The best Inventory Softwares

When shopping for inventory software, sometimes it can be hard to know which one provides you with the most bang for your buck. Sometimes it even depends on what you personally need from your inventory software, or maybe you just need to lay a base and see what needs improving later. Well there are plenty of choices out there, but let’s discuss the ones that can help the most.

 

Wasp Inventory Control:

The Wasp Inventory Control system is great for those both new to inventory software, as well as those who are experienced with it. Supporting one user, Wasp comes fully integrated with a barcode printer and scanner; and is great for small shipping, retail, manufacturing, even contracting. By allowing the user to define certain inventory sites (i.e. warehouse, shipping, stock room, floor), you can start to categorize and separate inventory almost immediately.

Wasp also provides wireless connection to your smartphone or tablet, allowing you to print and scan without carrying the scanner and printer around. While Wasp is primarily used for small businesses (5-99 people), it is a great beginner’s inventory system.

 

TradeGecko:

This software was recommended to me by my Johns Creek pc repair expert friend. While other softwares rely on disks and physical memory, TradeGecko is a Cloud based network. For those who don’t know, a Cloud based network means that all of your data and memory is stored on an electronic “cloud,” meaning you don’t have to have the same physical medium, (i.e. laptop, desktop, phone or tablet). As long as you can log into your account you are able to access your profile and information from any device that can connect to the internet. Meaning you can do business almost anywhere, at anytime.

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THE IMPORTANCE OF COMPUTER AND TECHNOLOGY IN THE INVENTORY SYSTEM

Inventory management is not a rather easy affair if the system of tracking inventory is not automated. Successful operations of inventory need up-to-date information that comprehensive enough in terms of details. The best thing is that you do not have to sweat to achieve that thanks to technology. Automation of the inventory management results to accountability and of course more profits. Additionally, previously wasted money is saved. Most companies are slow in adopting the latest technology in order to improve service delivery in the inventory management world. Nevertheless, laptops are enough to do all that. Below are a few reasons why every organization needs such a system.

 

Time

 

It is not a secret that the use of technology saves the company a great of deal of time that would others to be consumed by the manual techniques of managing inventory movement. The only delays with a computer system is in the case of computer repair. Imagine how long it takes to match each receipt with the existing inventory records manually. Yes, the workers may be paid but that time is not recoverable in any way. Also, if the inventory movement is in terms of high numbers, the tracking of each item as it is bought becomes more complicated and takes time to trace it on paper. Technology comes in between and provides various ways of managing inventory information in terms of buying and stocking of inventory.

 

 

Accuracy

 

This is another benefit for organizations that have invested in use of computer and technology in the inventory system. Honestly, when the management of inventory is done by the human hand and brain, there is room for errors in uncountable ways. Handwritten work for example may involve a miscalculation that is carried on to other calculations that affect the inventory numbers or profit margins.

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Inventory – Its Pros and Cons

Inventory is stock, goods, or merchandise that you either buy to start a business so that you sell at a price than what it costed you to buy or start a business. You simply invest on a business to earn a profit from the precised stock.

 

It is classified as current assets , as the business intends to sell them and usually does within a year from the date that it is listed on the balance sheet.

 

Inventory is recorded in the books of account in the business as opening inventory and at the end of the preferred time depending on when you intend to account for the business performance is then closed to become the closing inventory. This is run for a period of one year.

 

Types of inventory

The various types of inventory are classified depending on the basics made of products and time.

 

Raw materials inventory – Are raw materials that a business change and transforms to produce its goods and/or services.

 

Work-in-process inventory – These are any unfinished goods that a business has made. It is products that are in the middle of production stage and it is partly complete.

Finished goods inventory – Finished good inventory includes any finished goods that are ready to sell and start making a profit

 

Pros of inventory

Inventory helps you to know the size of the business. Business are easily classified with the inventory levels the bigger the inventory the larger the business and the level of returns in terms of profit.

 

Inventory helps in planning in terms of financing and in decision making. You can plan for things to do depending with the size of inventory.

 

Inventory helps when the prices of the goods are expected to increase or are high then a high level of stocks eliminate the risk of fall of supply in the future; hoarding.

 

Keeping inventory is helpful to ensure total customer satisfaction. There are companies that take an inventory of their supplies regularly to prevent shortage of their in demand items. And some take an inventory to make sure that the quantity of items ordered aligns the actual number of items in the inventory.

 

Con’s of inventory

Inventory is taking the evil because it ties up working capital and the money held can be used in other ventures.

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