Small Business Inventory Software
Keep an eye on your inventory with our Vyapar small business inventory software. You can create packages and shipments through a single order management system, manage sales and purchase orders, and send delivery updates. Sign up for a 7-day free trial now!
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What is Inventory?
A company’s ready-to-sell goods and products, as well as the raw materials used to produce them, are referred to as inventory. There are three inventory classifications:
- Work-in-progress
- Finished goods
- Raw Materials
Raw Materials
Raw materials are substances required to transform your inventory into a finished product. Stock items consist of parts that are currently in stock but have not yet been integrated into work-in-process and finished goods inventories.
Work-In-Progress:
Inventory of work-in-progress consists of partially completed products that still need to be finished and sold. WIP stock is another name for production-floor stock. The work-in-progress list is often called an incomplete yacht or an airliner.
Finished Goods:
Products that have completed the production process and are offered for sale are referred to as finished goods. This inventory is commonly referred to as merchandise by retailers. Electronics, clothing, and automobiles are typical examples of merchandise that retailers hold.
What is Inventory Management for Small Businesses?
Inventory management is a process that includes the acquisition of goods, storage, point of sale, and reordering. You can monitor your stock levels at any point when you know the location of each product.
Stock shortages can negatively impact a business, especially in inventory-intensive sectors like retail, manufacturing, and food service. On the other hand, poor inventory management may lead to your warehouse being full of dead stock.
The purpose of inventory management is to get accurate details about the inventory at any time. When you maintain the stocks properly, you can fulfil the demands of your customers.
Businesses run more smoothly using effective inventory management strategies, which minimise storage costs. The best way to track small business inventory is through automated software.
You can transform the inventory management process from a challenging manual task into an essential part of your business growth strategy when you can automatically track stock levels and their multiple locations.
What is Small Business Inventory Software?
Establishing your business is a stressful and lengthy process. There are many things involved in running a business without any hassle, and the most important thing is managing your inventory well.
Inventory management is essential because, as a business owner, you must have the goods in your stock for when the consumer demands them.
The best way to keep track of inventory is by keeping records, but the manual process takes a lot of time. So robust inventory management tool is the ideal solution for all small businesses.
Inventory software comes with inventory tools that help track your small business stock. You can know how many products you have, market demand, total goods sold, and when to reorder.
Every business has different inventory needs. The right software for your small business will streamline everyday operations and give you valuable insight.
How to Manage Inventory for your Small Businesses?
Use Inventory Software for Small Businesses:
Businesses must implement the appropriate solutions to collect better analytics. The core of any business is an effective inventory management system, which provides business owners with real-time access. The software presents you with accurate numbers to analyse sales and forecast demand.
The right software for businesses can let you know how much stock you have, total sales, goods you need to reorder, shipment details, etc. You can further plan material requirements, optimise warehouse manager, Set workflow alerts, and manage cash flow.
Use First-In-First-Out (Fi-Fo) Approach:
The First-In-First-Out (FIFO) methodology monitors the sales orders in which inventories are sold. In this method, a new stock goes at the back, and older stock is cleared out first. By doing so, you can monitor the value of your inventory and reduce obsolete inventory.
The FIFO method makes aligning your prices and minimising the effects of inflation easier. Moreover, it reduces the time it takes to store products with expiration dates.
Analyse Sales Reports:
Sales reports can show you which items are in high demand and which goods do not perform well. High-priced inventory items might spend more time on the shelves but are still valuable to keep on hand, or a product might not be as popular as anticipated.
By analysing reports, you can make future sales strategies. Use a promotion or sale to clear the remaining unpopular stock and stop ordering that item to keep the costs low.
ABC Analysis:
Every industry uses the selective inventory control system (SIC) known as the ABC method. The grouping of goods is based on economic value and velocity (how fast they move).
Group A consists of expensive, slowly moving products. Although sales of Group A products can be unpredictable, they have the highest profit margin.
Group B includes products that consistently sell well and are required. They have a lower profit margin than group A items, but their sales channels are steady and predictable.
The profit margin is the least for Group C. These are inexpensive impulse purchases like drinks, candies, and other small items stocked at the checkout counter.
