Inventory is a core part of every business, and if you’ve been a victim of stock related discrepancies, then you probably know too well why an airtight inventory management tool is inevitable in the current business setup.
According to 1000s of studies, one of the core reasons why businesses fail today is due to poor inventory management practices; if, for instance, a business is not able to track inventory levels, there’s a likelihood of a stock out which results in lost sales and disgruntled customers. Also, a good inventory system is meant to monitor and evaluate the maximum stock levels to avoid excess holding costs or incurring losses due to products expiration or value depletion.
All these problems can be caused by an inadequate inventory management regime; thankfully, we’d like to help out with that.
In this post, we will discuss some of the time-tested inventory management systems that can help you stay in control of your stock, sales, and more. You will learn about 11 applications that can help you automate your inventory management processes today, these are not in any particular order, as each solution has a specific fit. That’s where we help work out which solutions fits your situation.
Of course these solutions do so much more than the few features we have listed here – but this article is designed to share with you the apps that are available and a little about them. If you need help deciding which one is right for you, book your free Discovery call with us today.
Let’s get started!
Source of image: https://www.cin7.com/
Cin7 is a complete, fully automated point-of-sale and inventory management tool suitable for both the small and large businesses. The application brings all your sales and inventory functions under one platform making it easier for businesses to seamlessly manage their records.
Cin7’s point-of-sale (POS) can be operate in offline mode if required once logged in. This is great for larger businsesses that have a retail store, warehouse, online and more.
The platform boasts a number of unique features to help you manage your inventory.
- Connects inventory to sales: This tool simplifies the process of selling your warehouse stock by eliminating the need to manually check the availability of various items of inventory when creating sales orders. This leads to a faster and accurate processing of customer orders.
- Multiple integrations: Cin7 integrates with multiple ranges of solutions in the areas of accounting, e-commerce, EDI, 3PL and more to streamline your business processes.
- Track multiple branch stocks: Do you have more than one store to manage? Don’t worry; Cin7 makes it possible to manage numerous warehouses allowing you to worry less about management and concentrate more on serving your customers.
- Available in offline and online versions: Cin7 POS will run in offline mode if you have a retail store and the internet goes down. At WhichAddOn, we always suggest having a back up internet or you can use your phone, but offline mode can be a lifesaver.
Source of image: https://dearsystems.com/
DEAR Inventory is a business solution that enables retailers, wholesalers, manufacturers, and e-commerce operators to flawlessly manage their inventory. The cloud-based solution eliminates the tedious processes associated with stock taking, valuation, or monitoring of business inventory.
DEAR offers a range of inventory management features to help you keep track of your business stock as seen below.
- Integrates with your e-commerce platform: When you integrate your e-commerce and inventory tools, you can focus more on building your business without worrying much about stock discrepancies.
- Purchases management: The platform maintains a record of all historical purchases and also sets a reorder level that generates timely purchase orders.
- Sales management: DEAR ensures that your sales record match with your inventory and also keeps track of orders after dispatch.
- Barcode scanning: The tool allows users to scan items when selling leading more accountability while reducing human error.
Source of image: https://www.tradegecko.com/
Tradegecko is a cloud-based Software-as-a-Service (SaaS) tool that helps small and medium-sized business to manage their inventory. The application is focused on serving businesses internationally and as a result, many businesses in various parts of the world including Australia, the US, Britain, Singapore use the tool in their day-to-day running of the business.
- Inventory management: Being the core purpose of this tool, it provides a wide range of functionalities to help you organize your inventory activities; you can easily search for an item, keep track of stock history, add product images, adjust prices, and more.
- Multi-warehousing: Tradegecko allows you to add more warehouses and consignment shops depending on the plan you subscribe to.
- Multi-user functionality: Tradegecko provides for the creation of individual accounts for all the system users. Additionally, you can allocate each user some specific access rights and roles in the system.
- Easy payment channel: The tool enables businesses to simplify their payment processes by allowing customers to settle their invoices online.
