The 3 Best Inventory Management Tools

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To ensure efficient inventory management for your business, you must move from the traditional way of manually entering inventory data and automate your systems. Luckily, there are many online tools out there that can help you do just that. But before you choose any inventory management tool, make sure that it integrates with your existing systems. That said; here is a rundown of tools you can use to manage your inventory efficiently:

1)The best inventory management tools # 1: Point of sales software

There are many point of sales software out there that can integrate with your inventory management system, and they provide a lot more data to let you make wise business decisions. And the impressive part is that they can provide real-time data on request. Typical examples of the best point of sales software out there include Lightspeed retail, MicroBiz Cloud and Shopkeep.

2)The best inventory management tools # 2: Accounting

Ask any retailer, and they’ll tell you that cash flow management and inventory management share the same page. That’s why it’s vital that you integrate accounting tools into your inventory management system. The accounting tool should come with retail-specific features that integrate with your point of sales software, as well as payment features that allow you to manage expenses related to inventory. An example of an accounting tool that can help you with that is Xero. If you want a tool that can help you manage inventory and accounting in a single point, then Quickbooks is a pretty good choice. InDinero is also a great accounting tool as it flawlessly connects with your client orders and offers real forecasting insights.

3)The best inventory management tools # 3: Shipping and fulfillment

Any online business owner knows that shipping and fulfillment are critical aspects of online businesses. They are also connected to inventory because the efficient and timely delivery of products to customers largely depends on the efficiency of inventory management processes. A great shipping and fulfillment tool out there is Shipstation. It’s designed to integrate with your selling channels. It makes use of automated email that automates your shipping and fulfillment processes to enable customers to view their order status in real-time. Other great shipping and fulfillment tools out there include FedEx, Newgistics, and ShipVine.

Conclusion

The success of your inventory management system will play a huge role in the success of your business. That’s why you must invest a lot of time and money to ensuring that it runs like a well-oiled machine. With these tools, streamlining your inventory management system will be easy.  

 

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