Finding the right balance of inventory is more than just having the right number of products in stock. It’s predicting sales trends, analyzing costs and benefits of buying in bulk versus small quantities, and obtaining contractual agreements with suppliers to lower overall costs.
Inventory management is a big job that requires time, accurate data and QuickBooks inventory management software. Why is inventory management software so important? Because without it, tracking orders and sales is a much more laborious and less accurate process.
Really good inventory management software should automatically update QuickBooks so that both the accounting and inventory records are handled in one place. Typing work orders and receiving new products by hand is fraught with danger because the smallest typo or misprint can lead to significant errors in records and inventory levels.
Companies that want to find the right balance between too much and too little inventory should start by using QuickBooks inventory management software to control their order management processes, and study trends in consumer demand and adjust inventory levels to match those trends. Other factors will fall into place as you gather and use more information.
Learn more about how inventory management software can save your company money by visiting the Fishbowl website. Fishbowl is the #1 requested manufacturing and warehouse management solution for QuickBooks users.