Source of image: https://www.unleashedsoftware.com/
Unleashed software is a powerful online inventory management tool that serves the small, medium and large organizations.
The application is quite extensive; it was created with the modern day inventory management needs in mind. But before we hop on to its features, let’s listen to what one of the Unleashed software users had to say about the platform:
- Integrates your e-commerce tool with inventory: Unleashed offers a seamless integration of your e-commerce with your business inventory to ensure that your customers place their orders speedily without surprise stockouts.
- Available to mobile users: Unleashed mobile sales app is one of the platform’s best innovations to help users keep track of their inventory activities from their mobile devices.
- Offers real-time inventory reporting: Being a cloud-based app, you can effortlessly access your inventory reports instantly from any internet enabled device.
- Sales management functionality: The application provides for various sales order management features including the ability to create invoices and quotes, manage customer returns, view profit margins, and more.
Source of image: https://locateinv.com/
This is a full-featured online inventory management tool for small, medium, and large businesses. The application supports over 20 integrations ranging from accounting to e-commerce tools.
At the moment, the application boasts a user-base drawn from all parts of the world including Australia, the US, the UK, and more.
- Order fulfilment: With Locate, businesses can have a real-time view of orders dispatched together with the tracking details.
- Keep track of vendors: Locate allows you to stay connected to your vendors by tracking their warehouses and order fulfilment right from the supplier sites.
- Plan manufacturing processes: The application enables businesses to manage manufacturing workflows by organizing and coordinating various operations including part tracking, batch manufacturing, audit visibility, and more.
- Detailed reporting: Locate contains over 100 inventory reports to help you get a bird’s-eye view of your inventory operations.
Source of image: https://www.mrpeasy.com/
MRPEasy is a manufacturing tool consisting of planning, CRM, procurement, supply chain management, as well as inventory management functionalities.
With the application, the project manager can make use of the drag-and-drop feature to allocate resources to various jobs.
But that’s not all; let’s have a look at some of its other core features.
- Real-time view of your business inventory: MRPEasy provides for an instant overview of the inventory levels to help you avoid stockouts, view purchases, and also track the stock movement.
- Accurate estimation of production processes: Estimating an accurate lead time can sometimes be difficult; but with MRPEasy, you can now know a precise duration for a job completion, lead times, and other related processes.
- Grants you complete control of operations: The application contains communications and reporting tool as well as accounting integrations for seamless business processes.
- Customer support: MRPEasy provides for a customer support channel for all queries relating to potential and past orders.
Source of image: https://www.firstsoftware.co.nz/
N2 is a fully integrated online Enterprise Resource Planning (ERP) tool developed by First Software. At the moment, the solution has its operations in Australia and New Zealand.
Designed for the retail sector, the ERP automates processes thereby lowering your operational costs while enhancing efficiency.
- Purchases processing: N2 has a detailed purchasing dash that allows users to raise and track purchase orders.
- Contains a complete inventory toolkit: The application features a full retail distribution sector that caters for multiple branches, electronic receipting of stock, pallet tracking, and more.
- Mobile application: N2 also features a convenient mobile application that allows customers to make product inquiries, place orders, and pay for goods. The business, on the other hand, is able to monitor stock movement, order histories, sales summaries, and more on the mobile app.
- Strategic integrations: N2 integrates with EDI, 3PL and many shipping providers. If you have a unique integration requirement, they may even build it for you.
On top of these seven inventory management applications, you can use some extra applications to help improve the overall functionality of these tools. Let’s look at a few recommended complementary applications.
Source of Image: https://www.a2xaccounting.com/
A2X is an addon that automates accounting for Amazon marketplace sales orders and the associated costs.
The application works with two of the world’s renowned accounting applications, QuickBooks and Xero to simplify your accounting process.
A2XAccounting automates data transfer between your Amazon channel and your accounting application thereby minimizing human errors while saving you time.
- A2X automatically fetches your Amazon settlements: When Amazon creates a new settlement file, A2X automatically fetches it, crunches the data and generates a summary of revenue, expenses and other transactions.
