Take ontrol of your small business inventory with affordable inventory tracking software
Needless to say, inventory is one of the biggest expenses combined with COGS in the wholesale distribution business, especially with the small-size ones. And because you are trying to lower the expenses, having an optimal inventory level is the most effective way ever to keep the lowest expenses for inventory. Yet it is literally not easy work anyway.
When overstocking ties up your capital, in the way around, understocking can result in lost sales and even damage your company’s reputation. To mitigate both of these situations and work toward the ideal inventory level, constant effort in inventory tracking and maintaining seamless operations is strongly required. Once you successfully take control over your small business inventory, your cash flow will be freed up and bring you the ease to get more profit.
Then how do I wholly take control of my small business inventory?
Inventory tracking software and just-in-time inventory practices are two options you can consider. For those still using spreadsheets or paper-based systems, inventory tracking software will be your game-changer in inventory management. With core features of real-time data tracking and seamless management features all in one centralized place, inventory tracking software empowers businesses to reduce manual errors, increase overall efficiency, and ultimately improve cash flow issues and profitability.
Real-time inventory tracking is an essential feature that provides data at any given time over your warehouses, which will then be a crucial component for decision-making in JIT Inventory practices.
- Managing product, customer, supplier, and shipment data in one centralized platform in real-time with multiple access methods(tablet, desktop, mobile phone.)
- Ensure accurate and real-time tracking of inventory levels across warehouses and updates on inventory activities from different sales channels (sales representatives, brick-and-mortar stores, consignment stores, brokers…).
- Tracing down transactions and historical activities becomes more precise based on databases updated in real-time in inventory tracking software EMERGE.
- Tracking the productivity of your sales team with the CMR module that provides real-time data on conversions from leads to opportunities and customers
Small businesses that implement inventory tracking software that fits operational needs can experience significant improvements in inventory monitoring, leading to better decisions about storage or, in other words, optimal inventory levels.
By providing fast and accurate product tracking while minimizing manual errors, barcode scanning is a must-have tool used for small business inventory management.
- EMERGE supports the most popular barcodes commonly used in inventory management such as EAN-8, EAN-13, UPC, and Code-128.
- Just scan to add products to a Sales Order or verify products in a packing list before shipping.
- Scanning barcodes during processes like receiving, transfering, or shipping can mitigate human errors in data entry and fasten the progress.
- Contribute to keeping inventory levels accurate by updating as products move through the warehouse or sales channel in real-time.
- The label printing feature in EMERGE makes it easy to create barcodes and print them in bulks with the option of multiple barcodes in A4 size or single label (5x2.5cm)
EMERGE streamlines the order management process for small businesses with five practical modules: Purchase, Sales, Production, Fulfillment, and Inventory. Together with its core features, the following highlight features will tone up your operational efficiency.
- Set up Reorder Quantities based on demand-driven data from the Inventory Forecast Report to ensure you are only replenishing the quantity that is needed for immediate or short-term requirements.
- The Order Reminder feature in EMERGE with automatic Purchase Propose generation(for Backorder and Reorder) helps you prevent order miss-out and out-of-stock situations while avoiding overstocking.
- If your business is more about manufacturing instead of purchasing goods from suppliers, the Production module in EMERGE will not disappoint you with its flexibility in navigating across Sales Orders to Production Orders and Raw Material management.
- Exchange and Return can be managed easily in EMERGE. If an invoice has been issued for the product that has been returned, the system will automatically issue a credit note to match the invoice.
- EMERGE offers an Inventory Forecast Report that tells you how much stock you need to purchase to maintain inventory for a certain number of days, based on average daily sales.
- Displays detailed information (such as current inventory, quantity sold, average daily quantity sold, and days remaining to sell inventory) for each warehouse, as well as a summary of all locations.
- With recommended quantities for each item navigated directly to Purchase Order, the Propose Purchase feature in EMERGE is a time-saving solution. This feature is also automatically reflected in the Sales Order module.
Inventory Forecast Report is typically utilized on purchase quantity decisions to reach out to a prettier inventory level, which benefits small business inventory management.
