Inventory management systems have come a long way from cumbersome, self-created spreadsheets. Today’s inventory management systems integrate with your back-office software while simultaneously pushing information to your shopping cart system. Most integrate with your accounting or enterprise resource planning (ERP) software, helping you keep accurate records of inventory levels and value.
If you’re shopping for a new inventory management system, there are several features to look for to track inventory through acquisition, management, and shipping. Here’s a rundown of valuable features in inventory management software, and a look at one that ranked quite well with PC Magazine.
Inventory Costing Features
On the balance sheet, inventory is listed as an asset. Costing inventory accurately is important as this can tip the company’s financials either too positively or negatively if it isn’t costed properly. Look for software that enables you to set common inventory valuation methods such as last-in-first-out (LIFO), FIFO (first-in-first-out), weighted average costing, and several other methods.
Look for systems that let you set the inventory costing method for your business. Some will reconcile orders with inventory to subtract inventory items and value according to the method that you’ve chosen.
Integration with Point of Sales Features
Inventory management software is often integrated with point of sale (POS) systems so that when a sale is made and run through the POS system, it automatically updates the inventory information. Look for software that integrates with your current POS system without extensive custom programming, which can get expensive.
BOM and Kitting
Another great feature to have for some businesses is BOM (Bill of Materials) production and kitting. BOM refers to inventory items that are made up of many sub items, and it’s a useful feature to have in a business that bundles items together into packages. Kitting is similar, but items are bundled together to make one finished set.
Depending on how often you need this feature and how granular you want the reporting to be, you may need to find software that supports both BOM and kitting.
Drop Shipping
Lastly, if you use drop shipping, you’ll want to find software that supports it. Not all do. Drop shipping can be complex, with items shipping from multiple locations. You’ll need to track both shipments and inventory at the drop shippers as well as in your own system. Software that’s integrated with your drop shipper will enable you to provide real-time updates to customers, which is a plus for customer service and improves customer communications
Acumatica Meets the Requirements
PC Magazine reviewed several inventory management software packages. One came out on top: Acumatica. Acumatica features all the elements listed above and so much more. Rated as an Editor’s Choice by PC Magazine, Acumatica includes:
- Mobile apps
- Kitting
- Supply chain management
- BOM
- Bin ID
- Pick List
- Photos with item codes
- Automatic reordering
- Just in time inventory
- Multicurrency settings
- Barcodes
- Multi-warehouse management
- Low inventory warning notices
- Ability to ship partial orders from different warehouses
With so much packed into one software, you’ll be delighted with your Acumatica inventory management system. For more information, visit Accounting Systems Incorporated to learn more about Acumatica.
Accounting Systems Incorporated (ASI)
Accounting Systems Incorporated (ASI) provides ERP, accounting, and other software and systems to help your company grow. Cloud-based software such as Sage 100 and Acumatica ERP can be used with mobile devices such as smartphones and tablets. These products can provide the business intelligence you need to grow your company. For more information, visit our website, or call us at 803-252-6154.