- A2X posts summarised transactions to QBO or Xero: A2X generates invoices or journal from each settlement and posts them to your cloud accounting system, either automatically or at your command. You can select the ledger accounts and tax rates that apply to each type of Amazon transaction.
Source of image: https://www.autoentry.com/
AutoEntry is a popular data capturing tool that transfers your business data to your accounting application such as Xero and QBO.
Build for accounting purposes, the application captures receipts, invoices, and expenses; the data is then sent to your accounting tool.
- Go paperless: AutoEntry eliminates tedious processes associated with data transfer from one system to the other. This not only reduces paperwork but also errors and related costs.
- Mobile app: With AutoEntry’s mobile application, businesses can now submit invoices, receipts, or payment voucher from their mobile devices.
- Line by Line Extraction: Invoice Line Items are available as an option for all Invoices processed by AutoEntry. A full extraction will be made of the item description and individual item price and net/tax/total where available.
Source of image: https://www.shopify.com/
Shopify is one of the world’s most popular e-commerce website builder that enables businesses to create their online stores in a matter of minutes. The platform was initially meant to serve the Canadian market; but close to one and a half decades later, the platform now boasts a worldwide coverage.
Shopify plays host to many online stores; but why exactly is that? Below are some of its distinct features.
- Store customization: The platform allows its users to build their stores with their business and customer needs in mind; this is one of the reasons why Shopify does not provide for a one-fits-all model of building online stores.
- Unlimited product listing: If you’re worried about your store’s bandwidth, then Shopify has you covered. The platform allows for unlimited product listing and customer information to ensure that everything you need stays only a click away.
- Integrates with social media platforms: As a Shopify store owner, you will be able to integrate your store with your social media platforms such as Instagram, Facebook, or YouTube to enable you to advertise your products.
- 24/7 customer support: Customer support is a core part of any business, and at this point, I’m tempted to say that it is perhaps the important business practice in this day and age. With the ability to access customer support both day and night, you can now stop worrying about having your queries resolved and concentrate more on serving your customers.
Source of image: https://www.neto.com.au/
Neto is an all-in-one platform used by the retail and wholesale businesses as an e-commerce, point of sale, inventory and fulfilment tool.
The platform currently operates in the Australian space and is entirely cloud-based; this enables you to stay on top of your business operations from anywhere around the world.
- Batch order processing: Neto enables you to process and dispatch bulk orders saving you both time and money.
- Multi-location: With this app, users can be able to manage more than one store under one platform; you can easily add other stores under the same platform and have a better view of your business operations on various locations.
- Sales reporting: Neto has inbuilt reports that give you a summarized overview of your business sales; the reports could be run according to the stores, regions, and so on.
- Improved security: Most online businesses are prone to hacking and other forms of security breaches; with Neto, the security of your information is taken a notch higher with their enhanced security controls including SSL Certification, offsite data backup, as well as password controls.
Recommended Accounting Applications
This guide would not be complete without a recommendation of the best accounting applications that integrate with the eleven applications discussed above.
For easier integration and improved usability, we recommend you use either QuickBooks or Xero for accounting purposes.
These two applications are some of the best accounting applications globally; they are customized with the modern business in mind to ensure that whichever line of business you are in, you are covered.
Should you decide to choose one of these two, you’ll also realize that most other business solutions such as Point of Sale systems integrate seamlessly with either one of them.
However, if you have any doubts about which one to choose between the two, don’t worry; we’re always a call away.
There you have it! These are the solutions we already use and recommend for our clients in different businesses for different reasons every day.
We hope you found this guide useful; of course, the list is not quite exhaustive. There are numerous other applications that equally improve business operations. The bottom line is that you need to understand which application works best with your business and most importantly, your customers.
Also, never hesitate to talk to an expert in this regard; you may end up saving yourself a ton of money and time simply by getting it right from the word go rather than going the trial and error route.
That said, may the best application win and of course, do get in touch with us for any specialized assistance.