In EMERGE, you can manage multiple warehouses with ease based on real-time data updates centralized in one place. Enjoy the flexibility to seamlessly create and manage your inventory at any point in time.
- All incoming and outgoing stocks will be stocked in and out according to your locations, warehouses, and subsections.
- Tracing down the stock on hand in seconds across warehouses, locations, and sales channels.
- Users can transfer stock between locations, monitor stock availability in real-time, and allocate resources where needed.
- EMERGE integrates shipping and fulfillment processes, allowing businesses to manage shipments across multiple warehouses and channels.
This approach keeps the business agile, reduces operational costs, and improves customer satisfaction by seamlessly managing inventory across multiple channels and locations.
Whether you are a small or mature business, anticipating and overseeing risks and challenges is critical. With EMERGE, businesses can generate real-time reports, consolidating valuable data on sales, inventory and orders. By then, trends and challenges can be quickly identified for informed decision making.
- Comprehensive Reports: Offering a wide range of reports covering every aspect of your operations, from high-level overviews like Inventory Movement Reports to detailed insights like Inventory List Reports digging into the stock level of each item in your warehouse. With that, EMERGE ensures you have the data you need.
- In-depth analysis: Evaluate product performance with the Product Sales Report, evaluate supplier performance with the Supplier Delivery Performance Report, and plan purchases with the Inventory Forecast Report.
- Tracking: Monitor key metrics like inventory movements, sales volume, and profit margins for accurate forecasting and planning. Take advantage of a variety of reports, including sales reports, product reports, and inventory reports, to keep a close eye to your business.
By utilizing EMERGE’s robust reporting and analytics features, small businesses can enhance decision-making, optimize operations, and accelerate growth from a comprehensive view of your operations as well as specific inventory insights.
7. Integration with Accounting Software
With integration with XERO accounting software, EMERGE enables your small business to efficiently audit and manage inventory at the same time.
- Syncing your financial data back and forth with XERO saves time on re-entering data and money on deploying another accounting software.
- Export stock adjustments and Cost of Goods Sold (COGS) directly to Xero’s manual journal.
- Purchase orders created in EMERGE are automatically linked to Xero, enabling businesses to manage supplier invoices and payments with ease.
- Consolidate all orders and purchases in one place. Then export invoices and receipts to all the right accounts in Xero with just one click.
- Record EMERGE transitions in Xero by mapping customer invoices, supplier invoices, receipts, and payments to your chart of accounts.
Small businesses often face tight profit margins, where accurate accounting and timely reconciliation of inventory costs are critical to maintaining profitability. Therefore, inventory tracking software integrated with accounting systems is the proper solution for efficient inventory management in small businesses.
- Free Forever: With $0 you will get the core features of EMERGE. It’s a fantastic way to test things out without any financial commitment.
- Monthly Plan: $49.90 per user per month (limited-time offer). With this package, you have full access to all features with the freedom of month-to-month billing.
- Quarterly Plan: $44.90 per user per month.
- Half-Yearly Plan: $38.90 per user per month, you can save even more.
- Yearly Plan: ONLY $34.90 per user per month. What you will get is the best value! Ideal for businesses ready to invest in a long-term inventory solution.
At best, reach out to EMERGE’s support team if you have any specific questions or requests as we are always here to lighten the load. Feel free to “ping” us for a FREE DEMO.
Summary
Inventory tracking software is crucial for small wholesale businesses to maintain optimal inventory levels, reduce costs, and improve profitability. By using features like real-time tracking, barcode scanning, and inventory forecasting, businesses can streamline operations, reduce errors, and make more informed decisions. EMERGE offers additional benefits such as multi-location support, reporting, and integration with accounting software, which further streamline inventory management. With flexible pricing plans, EMERGE makes it accessible for small businesses to take control of their inventory and enhance overall efficiency.
In summary, inventory tracking software is beneficial for small businesses looking to find a tool that can enhance operational efficiency, improve accuracy, and effectively inventory management. The specific features and functionalities may vary among different software solutions, so businesses should choose a system that aligns with your own unique needs and goals.