Perform Stock Audits:
Regular stock checks are essential for effective inventory management in small businesses. Most businesses either perform a thorough audit yearly or frequently spot-check a few important fast-moving items.
The audit process can help businesses detect costly mistakes like mislabeling and employee theft, which is an issue almost all companies face.
Just-In-Time Method:
Lean manufacturing is another name for the Just in Time (JIT) manufacturing method. It increases efficiency and cuts costs by ordering and receiving stock only when necessary.
JIT enables you to spend less on keeping inventory on hand and also lessens your reliance on warehouse storage. Customised product eCommerce companies frequently use this strategy.
Understand Risks:
A supply chain can become unstable due to a variety of factors. Some of them are factors no one can control, like competition, price, availability, consumer trend, weather, etc. Make a list of potential problems and develop risk-reduction strategies.
With a complete inventory feature system, alerts can automatically place orders for frequently used stock when it falls below a predetermined low, for unexpected sales spikes, or for other situations that demand the inventory manager’s attention.
What Makes Inventory Management a Necessity for Small Businesses?
Proper Inventory management can have so many valuable benefits. Here are some advantages that you should know:
Lower Labour Costs:
Small businesses use better inventory planning and control techniques to reduce the labour costs associated with inventory. These include the time spent transporting stock and counting merchandise. An intelligent inventory planning and control solution can significantly reduce these labour-intensive tasks.
Reduces Employee Theft:
Planning and controlling the inventory reduces the likelihood of employee theft. Employees frequently use stock from a company for their purposes. The business owner wouldn’t know anything about it without inventory control. The business’s profitability ultimately suffers as a result of this practice.
Better Cash Flow:
Planning and managing inventories help small businesses manage their cash flow opportunities. Due to their limited financial resources, small businesses aren’t always able to buy large stock. If they have better control over their inventory, they can accurately predict how many items are needed and when they will need them. As a result, additional funds may become available in the business’s other divisions.
Business Growth:
Small businesses can learn more about the products that are selling quickly by using an inventory control and planning solution. It enables them to quickly and wisely adjust their product line and conduct business.
Increase Revenue:
Profit growth for a small business is a natural result of making better business decisions. It is because only selling stock will be included in their inventory. Other inventory that doesn’t appeal to customers may be abandoned and considered obsolete. The general business procedure becomes more effective as a result.
Reduce Storage Expenses:
You can cut back on the amount of storage space and associated costs by using inventory management features. Save time by picking, packing, and shipping orders instead of delaying them while organising your warehouse to make room for new items.
Boost your Sales Projections:
Inventory management helps select new product orders and when to do so. If you place an order for too much too soon, your storage costs will increase while your cash reserves decrease. Customers will become irritated with out-of-stock goods or delayed deliveries if you order too little too late.
What are the Benefits of a Good Inventory Management Software System?
Increase Efficiency of the Supply Chain:
The supply chain will only effectively function if you are prepared for everything. An excellent small business inventory software can help you keep track of inventory. You can abstract the details of your stop, know which products are in shortage, keep the high-demand goods in stock, and have an idea of when to reorder.
Utilises Efficient Technology:
Technology can make complex tasks easier to complete. By incorporating efficient technology, you can establish precise delivery dates, automate procedures to reduce mistakes, manage your stock, keep track of it, and know where it is.
Maximises Your Returns and Profits:
Inventory management plays a part in the company’s profitability and returns on investment, which is essential for a small business owner. You can increase earnings and returns with inventory software through accurate and speedy order fulfilment and less time between deliveries.
Effective Organisation in the Warehouse:
An organised fulfilment centre results from an effective inventory management strategy. Future and current fulfilment plans are more effective when the warehouse is organised. Companies using warehouse management Software also include cost savings and better product fulfilment.
Improved Accuracy of Inventory:
For effective inventory management, product orders, status, and tracking must be accurate. A good fulfilment partner will have systems and real-time software to ensure that no product is lost during the fulfilment process.
Reduce Costs and Save Time:
Good inventory management saves time and money because orders per month are placed with greater accuracy, efficiency, and product flow. You can focus on other business operations and execute your sales strategy effectively.
