Integrate Inventory Management and Accounting Software for improved performance

The complexity of business is getting more intense day by day, and it is more important to handle the data efficiently. And this makes Inventory management software and accounting software a must have for businesses of any size. Accounting software defines the current standing of your organization while Inventory Management software maintains and organizes a perfect warehouse and helps to track all the shipments and orders.

These two entirely different and important pillars of your organization can be incorporated for better management of all your business activities.

As both the Inventory Management and Accounting departments has common functions like sales order, purchase order, bills and invoices, integrating them can minimize risk, saves money and automates the process. To make things simple and easy, why not integrate them with an ERP - Horizon EBS?

Why Integrate Inventory Software with Accounts?

The four key benefits of integrating your inventory management software with your accounting software are:

• Optimizing inventory and accounting to meet product availability and ROI goals
• Minimizing labour expense and human errors
• Maintaining accurate inventory in financial reports
• Enhancing automation across departments

Although there are other benefits on bringing both inventory and accounts together, these four can provide significant impact to your organization's bottom line.

Inventory optimization: Balancing the inventory levels with the right mix and the right quantity of inventory on hand is paramount to both customer and investor satisfaction. Customers wants the product in latest trends and on demand, and investors would prefer not to have working capital tied up in inventory. Balancing these conflicting objectives is tricky and carrying extra inventory will lead to unsold items on shelves wasting money beyond the initial material and labor investment.

An integrated inventory management and accounting software can give you clear accurate analysis and provide valuable insights on sales forecast and cash flow. With the right data in hand, you can plan the right level and amount of inventory that matches your sales flow with the real-time visibility on your inventory counts.

Minimize labour: Inventory management not only includes a capital cost, it has an associated labour cost with it. Integrating both the system can reduce the unnecessary touch points, redundant work, human errors and avoid doing manual inventory counts which all makes a positive impact on the bottom line.

Accurate financial reports: Ensuring annual reports and tax returns to be accurate is crucial to avoid any kind of discrepancies. Inventory value can be a significant portion of your stated assets and the recorded value in your accounting software must match the physical value in your warehouse. The only effective way to ensure financial integrity in your organization reporting is to integrate the transactions in your inventory system with your chart of accounts in accounting software.

Improve automation: Connecting both the Inventory and Accounting platform streamlines the process with the real-time data, the accuracy of the data available results in better automation of the business process. The crucial decision can be taken with the reports generated from the integrated software.

Way to Integrate

The simplest way to achieve the integration objectives and is to implement an ERP software with an inventory management and financial accounting module that meets your needs. With Horizon EBS is in place, the entire industry specific process can be automated with ease.

To see Horizon EBS in action, you can write to us at sales@fit.ae or rings us at +971 4 353 3727. We schedule a quick demo displaying how it can better manage all your business process.