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Your corporate accounting team needs inventory management software. What’s the most affordable option?

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If you work in corporate accounting, you know how important inventory management is for your financial reporting and planning. But how do you choose the best software for your needs without breaking the bank? In this article, we'll explore some of the factors to consider when looking for an affordable inventory management software, and some of the options available in the market.

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CA Ravi Thanki

I practice audit and assurance, financial reporting, and tax compliance.
Tomi Akinwale ACCA, ACA, ACTI, B.TECH, FMVA, AAT.

Tax | Deloitte | Financial Reporting & Modelling |
Yogesh Kulkarni

CEO and Founder Director at Global Finance Professionals #Management Consulting #Business Excellence #Finance…

1 Why inventory management software matters

Inventory management software helps you track, control, and optimize your inventory levels across multiple locations and channels. It also helps you automate tasks such as ordering, receiving, transferring, and counting inventory, as well as generating reports and forecasts. By using inventory management software, you can improve your accuracy, efficiency, and profitability, as well as comply with accounting standards and regulations.

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Yogesh Kulkarni

CEO and Founder Director at Global Finance Professionals #Management Consulting #Business Excellence #Finance excellence #Management Dashboard #Digital Transformation #MIS Development #KPI,KRA setting aligned with Vision
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Of course integrated ERP - SAP, Oracle, Qad or Customised ERP for the sector for which your organisation belongs to. Your test is going to be closing inventory alongwith valuation should reflect in balance sheet at any given point of time and consumption should auto populate - no more journal entry for these - it will be the successful roll out test for Inventory Management software.

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CA Ravi Thanki

I practice audit and assurance, financial reporting, and tax compliance.
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In the business with multiple showroom and various sales location, inventory management is crucial aspects of the operation which can: - Bridge the gaps between demand and supply. - Minimize obsolete stock items. - Minimizes error & inaccuracy. - Avoid reversal of allowance for slow moving stock and its tax impact. - Helps in timely order to stock items depending on re-order levels. - Compliance with accounting framework.

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GBENGA OMOLERE

FINANCE MANAGER
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The 10 Best Inventory Management Software to Use in 2023 1. ClickUp. 2. Zoho Inventory. 3. Cin7. 4. ShipBob WMS. 5. Katana MRP. 6. Fishbowl Inventory. 7. inFlow. 8. Extensiv. 9. Ordoro. 10. Sortly.

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Ranjana Patel

Finance Manager @ RSM International Limited
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There are several affordable options for inventory management software, such as Zoho Inventory, inFlow, or Odoo. Consider your team's specific needs and features required before making a decision.

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2 What to look for in inventory management software

When selecting inventory management software, you should take into account various factors, such as the size and complexity of your inventory, integration and compatibility with existing systems, features and functionality of the software, and cost and value of the software. Consider if you have a large number of items, variants, and categories to manage, if you need to sync your inventory data with accounting or sales software, if the software offers core capabilities and benefits, is easy to use and customize, is reliable and secure, and how much it charges for licenses or subscriptions. Additionally, evaluate how many users or transactions are included or allowed, additional costs for installation or training, maintenance or upgrades, and compare to other alternatives in terms of quality and performance.

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CA Ravi Thanki

I practice audit and assurance, financial reporting, and tax compliance.
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Some of the factors to be considered: - Business model adopted. - Sourcing locations of suppliers. - Number of showroom/sales locations. - Compatibility of software with existing information systems. - Processing large volume of data. - Backup & security features. - Realtime data processing. - Support from technical team. - Annual maintenance availability. - Accuracy & reliability of output. - Compliance with regulations. - Integration with sales processing systems.

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3 How to find affordable inventory management software

When searching for affordable inventory management software, the price is not the only indicator of affordability. You also need to consider the total cost of ownership, the return on investment, and the opportunity cost of not using the software. To help you find an appropriate option, do your research and compare different software options based on your needs, preferences, and budget. Read reviews, testimonials, and case studies from other users. Request demos, trials, or quotes from the vendors and evaluate the pros and cons of each option. Additionally, look for discounts and deals such as those offered for annual payments, referrals, or bulk purchases. You may also be able to negotiate a better deal with the vendor; ask for lower prices, more features, or more flexibility in terms of users, locations, or transactions. Once you choose an inventory management software make sure that you use it effectively and efficiently by optimizing your inventory levels and reducing waste and errors. Monitor your software performance as well as report any issues or request any improvements.

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4 Examples of affordable inventory management software

If you're looking for affordable inventory management software for your corporate accounting team, consider Zoho Inventory, Odoo Inventory, and inFlow Inventory. Zoho Inventory is a cloud-based software that integrates with popular platforms such as Shopify, Amazon, and QuickBooks. It offers features such as multi-channel inventory management, order fulfillment, inventory valuation, and stock adjustment. Odoo Inventory is an open-source software that can be deployed on the cloud or on-premise, and it offers barcode scanning, drop-shipping, replenishment rules, and inventory costing methods. Lastly, inFlow Inventory is a desktop software that can be installed on Windows devices. It integrates with online platforms such as Shopify, WooCommerce, and Amazon. It provides features like inventory tracking, purchase orders, sales orders, invoices, and reports. Each of these software has a free plan with limited features; for example Zoho Inventory has a free plan for up to two users and 20 online orders per month. Paid plans are also available with more features; for instance Odoo Inventory has paid plans starting from $12 per user per month for unlimited apps.

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Tomi Akinwale ACCA, ACA, ACTI, B.TECH, FMVA, AAT.

Tax | Deloitte | Financial Reporting & Modelling |
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ABC Inventory: This free software offers basic inventory tracking, purchase orders, and sales orders. It's a good option for small businesses with simple inventory needs, but it's not as user-friendly as some other options.

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5 Next steps for your corporate accounting team

Now that you have some information and tips on how to find affordable inventory management software, you can start your search and evaluation process. You can also consult with your team members, stakeholders, and vendors to get their input and feedback. Remember that the best software for your corporate accounting team is the one that meets your needs, preferences, and budget, while delivering value and results.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Your corporate accounting team needs inventory management software. What’s the most affordable option?

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1 Why inventory management software matters

2 What to look for in inventory management software

3 How to find affordable inventory management software

4 Examples of affordable inventory management software

5 Next steps for your corporate accounting team

6 Here’s what else to consider

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