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How to Create a Simple Inventory System for Small Business

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how to create an inventory system for small business

By starting with rich, accurate product data, you’ll avoid errors down the line and have an easier time investigating any issues you might uncover. Typically, this data would be entered into a point of sale (POS) system, but it’s also possible (but very tedious) to track this data with spreadsheets. With effective management, you have the exact amount of inventory when needed. Also, you do not have to deal with the slow-moving goods aging in the warehouse. Inventory management is a prime concern for any business that deals with products, be it eCommerce, retail, or wholesale.

That way they can be confident you are working with accurate data to support accurate decision making. Spreadsheets are great, but they are only great as a local departmental solution. If you want to create a joined-up company, then you need to underpin that effort with a joined-up system, and that is where spreadsheets fail. You need an integrated business system where everyone is singing off the same hymn-sheet; where data is entered only once, and where everyone is relying on a single version of the truth. In most cases, ERP platforms feature modules for all your business aspects. Sales, reorder management, and purchases are operated through B2B portals.

Track inventory in real-time

When you sell a dish, upserve automatically deducts those quantities from your inventory levels. You can also use this feature to evaluate pricing for your menu items. The advanced reporting of Cin7 allows you to access over a hundred customizable reports. This provides you with actionable data to make better decisions around inventory.

  • Dropshipping is the process of receiving an order from a customer and having your supplier ship the products directly to the customer.
  • For example, one inventory worker may make an entry in his notebook as soon as replenishment stock is received.
  • Turning over old stock is a good idea no matter what line of business you’re in.
  • NetSuite uses various historical and seasonal data, including average lead time and the number of inventory days of supply, to automate reorders and ensure your inventory is always well stocked.
  • Inventory management looks at how much stock to order and when to order it.
  • But, if you have a large-scale operation or want more advanced capabilities, you could end up paying hundreds of dollars per month — or more.

This makes it an excellent pick for small businesses with simple inventory needs. Whether you sell only a handful of different items or want to start selling physical items on top of your service business, managing even small amounts of inventory takes effort. Especially if you sell across multiple sales channels or multiple locations. Keep in mind that the inventory management systems that come with POS systems are often tailored to different industries. For example, Square has good all-purpose tools for different sales channels, Toast’s are good for restaurants, and Shopify’s are good for ecommerce businesses. Businesses who master well managed inventory keep costs low and stock optimized.

Streamline ordering processes

Assign unique IDs to products
This is often accomplished by assigning stock-keeping unit (SKU) numbers to products based on where they’ve been stored. Simplified order processes can minimize miss-timed orders, ensuring https://accounting-services.net/the-ultimate-guide-to-bookkeeping-for-independent/ businesses carry appropriate inventory levels with fewer manual interventions. Next, businesses should streamline the ordering process by evaluating consumption, storage capability, reorder levels, and lead times.

  • Entering the wrong product quantity or mislabeling a product can cause a bunch of issues later down the line.
  • However, you’ll have to pay a per-transaction processing fee (2.6% plus $0.10).
  • Today’s supply chains are more forward-thinking than ever, leveraging data analysis to accurately forecast demand and optimize production.
  • Unfortunately, software isn’t foolproof, and it’s not going to be 100% accurate at all times.
  • InFlow combines inventory and order management software to optimize inventory tracking software.
  • Veeqo is great for a small retail business looking for a scalable but budget-friendly inventory solution to get started.

InFlow is incredibly easy to use, with many of its options fully automated. It even has a mobile app that provides barcode scanning and keeps your sales agent and inventory manager on the same page. The Elite plan of Zoho The Basics of Nonprofit Bookkeeping offers unlimited orders, shipping labels, and tracking. This proves helpful if your business involves shipping and eCommerce. The inventory has advanced bundling features for combining many stock-keeping units (SKUs).

Features of Good Inventory Management Software

When it comes to ERP software, it’s considered to have a budget-friendly price. On top of having all the other standard features of cheaper inventory management software, it has a lot more features and functionality. Netsuite, owned by Oracle, is the best inventory management software for manufacturing companies or companies with large manufacturing needs. Download reports and receive a daily stock alert with items that are low or out, so you always know how much you have in stock. Dropshipping means your suppliers ship their goods directly to your customers, bypassing the need for any inventory management in the first place.

Owned by Oracle, Netsuite is one of the best inventory management systems for manufacturing companies. The platform provides a complete set of basic inventory management features. It also includes purchasing capabilities to optimize the supply chain and manufacturing processes. Lightspeed is a cloud-based, all-in-one POS (point of sale) and inventory management software for vendor management that imports vendor catalog files, allowing up-to-date product information. The platform also lets you create and send out purchase orders and calculate the cost of goods sold (COGS) directly from a mobile device.

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