Why You Should Integrate Your Inventory Management System with Your Back-Office System

Inventory management is about knowing the level of stock you have in your warehouse. Nonetheless, your stock control software alone can’t streamline your processes unless it’s integrated with your accounting and back-office systems. It also can’t ensure that the inventory value on your financial reports matches the value of the physical inventory.

Today’s companies integrate their stock control systems with their accounting and back-office operations to optimize inventory management. Integration minimizes labor cost, provide a competitive edge, and minimize errors associated with manual reconciliation. It requires a business to assess its needs and future growth plan for it to determine the right medical inventory management software. Your integrated medical inventory management software must be scalable, transparent, real-time, reconcilable, and flexible for you to achieve maximum benefits.

Why Integrate your Inventory Management System with Your Accounting and Back Office Processes?

Integrating your stock control system with your back-office and accounting systems results in three key benefits. These three integration benefits can impact your bottom line significantly.

Accurate Financial Reports

Maintaining accurate tax returns and annual reports is crucial for your investors and government. The value of the physical assets in your warehouse must match the recorded value in your books. By integrating the transactions in your inventory system, you ensure financial integrity in your company reporting.

Inventory Optimization

Having the right mix and adequate inventory is essential for customers’ satisfaction. Activities such as counting, reworking, and storing reduce the availability of products that your customers’ demand. Your inventory management system needs to have a real-time visibility of your inventory to ensure that you have adequate and the right mix of stock.

Supply Chain Visibility

Today’s companies manage their stock levels and distribute their products through supply chain partners. They not only integrate their inventory systems with the company’s back-office systems but also with third-party logistics and suppliers systems. By integrating your system with those of your suppliers, you ensure that your inventory levels don’t fluctuate.

The Importance of Integration

The integration of your system must be real-time, scalable, transparent, and flexible. Real-time data enhances visibility to your supply chain partners and customers. That ensures that your financial reporting is accurate and up-to-date. Customers and supply chain partners want the integration to be scalable and flexible, as continuous growth could require your business processes to adjust to the integration. Many companies often forget about scalability during the integration design. That will come back to haunt you when high transaction volumes overwhelm your company’s success.

The easiest way to integrate your systems is to incorporate an inventory management module and ERP system that meets your needs. You could also look for an ERP system and inventory management system that was designed with flexible APIs. Alternatively, you can still integrate your system if it doesn’t match with systems with open and flexible APIs. However, your system will require constant maintenance as the provider upgrades the solutions. You could also update and reconcile your systems manually to keep various systems in synch.…

The Benefits of Hosted Solutions for Business

Although cloud-accounting has been around for some time now, some entrepreneurs have not yet fully embraced the idea of taking their data to the cloud. Thanks to applications like QuickBooks, cloud-accounting makes it possible for entrepreneurs to optimize and grow their businesses. To help you understand how, here are a few of the benefits offered.

Reduced costs

Cloud-based solutions can help bring your business resources together, allowing these to be reallocated or shared as needed to more of your employees and clients at a cheaper cost than what it would take to build and maintain your own server. Additionally, your vendor will manage the storage, connectivity, licenses and servers, reducing the level of administration required to do so onsite.

Scalability

Hosted service providers usually have a utility pricing structure that makes it easy for businesses to add licenses and users when needed and reduce the user count when said licenses are not needed. When considering a merger, this level of scalability might be invaluable because it allows a lot of users to be the incorporated into a firm’s hosted applications on short notice, ensuring faster integration into the company’s operating environment.

Managed cash flow

For access, most hosted services will charge the user a fixed monthly fee. Businesses can, therefore, manage their cash flow better, which, in turn, allows them to simplify their budgeting processes. As a result, companies will not pay for anything other than the services used, reducing capital expenditures.

Increased mobility

When using a hosted solution, you will no longer be tied to the firm’s computer. As long as there is a working internet connection, users can use a variety of devices to access hosted applications from any location. On the user’s tablet, smartphone, or home PC, cloud-accounting solutions can be accessed through browsers or mobile apps. As a result, businesses can promote flex time and remote operations, both of which can help improve productivity. With increased accessibility and mobility, companies can retain the services of employees who move away, a practice that might, in the long run, help them create global platforms for business operations.

Collaboration made easy

With hosted applications, entrepreneurs and business managers can access the required information at all times, which makes it easier to collaborate regardless of whether they are in the office, at home, or on the go. Some businesses are yet to incorporate cloud-accounting solutions, as a result of which their managers will spend a significant amount of time chasing down answers and documents from their clients. Business owners can leverage cloud-based solutions to centralize their key financial documents automatically. Apart from reducing the friction of auditing a firm’s books, it will make collaboration easier. Remote accessibility means that bookkeepers and accountants will have the necessary documents when they need them, allowing better management of time.

Conclusion

Hosted solutions usually have IT personnel teams charged with monitoring network performance and system trends, focusing on enterprise tools and security. As a result, such providers will have several data centers where …

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