Inventory management software is a must for businesses of all sizes, as well as accounting software for increased efficiency and smart business organization. Accounting software determines the current state of your business, while inventory management software is used to keep inventory healthy. In inventory management, you need to know what you have in your warehouse and where your warehouse is located.
However, if it is not integrated with your back-office system, an inventory management system alone cannot effectively optimize your inventory or ensure that the inventory asset values in your financial statements match the physical stock – at least without intensive manual intervention and reconciliation. You can get all your integration in one place so as to avoid any kind of hassle. Let's take a look at some of the best benefits of integrating your accounting management and bookkeeping software.
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Blocking and preventing losses:
Inventory optimization helps maintain customer satisfaction and avoid losses. Integrated software solutions for inventory management can improve data analysis accuracy and provide valuable information such as sales and cash flow forecasts. Real-time visibility solutions will help companies plan more accurately the inventory levels needed to meet demand.
Reduce labor costs:
Most of the operational costs are spent on labor costs. By integrating management accounting and accounting software, the possibility of manual archiving of related components that is not unnecessarily time-consuming is reduced – saving time and money.
Preparation of appropriate annual financial reports:
Every business should review inventory with accounting data to avoid inconsistencies. Accuracy is important for key stakeholders and investors, not just accurate financial statements for tax purposes. If the deviation persists, the cause should be investigated. Integrating your inventory management system transactions with back-office accounting systems helps avoid complications, errors, and delays.