added by these software companies. Some of these are:




Barcode system

A barcode system will tag your goods with an identifiable code that inform the user of an inventory item’s location when scanned. It ensures security as well, as the barcode will be able to track the whereabouts of the item.

Sale suggestions

When you buy a notebook at a store, you are very much likely to buy a pen. An inventory management app takes advantage of this likeliness and suggests products to customers in addition to the one they are buying.

Dump stock clearing

If your software is able to track and suggest ways to clear your dump and near-expiry stock, it’s special.

Choosing the best solution

Choosing the best inventory software in India is tough, because each tool is unique, and offers specialization in a particular field. While Marg ERP is the best inventory software in terms of GST-filing and inventory management, Intuit QuickBooks has a more colorful UI. Tally has been around for a while, which is why customers use it slightly more.