Posted by Admin on 25/09/2024
Efficient inventory management is essential for businesses of all sizes, from small enterprises to large corporations. For Kiwi companies, having a solution that not only tracks stock but is also integrated within their accounting system is a big plus. Infusion Accounting Software is specifically designed to meet this need, offering a comprehensive inventory management system that enables businesses to maintain control over their stock across multiple locations.
Challenges in Inventory Management
Keeping track of inventory across various locations, managing product databases, and ensuring stock accuracy are some of the common challenges that businesses face. Whether you are running a retail store or managing a warehouse, poor inventory management can result in stock shortages, excess inventory, and inaccurate sales data. With Infusion Accounting Software, these challenges become a thing of the past.
How Infusion Accounting Software Solves These Problems
Inventory management has always been a core strength of Infusion Accounting Software and it continues to be. Infusion offers a suite of features to streamline inventory management, giving you confidence that your stock levels are accurate, no matter the size of your operation.
- Auto Ordering: Automate stock replenishment with Min/Max levels.
Auto Ordering by Min/Max in Infusion Accounting Software helps automate stock replenishment by calculating orders based on predefined minimum and maximum levels for each location. This feature ensures businesses maintain optimal stock levels without constant manual intervention. Infusion also allows re-order quantities to be based on previous sales - In Transit Tracking: Infusion allows for tracking of “In Transit” stock.
When transferring stock between locations, Infusion Accounting Software records it as “in transit”, reflecting its physical location while being transported. During this period, the stock is still considered part of the inventory valuation of the location it departed from. Once delivered, it is “receipted in” and included in the inventory valuation of the receiving location, ensuring accurate tracking and valuation at all times - Serial Number Tracking: Accurately track items with serial numbers.
Product Serial Numbers are used to track goods more accurately. They can be set up to track items individually (with unique serial numbers) or as a batch (multiple quantity serial numbers). Individual serial numbers are used for high-value products like computers, where each unit has its identifier, often linked to warranties. Multiple quantity serial numbers are for items with slight production variances, like carpet rolls or tile pallets, and in Infusion both types can include expiry dates - Bin Location: Track product storage within specific locations.
In Infusion Accounting Software, bin locations are used to track where products are stored within a specific location. This feature allows businesses to organise and monitor their stock more efficiently by assigning each product to a designated bin or shelf within a warehouse or store. Even if a product is moved or stored in different areas, its bin location ensures easy tracking, helping streamline stock management and retrieval processes. This level of organisation is particularly useful for larger inventories, ensuring that businesses always know where their products are within a location - Multiple Stocktake: Perform concurrent stocktake.
Infusion Accounting Software allows businesses to perform multiple stocktakes at the same time. This helps you manage rolling stocktakes and keep better track of any differences between the stock recorded in the system and the actual inventory on hand. It ensures discrepancies are identified and resolved quickly, making it easier to maintain accurate stock levels without disrupting day-to-day operations - Stock Count Import: Import stock counts from spreadsheets.
In Infusion Accounting Software, businesses can import stock counts directly from a spreadsheet, making the process faster and more accurate than manual entry. Instead of counting and entering stock details manually, users can prepare a simple spreadsheet on a handheld device by scanning product barcodes and entering quantities then uploading this into their system. This saves considerable time and reduces the chances of errors, especially for large inventories, ensuring accurate stock levels are recorded efficiently - Variant Management: Easily manage product variants and options.
Infusion Accounting Software allows for the creation of multiple variants based on predefined options, such as size or colour, by using Variable Products as a main product. This functionality is particularly useful for managing items like clothing, where a user can create a list of variant options with the system auto-generating the corresponding products.
Variable products are a convenient shortcut for creating multiple similar products. For example, a clothing retailer can easily generate 24 t-shirt variants in 8 sizes and 3 colours with minimal effort. Ensure accurate stock management by excluding unwanted variants before creating them. This approach also guarantees consistent product codes and descriptions across all variants, with key details like pricing and dimensions copied directly from the variable product. - Kit-sets: Sell products and services as bundles.
Kitsets are used to sell products and services as a bundle in Infusion Accounting Software. There are two types: when Invoiced and when Received. Invoiced Kitsets remove component products from stock when the kitset is invoiced while Received kitset remove components when they are receipted into stock. These are commonly used for packages (e.g. dining suite) or bundled with services like installations included.
Why Choose Infusion Accounting Software for Inventory Management?
Infusion Accounting Software isn’t just another inventory management system, it’s a comprehensive solution that integrates with your business’s accounting functions, offering a complete view of your finances and stock. With the ability to customise features, track inventory across multiple locations, and manage unlimited products, the Infusion Accounting System is perfect for small and medium-sized businesses, accountants, and even larger organisations in New Zealand.
With strong local (New Zealand based) support, you can rest assured that experts who understand your unique business needs will swiftly resolve any issues you encounter.
Get Started Today!
If you are ready to get better control of your inventory Infusion Accounting Software is here to help. Sign up for a free trial today and get to experience the benefits firsthand. Schedule a demo with one of our experts to explore the software in more detail and learn how it can be customised for your business.
You can also take advantage of our available training courses to ensure you get the most out of Infusion Accounting software.
Call us to learn more about how we can transform your inventory management. Contact us on 0800 424 948 or sales@infusionsoftware.co.nz to book a demo.