What is business accounting and inventory management software ?
Accounting software is a computer program that manages the business transactions of a company. It is not just safe and secure, but very efficient as well. Essentially, accounting software takes care of payable and receivable accounts, general ledger, profit and loss statements, asset management, purchasing, cash flow reports, balance sheets among other things. Some of the best accounting software has advanced integrated features like inventory management and purchase orders. Inventory management is the process of taking into account a company's inventory items. Inventory software determines the items that are available in the stock and items that need to be ordered.
3 Effective Business Accounting and Inventory Management Software Options
What is a business accounting software?
Used by individuals and business owners to enter income and expenses and to track finances, accounting software is efficient and makes fewer mistakes than manual processing. With automation features, business accounting software gives businesses and their owners a safety net to store important documents and receipts. The software makes accessibility to these documents easier at any given time, making multi-channel operation easier and hassle-free.
How do you pick a business accounting software program?
Digitization became the buzzword, especially after the coronavirus pandemic hit the world. Everyone, even the most traditional companies, started going digital. Thus, leading to more companies embracing accounting software, especially cloud-based software.
Since cloud-based software applications are easier to access via the internet or other networks, it made work-from-home effortless. In fact, a Fortune Business Insights Report projects the market size of business accounting software to reach $20,408m by the end of 2026, as compared to US$1,071.6m in 2018.
And since there is a lot of accounting software businesses could use, it's definitely not easy to choose one. It requires precision and tact. Different software has different capabilities and price tags. It is the type of industry and the number of employees that a company has that determines the business accounting software that one should opt for.
For instance, a self-employed person may not need the same features in the accounting software as restaurant chains or small business owners. But it's imperative for businesses to have accurate and definitive financial records and online accounting that is easily accessible.
Having an efficient and reliable business accounting software program is one of the most important aspects for any business that wants to expand beyond finances. The type of business and its size dictates the kind of accounting software program that works best.
Accounting software programs usually have three major components-
1. The core system is the programming language built into the dashboard.
2. The database stores the financial transactions.
And, 3. The interface. It determines the display and how your reports look. All these three factors should be taken into consideration when choosing a business accounting software.
You have a company, but you don’t know what to do with it. You want to start a business, but you don’t know where to start.
You want to get your company started, but you don’t know how to do that.
What is an inventory management software?
An inventory management software helps businesses in tracking the company's inventory throughout the supply chain. It not just traces the location, quantity, and condition of the goods, but also lets one determine the things that need to be purchased and go into production. It also helps in keeping the end sales figure handy at all times.
Inventory management software also manages smooth product returns, cost of goods sold, and income statements. Because the collection is an intrinsic part of inventory management, efficient software takes into consideration accounts payable and other accrued expenses. Industries including manufacturing, healthcare, food service, and retail stores are increasingly upgrading to and adopting inventory management software as it improves capabilities as well as customer service of a business.
Tips for picking an inventory management software
The best inventory management system helps in better understanding a company's performance. An efficient inventory software identifies potential problems and helps business owners exterminate them before time. Some of the best inventory management software has a simple solution for complicated processes like multi-channel data entry, barcoding, and document tracking. Additionally, the software usually has integrated features with apps like Shopify or WooCommerce that help in running reports from anywhere at any time.
Which inventory management software should you choose?
Like accounting software, the market for inventory management software has also been growing rapidly. Thus, choosing the technology that you want to go ahead with can be a complex process. There are plenty of inventory management software solutions out there, and choosing the right one for your business needs can be tricky.
Before selecting the best software for your business.
1. Know what you need. What are your business and future goals? What are the needs of your company? How big is your company? These questions should help point you in the right direction so that you know what type of inventory management software you need.
2. Evaluate the options. There are many different types of inventory management software out there. Take time to research and figure out which would work best for your company. Narrowing down your choices to two or three options will help.
3. Look at user reviews and ratings online to gauge customer satisfaction. Compare offerings by various companies, the support services, etc, before deciding on what software to choose.
As per a report published by the Global Inventory Management Software Market by Lexis Business Insights, the top market players that dominate the space are-
- Alterity Inc
- Archon Systems Inc
- Blue Yonder (JDA Software)
- Zoho Corporation Pvt Ltd.
- Microsoft Corporation
- Expresstech International
- Lightspeed POS Inc
- Manhattan Associates
- NCR Corporation
- Oracle Corporation
- LLC (Fishbowl)
- Revel Systems
- Sage Group PLC
- The Answer Company
- TradeGecko Pte Ltd
- Vend Limited
- Wasp Barcode Technologies
You’re not sure which software to choose for your company.
