We agree that randomness and profitability are opposites that never go together.
If you think and plan well to double your profits, one of the main factors that you must be keen to apply properly is successful inventory management in your establishment.
But managing inventory by phone is not simple if the most basic processes of running and managing inventory are not automated.
That’s why it’s crucial that you invest well in cloud accounting software to help you with the process.
In this article we will give you everything you need to know to manage your inventory with high craftsmanship through your mobile device.
What is Inventory Management?
Inventory management is a process that is based on ordering, storing, and managing products well through your supply chain.
In order to provide a suitable amount of products in the right place and at the right time.
Prudent inventory management provides you with accurate details of the type and size of products stored, their quantities, and where they are stored.
Therefore, the main purpose of inventory management is to reduce storage costs so that you do not continue to pay huge sums of money to store products that are perishable or no longer needed.
In practice, you also know when you need to buy new products.
This is the definition of inventory management, and the way it is managed varies from one organization to another.
But the question now arises: what is the essential role of cloud accounting software in inventory management?
The role of cloud accounting software in inventory management
The necessary need for cloud accounting software for inventory management is caused by the obstacles that come suddenly without warning, disrupting the workflow sometimes, and costing the facility heavy losses at other times.
The most prominent of these obstacles are the following:
- Bad data that your POS system provides you: The problem with traditional systems of POS is that they are not effective enough, let alone the great damage they cause to facilities, such as providing you with inaccurate figures on the status of inventory.
Later, you are surprised to suffer fatal losses due to your decisions based on the stock status you took from the POS system.
- Changing the state of demand: the established fact that disasters come suddenly. The COVID-19 pandemic has toppled hundreds of establishments because demand suddenly changed for the products they offer and they didn’t know how to behave.
The stock ran out without the concerned department’s knowledge
- Relying on Excel files: It is one of the most influential obstacles in inventory management, especially if you have more than one branch of your inventory, let alone the accumulation of data that makes the process of extracting useful reports from them very difficult, and you can imagine the size of the damage.
There are many other obstacles, and we are almost certain that you have met one or some of them previously at your facility.
So you need to use cloud accounting software that helps you automate the entire inventory management process, making it easy.
It even gives you access to the reports you need to see the stock status of your smartphone, as long as it’s connected to the internet.
1-Features of cloud accounting software
Here’s what these programs have to offer:
- Easy management of various stores from one place: Cloud accounting programs provide you with the advantage of adding all branches of your stores, with the ability to customize each branch separately according to its location, and the type of products stored in it.
- Say goodbye to out-of-stock problems: Thanks to its continuous reports, you will have a clear picture of the stock status of each product, to know when it is moving, as well as an automatic alert that will reach you when a particular product reaches the stage of exhaustion.
- Flexible product management: If, for example, you need to move a product(s) from one of your branches to another, you will be able to do so in seconds through the transfer feature provided by cloud accounting software.
- Effective decisions: Perhaps the most important thing in any business is your ability, as a successful entrepreneur or executive director, to make effective decisions that lead your organization towards profitability.
Thanks to the diverse reports provided by cloud accounting software.
You’ll get a report that gives you an accurate overview of the status of the quantity of products available according to their position in inventory.
It will also help you coordinate the distribution process.
Other reports summarize the status of sales, purchases, and stored products to determine if they are in line with your goals.
We see you starting to repent, and you are seriously considering investing in cloud accounting software to help you manage your inventory with professionalism.
One of the best cloud accounting programs specialized in automating the inventory management process in the Kingdom of Saudi Arabia, and with the testimony of hundreds of satisfied customers, is the Qoyod cloud accounting program. Don’t take our word for it.
Try it for free for 14 days and judge for yourself.
Why is Qoyod your cloud accounting software the best for managing your inventory?
From the beginning of this article, we started with one fundamental idea: how to manage inventory professionally through a smartphone, and this is exactly what Qoyod provides you with in this regard.
Qoyod is considered one of the best-known software products in the field of cloud accounting in the Kingdom of Saudi Arabia.
It’s super easy, and you don’t need a lot of experience in accounting, supply chains, or project management to get started managing your inventory.
It makes the whole process easier for you with its unique practical solutions.
Qoyod provides you with the following benefits:
- Adding all your stores in one place.
- Adjust your inventory literally so you have a clear picture of the status of your inventory from A to Z.
- Easy transportation of products between your branches and stores.
- Accurate reports on the status and quantity of products according to their position in stock. Not only that, but it also provides you with important details about the status of sales and purchases.
As we told you earlier, don’t take our word for it; try it for free for 14 days.
The conclusion
Inventory management is the most important element in the success of enterprises.
How can any enterprise move towards achieving its goals with incomplete and inaccurate data on the status of its products and quantities, let alone the volume of sales and purchases?
The most important thing is how to make the most successful decisions related to your inventory in just a few minutes without the need for dozens of hours spent organizing and checking data.
That’s why it’s crucial to invest in effective cloud accounting software like Qoyod.
Try Qoyod for free for 14 days.
