Yes, it is finally here. We’re excited to announce that inventory management will now be available in Zoho Books. Are you wondering why we’ve brought in inventory management in an accounting software?
For traders and product based companies who have stock constantly moving in and out, stock control can be just as crucial as managing finance. Often, they use two separate systems to manage these functions. Something like inventory control cannot be an app glued to your accounting software or an add-on. It should be a part of your books in real-time and stock movements should update instantly.
Coming to the inventory function itself, today, most businesses feel the heat trying to get a proper control over their stock. If managing inbound goods and billing for them is hard, tracking the outgoing goods and invoicing for them can be much harder. Apart from these, there is also the difficult task of inventory valuation and adjustment.
Zoho Books has addressed all these pain points with the new inventory feature. Here are some of the major issues that we’ve solved:
We have linked up inventory to all the major modules so that you can manage it end-to-end. Right from purchase orders & bills to sales orders & invoices, we’ve got it all covered. Simply enable inventory tracking and everything else is automated.
The biggest pain for retailers would be making inventory adjustments. Always keep an eye out for damaged goods, difference in stock levels on recount, and a lot of other such situations that demand changing the inventory count in your books. Zoho Books lets you make positive and negative inventory adjustments, anytime. Capture it with all necessary details.
The last thing you would want is stock unavailability when there is so much demand for your products. Set reorder levels and preferred vendors for your products in Zoho Books. If the items touch the reorder point, the system automatically triggers a notification asking you to refill the stock.
Accurate Inventory Valuation
Businesses struggle during tax payment as a result of improper accounting of their stock. Every product in your inventory has an asset value that can make a difference in your books. With Zoho Books, each and every product in your inventory is automatically accounted for as they come in and are being sold.
Zoho Books uses FIFO method of stock evaluation. It is the most accurate and the most recommended method for businesses. It covers all the costs associated with the sale of the goods and improves the accuracy of your profit reporting.
Knowing Your Inventory
At the end of the day, you are not doing good business if you do not know the status and value of your inventory. Zoho Books generates reports based on stock movement, availability and asset value of individual items. A comprehensive report called ‘FIFO cost lot tracking’ is also available, that accurately traces the incoming and outgoing path of goods ordered and sold in the business.
So there you have it, your ideal inventory and accounting combo. From now on, you don’t have to spend on 2 separate software for inventory and accounting. Enable inventory, use it and let us know what you think.