You need to be able to handle a lot of different things, but there are so many options out there. You don’t know where to start.
3 Software Options for Small Business
The last two years have been extremely difficult for businesses, especially small and medium scale businesses. A Yelp economic impact report from September 2020, revealed that 100,000 businesses had closed in the US because of strict measures, like lockdown, taken to prevent the spread of coronavirus.
While few sectors such as the restaurant and retail industry have been more affected than the others, technology solutions have helped many businesses withstand the challenges. As the coronavirus uncertainty ensues, the only way for businesses to thrive is to opt for software best suited to the ever-evolving consumer sentiments. Features like online ordering, mobile payments, contactless transactions enable a business to perform better in the present and the foreseeable future.
We list three software solutions that could help small businesses thrive even in adverse situations.
An efficient business accounting software has tools that help a company monitor financial performance and cash flow in real-time. It should allow businesses to easily accept online payments from credit cards, and payment apps in multiple currencies. Xero has these software solutions designed in a way that it is easy to create and send invoices in multiple languages. Most of the newer technological solutions, including Xero, helps businesses send automated payment reminders to clients when their invoices are overdue. Some of the other software in this category include Intuit Quickbooks, Freshbooks, Freeagent among others.
2. FreshBooks Inventory
Inventory management is the backbone of the best small businesses dealing in products. Thus, it is important to assess the features of the software and closely monitor if it caters to the business segment you deal in. Since there's cut-throat competition even within the companies offering software solutions, it is easy to try out new software as most offer free trial plans for a certain period. For instance, FreshBooks Inventory offers a free trial at no charge for 30 days (no credit card required). After the trial period, one can choose from one of the several paid plans. It helps a business control software selection. Some of the other popular inventoryManagement Software are Brightpearl, Zoho Inventory, Veeqo, etc.
Apart from accounting software and inventory management, one of the most important aspects of a business is smooth online payment. Some of the best payment solutions integrate well with other technologies. For instance, Shopify takes care of everything from marketing to payments and shipping and has additional plugins for inventory management. It helps small companies streamline the process of signing up for an online store and ensures smooth functioning thereon. With a built-in online editor, it is easy for users to sell around the world with local language support and many other unique features for promotions.
3 Software Options for mid-sized business owners
Most mid-sized business owners aspire to grow big but are often restricted by limited investments and other financial constraints. For medium-sized business owners, it always makes sense to have the best business accounting software solutions that is price-effective and offer the best services. Here, we list three software options that offer the best deals for mid-sized businesses and propel them towards further growth.
1. Oracle NetSuite
It is important for a medium business to have an integrated system that binds different aspects of the business together and keeps everything less complex. NetSuite does just that with an efficient cloud delivery system that eliminates IT costs. While an integrated system ties together financials, commerce, inventory management, HR, PSA, and supply chain management.
Orderhive is a multi-channel, all-in-one inventory, order, and fulfillment partner with a wide range of plans to meet the needs of companies in most industries. One of its best features is unlimited stock-keeping units (SKUs). The flexibility helps a mid-sized business in times of anticipated large deals. Orderhive supports the first-in, first-out (FIFO) method and has a multifold approach in catering to its clients with features like automated purchase order (PO) creation, bulk add, update or delete products, barcode scanning, management of serial, batch, lot numbers, and expiry dates, etc.
In a world that is transforming into a digital landscape, a Cloud ERP solution is all that a business needs. Acumatica helps companies thrive in a world dominated by digitization. It offers a suite of integrated applications for financials, manufacturing, project accounting, retail, distribution, construction, and CRM powered by a single cloud-based platform. With an extensive network of global partners and many complimentary applications, it is easy for clients to opt for multifold software solutions.
3 Software Best Accounting Options for Large Companies
Large companies need a robust system. An enterprise resource planning (ERP) system that keeps everyone happy and hassle-free throughout the hierarchy and makes problem-solving easier. The three software solutions for inventory management that we vouch for include-
1. Zoho Inventory
It manages multi-channel orders, warehouses, packaging, and shipping. It also tracks inventory and integrates with other applications for smooth functioning.
2. Oracle NetSuite
NetSuite is as efficient for a large business as it is for a smaller company. With its integrated ERP, CRM, and eCommerce suite, it works well in cutting down errors for a large business. While its robust software system manages financials, commerce, inventory management, HR, PSA, and supply chain management.
3. Oracle Micros
An easy-to-use, cloud-based software, Oracle Micros automates day-to-day inventory counting, margin performance, and customer service with ease. An integrated suite of tools helps users save money, reduce waste and increase business efficiency.
Business accounting and inventory management software is a must for any business.
There are so many options out there, how do you know which one is the best fit?