Stock Management- Meaning
Stock management is helpful for safety stock, also known as buffer stock. It means keeping a little more goods than you expect you will require. It is helpful if demand is unusually high or you want to exchange a faulty or damaged product.
Stock Management Software- Definition
Stock Management Software is a computer-based system that tracks stock levels, orders, sales, and deliveries.
With the help of free stock management software, you can successfully supervise the constant flow of the stocks into and out of a currently existing stock.
Benefits of stock management software
Some of the benefits you will get by having stock management software in your company are:
- It Improves your company's cash flow and has a higher inventory turnover.
- It identifies the seasonality of your products and will help you plan better.
- It quickly detects slow-moving items to develop strategies to get rid of them quickly.
- It reduces the freight costs for more significant planning and reduction of emergency purchases.
- It monitors the quality of products so they are well-identified and controlled.
- It helps free up and optimize your stock's space to increase profitability per square meter of storage.
- It holds incoming, outgoing, and location of goods.
Components of Stock Management Software
The following are the elements of stock management software:
- Barcode Scanner- It is an electronic gadget for reading printed barcodes.
- Mobile Computer- Mobile computing takes a computer and all the necessary files and software into the field.
- Inventory Software- It controls and tracks warehouse or point-of-sale inventory.
- Barcode label- It is a material with a sticky backing and a printed barcode on the face.
Features of Stock Management Software
There are numerous features of stock management software that help your company in stock management. These features include:
- Order Management- A company's stock management software tells managers to reorder products. It helps to prevent the companies from running out of products.
- Asset Tracking- When a product is in the storehouse, it is easily trackable with a barcode or using other tracking criteria such as serial number, revision number, or lot number.
- Service Management- Stock management software also tracks the cost of the materials used to provide the services in the case of service-oriented industries.
- Product Identification- Barcodes input the data on the products and various orders in the stock management software using barcode readers.
Conclusion
After analyzing this blog, you will recognize the significance of online accounting software in India. There is a lot of stock management software. Still, Eazybills is the best accounting software in India, which helps your business to grow by providing the facilities of record of inflow and outflow of goods, tracking, and cost-efficiency.
