Inventory management software is a software for keeping a track of Orders, inventory, Sales and Delivery. It is used by companies to take orders, billing and to keep record of other important papers. Companies use inventory management software to know the latest inventory and to make sure smooth supply of products to the customers.
Enterprise resource planning popularly known as ERP is a software system that is used for planning operations, administration and for enhancing internal business processes, like product manufacturing, management of supply chain, customer management, HR management, financial planning and storehouse management.
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Inventory management software is complex structure made up of many different key components bonded together to create a system that keeps track of everything.
When you want to know about inventory, you just enter product bar code in to the system and it tells you inventory of that product. When only certain amount of inventory is left it tells handler to order the product. This helps companies avoid running out of products or piling up the inventory. Inventory Management Software can do standard costing, quantity price deals, invoice of materials, taxation, and history of product sales, purchase, and other adjustment.
Service companies use inventory management software to count the cost of the materials they use to provide services. You can do valuation for inventory. With Inventory Management Software, you can do maintain multiple bank accounts, transaction history, check printing, vender are free to assign their own currency.
You can manage many warehouses with particular inventory quantities. We do serializing item number. So, you can keep tracking of inventory by product serial number. You can do stock taking, set category codes, set discount codes, product exchange etc.
It keeps track of manufacturing date, expiry date and storage description. So, it helps maintaining quality of product.
You can set multiple inventory accounts for different items so you can maintain inventory for different products. Inventory Allocation is recorded for all transactions and its receipts. You can set default code for every branch, configured for many languages, Real time update, and system menu security, create new template for reports.
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