Increased Customer Engagement and Retention:
Correct or damaged goods are not shipped to customers when inventory is managed and controlled effectively. It enhances the customer experience, safeguards against problems like refunds, and encourages more return customers.
Increased Productivity in the Warehouse:
It takes less time and money to manage inventory when effective inventory management is in place, freeing up resources for other uses. Technology is frequently used to expedite tracking and fulfilment processes while guaranteeing the accuracy of inventory records.
Features that Make Vyapar the Best Inventory Management Software for Businesses!
Business Management:
You can create packages and shipments through a single order management system, manage sales and purchase orders, and send delivery updates. Create warehouse-specific reports, track item movements, and move items between warehouses.
With the help of Vyapar Inventory Software for small businesses, you can centrally manage your stock across numerous warehouses or godowns. Vyapar’s inventory system also assists companies in developing more effective inventory organisational structures.
Employees can freely group products according to their size, shape, names, or other helpful criteria. An organised inventory will make it easier and faster for the company to fulfil orders and keep track of its products.
Easy Inventory Tracking:
The serial and batch tracking feature of Vyapar Inventory Software for small businesses allows you to keep track of replacement parts, items that are still in stock for sale, and even expiration dates. Give each product a unique serial number so you can track it separately.
Using Vyapar software for inventory, you can track products through various stages, from manufacturing to getting into your customers’ hands. You can identify each product’s batch and keep track of expiration dates and quality checks.
Reconcile differences between recorded and actual inventory. With an easy-to-use dashboard and insightful reports, this data will help you gain more visibility of your stock vs sales. Your billing and stocktaking will be much quicker with an inventory management system.
Barcode Scanning:
With Vyapar’s barcode-based inventory management, you can increase your accuracy and efficiency, streamline your fulfilment process, and gain more time. You must point your scanner at a barcode to track individual items or products in a warehouse or assembly line.
Track individual items from production to sale by scanning barcodes with serial numbers. You can track defective products for recall or replacement by using batch tracking to keep track of expiration dates. You’ll always know what you have and never run out of stock.
Thanks to barcode scanners, stock tracking is accelerated, more precise, and more dependable. With an easy-to-use dashboard and insightful reports, this data will help you gain more visibility of your stock.
Get Automated Alerts:
Real-time data provide the most accurate indication of a business’s performance. Our free stock management software enables you to act quickly. You can set up reminders for when you need to restock.
Before an item runs out, you can place new orders with your suppliers and monitor the real-time inventory. You can set up automatic order placement with your supplier using the stock management software Vyapar.
Moreover, real-time data will let you plan for unforeseen seasonal sales. So, have enough stock to take advantage of any opportunity and maximise your profits.
Create a Sales or Purchase Order:
You can always and everywhere track your inventory. So, placing a new order to replenish your supplies doesn’t require you to be in your store. You can place advance orders to ensure that you have fresh stock before it runs out.
You can benefit from our free inventory management software by configuring an alert for purchase orders before your stock drops below a predetermined level.
Your customers won’t ever have to leave empty-handed, thanks to Vyapar software for inventory management. Inventory control has reduced unnecessary stockpiling for many small and medium-sized businesses in India.
Generate and Review Reports in Real-Time:
Determine your most profitable product, or keep an eye on trends in sales and purchasing to stay ahead of the competition. Use reports to find the best suppliers and obtain purchase information, payment information, and vendor balances.
There is a lot of labour involved in valuing your current stock. Without having to perform manual work, you can quickly generate FIFO and inventory detail reports using Vyapar Inventory.
Keep track of customer balances, locate your bestsellers, and view your most valuable clients all in one application with Vyapar Inventory. To ensure that you and your vendors are on the same page, you can download your reports and send them to them.
Manage Inventory Effortlessly:
Vyapar offers the top inventory management programme with valuable features. It enhances operational business efficiency. For business owners, it makes it simple to develop a successful strategy.
Utilising inventory tracking tools maximises the use of storage space for inventory. It is simple to find products that are not selling. By removing items that don’t trade frequently, you can use the analysis to help conserve space.
