- Inventory management is the process by which a business tracks goods and raw materials as they come into and flow out of a company’s storage facilities and retail locations.
- Inventory management software can help you track the number of products in your warehouse or store; it can also automatically replenish certain items when needed.
- Choose software that is easy to use and contains features like order management, barcode scanning, billing management and detailed reporting.
- This article is for entrepreneurs wanting to improve how they track, maintain, and order new stock, as well as automate important tasks and enhance their accounting capabilities.
In many businesses, including manufacturing and retail, keeping an accurate count of your inventory is critical to maintaining a healthy bottom line. Very small businesses might manage inventory in a Microsoft Excel spreadsheet, manually entering data as transactions occur and new orders come in. However, as a business grows, this process becomes unwieldy and fraught with error. When scaling up, inventory management software can improve your ability to track your stock levels and ensure you are replenishing goods as needed so you never run out or have too much on hand.