Why you should use software to manage your business stock
Updated: Oct 28, 2019
If you’re running a small business selling products, effective stock control is crucial. If you don’t have stock when your customers want it, you’re missing out on sales. You’ll lose money because your customers will go to your competitors instead. And you might never get them back again.
On the other hand, if you have too much stock, you’re tying up too much money unnecessarily. You might also be wasting money if you’re selling perishable products and you can’t sell them in time.
The benefits of inventory management software
Managing your stock levels is quick and easy with inventory management software like Xero. It enables you to:
· link your point-of-sale technology with it so you always know exactly how much stock you have on hand at any point in time, and its value.
· keep track of stock levels at multiple locations.
· understand which stock items are your bestsellers and/or most profitable.
· make informed stock ordering decisions.
· create customer quotes, invoices and purchase orders faster and more accurately.
In addition, did you know that the Australian Taxation Office requires you to do an annual stocktake if the difference between your opening and closing stock values is more than $5,000? There’s no need for costly manual stocktakes at tax time when you use inventory management software.
How we can help
At Scorpion Bookkeeping, we’re a Xero-certified advisor. We specialise in helping innovative business owners to take advantage of all the benefits of Xero accounting software, including effective stock management. We can help you to get set up in the cloud and we can also provide you with any bookkeeping support services that you need. We currently have business clients in South Australia, Victoria and New South Wales.
Contact us today to find out how we can help your business!