The batch number, expiration date, manufacturing date, slot number, and other information are used for tracking. The database is updated as soon as items arrive. Additionally, keeping a record ensures that no theft goes unreported.
You can view the current status of your inventory using the free billing software provided by Vyapar. Additionally, you can configure alerts to notify your suppliers of any new orders.
Collect Payments Via Different Modes:
Set up and integrate your payment account immediately to begin receiving online payments. Make the switch to a quick, safe, and practical method of customer payment acceptance.
The best billing software from Vyapar includes various payment options to help collect payments from your clients. Cash, credit cards, debit cards, e-wallets, NEFT, RTGS, UPI, QR codes, and many other payment methods are all included.
You can send reminders for payment to your customers using the app’s reminder feature. Using WhatsApp and email will remind them of the due amount and due date.
Reminders are sent to customers to ensure they don’t forget to pay. Moreover, it allows you to maintain cash flow in your company and prevent unneeded delays.
Make Delivery Challans:
Using this free inventory software, create delivery challans and include them with your consignment. By following up on delivery challans, you can ensure your products have safely reached your customers.
It makes it simple to track your shipments and guides if something goes missing. Our top-notch free software makes it easy to manage consignor and consignee information.
You can include the terms and conditions to prevent disagreements and clarify the order’s parameters. This procedure helps the customers receive their packages safely and makes the business run smoothly.
Turning the delivery challans into bills is also a good idea because it allows you to adjust your auto stock. Utilise the Vyapar inventory software to maintain all delivery acknowledgement records.
Data Safety and Automatic Backup:
You can quickly and accurately store your data with completely secure software. Using our free app, you can make local, external, or online Google Drive backups to keep your data safe.
Additionally, data recovery is speedy. The Vyapar encrypts data for more security. The “auto-backup” feature of the system includes a hassle-free backup system. The Vyapar app automatically creates a daily backup once this mode is enabled.
Users of the inventory management systems from Vyapar can limit access to outside parties. The potential costs of a data breach are reduced thanks to these permissions.
Inventory management systems also guarantee that a business’s internal operations are kept a secret from customers and staff.
Record Expenses Accurately:
With this small business inventory management software, you can track every penny spent on expenses for your company’s needs.
It is crucial to track and record all business expenses for accounting and tax filing purposes. The free plan simplifies tracking the money spent and producing an accurate report.
Vyapar also aids in cost-cutting and sales maximisation. A free programme is a helpful tool for quickly recording unpaid bills. It aids in future tracking of them as well.
Small businesses can use our free mobile app. It assists in managing their finances. The company can reduce spending by using Vyapar software to record expenses.
Bank Accounts:
First off, this inventory software enables you to keep track of bank business transactions. When using the Vyapar App, you can add, manage, and keep track of payments made or received through your bank accounts, e-wallets, etc.
You can collect payments in your bank accounts for seamless cash flow management. With all of the cash-ins and cash-outs using the Vyapar, it is perfect for businesses.
You must integrate your inventory software with a business bank account to use the bank accounts feature. Using the Vyapar app, managing credit cards, OD, and loan accounts is simple.
You can use your mobile to access free invoicing and accounting software wherever there is an internet connection. Vyapar’s free accounting programme allows you to change the amount.
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Frequently Asked Questions (FAQs’)
Small businesses usually maintain their inventory using a stock book or log book. One column in the book lists inventory items, and another column lists sales.
Small businesses can use Excel for inventory management because of its integrated features and formulas. It is easy to make a spreadsheet with Excel.
The easiest method for managing inventory is through small business inventory software. You can receive real-time notifications with inventory management software.
System pricing varies based on user requirements and budget. There are several low-cost inventory software available for small businesses, including Vyapar. Vyapar’s basic features are free for android users. A 7-day trial period is available for premium features.
You can use FIFO (First In, First Out) or Just-in-time (JIT) methods. You can also use compatible software to manage your inventory and give you timely updates.
ABC Analysis, Inventory Production Quantity, and Economic Order Quantity (EOQ) are the most widely used inventory systems.
A business can keep track of inventory levels in real time throughout the day thanks to a computerised inventory system. Companies can keep track of inventory orders, counts, and sales online.
