Almost all businesses require inventory management as you need to manage and track the products you buy and sell. The effectiveness of how you manage those products determines how efficient your inventory management system is. There are different types of inventory management systems that have their benefits. We will help you understand the different types to decide which one you need for your business.
Periodic Inventory Management
If you’re looking to avoid using inventory management software, you should consider this system. A periodic inventory system will determine your inventory levels at the end of each accounting period instead of doing it daily. Even though the system is relatively easy to implement and most small businesses can benefit from it, it can be very inaccurate and require you to invest in labor since it’s done manually.
Perpetual Inventory Management
For a perpetual inventory management system, you need inventory management software as it will help track your inventory levels. Any new purchases or sales will be automatically updated in your data when they are checked out. It may require you to set up a POS software that can track the inventory, but it’s highly accurate and will present you with real-time data. Furthermore, it’s scalable, so you can expand your business without worrying about your inventory management system.
Barcode Inventory System
The barcode inventory system is a type of inventory system that helps track individual products quantity. It’s updated every time a product is sold. The barcodes are used to add more details to the products. Each barcode can have different types of detail. For example, it can weigh the product, manufacturing date or location, or even details about the manufacturer.
This is like a perpetual inventory management system but mostly for large-scale businesses. However, we can help set up a barcode inventory system for small businesses as well. Our cloud-based inventory management system is easily set up and very easy to use. Most importantly, it has a wide range of additional customizable features like order and delivery management, vendor management, purchase management, and employee management that can further improve the performance of your business. So, contact us and find out how we can help you.
