Best Stock Management Software For Businesses
- eazybills
- October 11, 2023
- Billing Software, Best Stock Management
- 0 Comments
Are you tired of the havoc that comes with managing your inventory manually?
As an entrepreneur, you know the need for the proper tool to keep track of your Stock and sales. The good news is that there’s a way that can save you time and money: stock management software.
In this blog, we will inform you about the perks of using stock management software and how it can revolutionize your business.
Stock Management – Meaning
Stock management means ordering, storing, tracking, and controlling inventory. It applies to every item a company uses to assemble its products or services, from raw materials to finished goods.
It is also called stock control, inventory management, and inventory control.
Different types of Stock
There are four main types of Stock:
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- Raw materials and components- These are Stock or inventory ready for use in producing goods.
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- Work in progress- These are unfinished goods still in the production phase.
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- Finished goods- These are Stock or merchandise that are ready for sale.
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- Consumables Goods- These are inventory that you use in the daily running of the company, like fuel and stationary.
Stages of stock management
Stock management involves tracking goods through manufacturing, storing, ordering, and sales. There are five stages in stock management:
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- Purchasing- It is buying raw materials needed for manufacturing finished goods.
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- Production- It is the procedure of converting raw materials into final goods.
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- Storage- It holds Stock like raw materials before being used or sold.
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- Sales- It is transferring selling goods to the customers.
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- Reporting- It is monitoring how much a business is selling and how much profit it makes.
Importance of Stock management
Stock or inventory is a significant asset representing tied-up capital, enabling a business to free up capital. The importance of Stock management is:
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- Insightful details on inventory – An inventory management system gives you a realistic status of your entire business product cycle.
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- Timely fulfillment of orders – A stock management system aids in the speedy completion of numerous customer orders.
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- Time-effective – Inventory systems manage your inventory accurately with their organized mechanisms.
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- Increased profits – A business without an inventory management monitoring system is vulnerable to thefts.
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- Better sales strategies – With details on real-time data in your storage facilities, you can improve your sales strategies.
Stock management software
An inventory or stock management system is software that tracks inventory, controls stock levels, and increases efficiency, accuracy, and speed of operations. There are various free stock management software in India.
There are two types of stock management systems:
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- Perpetual system- It manages inventory in real time.
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- Periodic system- It conducts occasional counts and update of Stock.
How does stock management software help in accounting?
Inventory or stock accounting has become a common practice for businesses all over the globe. Accurate data obtained from stock accounting represent the company’s current financial situation. Stock management software helps in accounting in many ways:
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- Inventory Optimization- While overstocking often leads to wastage and affects overall profit, a low inventory level is equally detrimental to the business. An accurate inventory report helps you make the most of sales opportunities.
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- Reduce Costs- Businesses spend a significant part of their expenditure on labor costs. Integrating the two software allows the company to save drastically by automating the redundant labor-intensive tasks related to both processes.
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- Supply Chain Visibility– Integrating the two software allows your third-party suppliers and supply chain partners to access Inventory systems. It will enable them to better manage customer shipments since now they have access to inventory levels.
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- Accurate Financial Reports- Businesses must corroborate their inventory stock with accounting data to avoid discrepancies. This accuracy is vital not only for their financial statements but also because stakeholders demand accurate financial data.
Eazybills- Stock Management Software
Eazybills is the best accounting software in India, with features that help you manage Stock, create and track documents, and streamline production. Features of Eazybills as online accounting software in India are:
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- Inventory Management- Our Inventory Management Software’s design streamlines your processes and increases profits.
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- Sales and Purchase- We manage sales and purchase orders create invoices, and E-way bills from a single order management system.
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- Production- Plan and track the production process using Eazybills to increase efficiency by eliminating downtime and cutting costs.
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- Data Security- With Eazybills, you can be sure that all of your data is secure, which means no one has access to sensitive information.
Conclusion
Good inventory management can contribute to the success of your business. Stock control is essential in any industry that handles products, whether you have a retail business or a warehouse.
Stock is central to a business making money, so any company that handles Stock or products needs to make stock management software a top business priority. Eazybills is the one-stop solution to run all your inventory and stock operations.
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