Now in the year 2021, is the perfect time to adopt and deploy a cloud-based inventory management software to help your business regain its lost stability and reestablish its profitability.
Following are the extremely impressive features of Retail Inventory Management Software, designed for your high business performance and excellent revenue generation.
1. Accurate Tax Calculations:
In every country, the Federal Government applies certain taxes on business like GST or VAT. Now no matter what percentage and type of tax you need to apply you can let the feature of accurate tax calculations benefit your business. You cannot rely on manual calculations anymore as they are more prone to error and complex in nature. So automated software of Inventory Management is designed for fabulously accurate and precise tax calculations. As a result, you can stay almost hassle-free as the time of tax payment arrives.
2. Stock Control and Management:
Stock management is the dire need of your retail business since it is not possible to maintain your entire inventory stock manually. Inventory is prone to stealth and mishandling of items in case there is no automated software to monitor and control the stock. The basic purpose of stock control is to “never let you go out of stock”. Your business needs smooth operation such that you are never short of your any stock while customers demanding it. So just before the stock reaches the minimum threshold value, a notification is sent to the user to update his inventory with the demanded items of stock. So that the sales processes run uninterruptedly. Similarly, the overstocking condition can be harmful for your business so only the relevant stock is kept in warehouse based on the sales forecast and reporting insights.
3. Batch and Serial Labels:
Right when any item is being entered into your inventory system, you must label every item’s batch and serial numbers. Batches are like groups of items whereas the serial numbers have to be unique for every item. Batch and serial numbers are basically implemented to keep a close track of every item right from its production cycle till the point it is sold to the customer. This features highly secures your inventory stock as nobody can steal any item any more. Since each item of stock is given a batch and serial number the monitoring is extremely meticulous and gives you a complete control.
4. Dimensional Items:
A great feature recently introduced is the dealing and handling of the two and three-dimensional products/items. You can now maintain an inventory and even sell the items that are multidimensional. The examples of two-dimensional items are paper, fabric, wallpaper etc. Whereas the examples of three-dimensional items are glass panes, wood slabs, marble slabs and wooden doors etc. This is an awesomely mind-blowing feature that allows the retail business to expand and grow beyond normal levels of progress. For dimensional items only batches are labeled and their measurement is calculated at the time of entry in stock.
5. Size and Color Items:
You can also categorize your inventory stock based on different distinguishable colors and sizes. Especially in the field of apparels you need color and size item handling. You can now set different cost prices based on the different colors of items like iPhones and other electronic devices. Also, the sizes in characters and numbers are applicable like medium, large and extra large or 36, 38, 40, 42 etc.
6. Opening Stock:
You can now set the opening stock of items even if you want to enter them one by one or in bulk amount. Both features are available that allow you enter the opening stock of a particular item and adding through the excel sheet.
The reporting is always the most savagely critical feature. It is just not about the insights of your business but also helps you in making better decision-making for your future business planning. Your strategy making is improved and you can lead towards a brighter future with less stress and minimum effort. The reporting feature implemented in the Retail Inventory Management Software is so detailed and analytical that it allows you monitor the entire business for example, sales forecast, sales invoice ageing and sales monthly summary. The meticulous reporting helps you know your business weaknesses and strengths and encourages you to work towards their improvement. The SWOT analysis can be created for your business easily which helps you target the opportunities and deal with the threats.
The Valuable Suggestion:
Now after reading the above content, you need to find the best possible software for your stock management. But the article is not yet finished and promises to provide you with the most valuable suggestion. All you need to do is rely and deploy SMACC software and leave the rest in the expert hands of this highly intelligent software. You will be amazed at how it brings you success in no time even in the crisis of pandemic in 2021.