How to manage Retail Inventory

How to manage Retail Inventory

Inventory is one of the most important area when it comes to Retail business. It is like a manufacturing area for the retail business. It is where all the products for the business are stored. And hence to keep your business going you need to have a strong management for your inventory.  

  1. At times you might not know where your products are going and you might lose track and count of your items in your inventory.  An inventory management helps in tracking the amount of items in your inventory and keep track of each item by number and as the sale takes place you will notice how the items sold and items available follows up.
  2. It indirectly helps in customer service as well. When customers comes to your store for a particular product and hear that you are out of stock we all agree that it is annoying. Hence to avoid this you can have an inventory management software that will help you know when you are about to run out of products. This way you will always remain aware before run out of items.
  3. You will need to know the status of your stock and how much you have spent on it and how much profit you made around the year or in few years. This way you will be able to track the expenses and profit made.
  4. When you want to look for something in your closet you always end up messing it up if it is unorganized. It is the same with an unorganized inventory. You might have to go and look around  for the product which will waste both yours and your customer”™s time. In an organized inventory it will save employees from wasting time looking for products that will only make patients more impatient.

How to manage Retail Inventory

Reach Accountant software has an inventory management software that will also help you with inventory management. It tracks your inventory level and keeps all your items organized. It makes sure that you never run out of products all to a sudden.

Its features include of:

a.) Order management

It converts your job orders and sales orders into invoices automatically once they are ready.

b.) Manufacturing management

Easily manage manufacturing by tracking the process. Keep track of the raw materials”™ inventory and get the end products on time with ease and no hinderance in production.

c.) Warehouse

Manage your raw materials, stock levels, production progress, finished goods etc.

d.) Point of sale

Touch and keyboard billing. This way you can keep track of the inventory item”™s level. This feature works even there is no internet connection.

e.) Lots and barcode management

It allows you to create lots and auto generate codes and print barcodes. Scan the barcodes using a barcode reader.

f.) Project management

Manage the project expenses and the order of the projects.

g.) Accounting

Keeping the record of the expenses, tax, ledger, income and expense, tax heading, creation and operations, etc are managed by this feature.

h.) Invoicing

Has over 20 templates of invoices. You can customize and use any template by using your company logo and tag. THe invoices are raised automatically or by converting the quotes.

i.) Operations and process

Allows you to check on product service and process. It also enables showroom wise operation.

j.) Loyalty management

Assign points for item sold and redeem them in the next billing or whenever the buyer wants to after a point of time.

k.) Addons

Automatically syncs over 36 banks and google docs, google calendar, e-stores, project management tools, etc.

l.) Tally import

Easily import the tally records and excel spreadsheet records and manage it from one software.

m.) Proof of document

Free download of software and import the data. Select the period and get an immediate process.

n.) Purchase

Purchase bills, returns bill and orders management.

o.) Sales

Quotes, sales return, multi product operation, recurring invoice, etc

p.) Access

Can be accessed from any location, is mobile friendly and is easy to operate. Give limited accessibility to other for your account”™s protection.

q.) Multi company

Cna manage multiple companies at once. Lets you create different companies and you can manage them individually from anywhere.

r.) Auditor view

Read process using auditor. Full financial report availability, tax reports, VAT report with e-filing, tax consulting modules, etc.

s.) Mobile app

Mobile friendly. Access using any internet connected gadgets like tab, mobile, laptop, etc. Bulk emails and sms system available.

t.) Bank synchronization

Sync the bank excel files by uploading them in the software.

u.) Multi branch

Manage all your branches easily by creating multiple branches and taking care of them individually.

For queries and more information click here. For 15 days free trial of Reach inventory software click on >> Demo

I’m a tax expert with over 10 years of professional experience. I’ve gained practical insights on GST and other Taxes during my tenture as a Tax expert and GST Trainer in Reach Accountant.

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