PC Magazine recently reviewed several inventory management software packages and Acumatica came out on top. Acumatica offers many features that improve business productivity and insights. It is true cloud-based ERP that provides excellent inventory management solutions for small to mid-sized businesses.
But what exactly is an inventory management software package? What makes a good package in the first place? The following list gives you a good idea of what constitutes a good inventory management package and why Acumatica has the competition beat, hands down, when it comes to managing your assets.
Five Marks of a Great Inventory Management System
- Integration with ERP Systems: A good inventory management system offers seamless integration with your enterprise resource planning (ERP) system. It’s either part of it, such as true cloud Acumatica ERP, or works with it so easily that you don’t notice that it’s not part of it. Enterprise resource planning systems are great for business insights, planning, and management. Adding inventory management to an ERP system can help you better manage your most powerful asset—your inventory.
- Ties into POS Systems: A point of sale (POS) system tracks sales at the register or online shopping cart. Tying it into the inventory management system with real-time synchronization keeps all your inventory information up to date. You’ll know immediately when an item sells, how many are left in your warehouse, and the value of that inventory. A POS connected with an inventory management system enables you to provide up to the minute order information and better customer service, both great reasons for customers to do more business with your company.
- Supply Chain Optimization: If your company manufactures products, then your inventory consists of both finished goods ready for sale and parts or raw materials used in the manufacturing process. A good inventory management system allows you to manage multiple forms of inventory so that you can manage both raw materials and finished goods. Accurate, real-time information enables you to optimize your supply chain, ensuring the best level of materials in your inventory to maximize production. Tagging, tracking, and managing raw materials in an inventory system is a valuable feature for some businesses.
- Kitting and Bundling Features: Kitting and bundling can be difficult to support in some systems. The best inventory systems, such as Acumatica, make it easy to set up both. Kitting refers to bundling multiple objects in your inventory into a kit; kits may be sold as a whole or the components sold separately. Bundling refers to a group of products sold together. Either one may be hard for some inventory management systems to track. Separating SKUs and then configuring them your way is an important feature of the best inventory management systems.
- Flexible Inventory Management Options: Every business must develop its own inventory management system that works for the products they sell and the method by which they are sold. Businesses may use FIFO (first in, first out) inventory management methods, LIFO (last in, first out), weighted cost averaging, or one of several other methods to determine which items in inventory are shipped out first. Some companies use one inventory tracking method for all items, while others may have some items designated FIFO, others weighted cost, and still others by different methods. An inventory management system that offers you the flexibility of choosing your tracking method and making it work for your accounting and business needs is important.
Acumatica True Cloud ERP – an Inventory Management Rock Star
Acumatica offers true cloud ERP with real-time updates and easy access from any internet-connected device. Kitting and bundling are no problem for Acumatica, and it connects easily to POS systems.
For more information or to discuss adding Acumatica to your business, please contact Emerald TC.
Emerald TC
Emerald TC offers an experienced team of certified consultants, master developers, and CPAs to provide you with a comprehensive team of experts for advice, solutions, and suggestions. We are here to help you build and grow your business. Contact us or call 678-456-6919.