Every retailer, wholesaler and manufacturer strives to have neither too much nor too little stock on hand. Effective inventory management is a complex series of interrelated processes, including ordering and receiving stock from suppliers, storing and tracking the stock and monitoring sales.
Many small businesses use spreadsheets to keep track of their stock, but these cannot provide an accurate view of inventory in real time and become harder to manage as businesses grow. Others use inventory management software, but don’t integrate it with their accounting and other systems. They therefore have to enter data into several different systems manually, which is time-consuming and prone to error.
When inventory management software is integrated with other cloud-based products, such as eCommerce and accounting systems, information can flow automatically from one system to another and only needs to be entered once. For example, when an item is sold, the eCommerce system passes the information on to the accounting software, so that the revenue and tax can be recorded; to the inventory management software, which automatically re-orders if stocks are running low, and to the customer relationship management (CRM) system, which shows which products are most profitable.
Some of the cloud-based inventory management systems we implement and integrate for small to medium-sized businesses include:
- Zoho Inventory
Inventory management system-CRM integration
The benefits of integrating an inventory management system with a CRM system include:
- Provides complete record of all customer interactions, including sales, from within the CRM.
- Gives sales team easy access to inventory information in real time, from within the CRM.
- Allows sales team to begin the ordering process in the CRM and receive alerts to carry out key tasks, for example to follow up on orders or send quotes.
- Allows sales team to send the order directly to the warehouse for immediate processing, improving service and increasing customer satisfaction.
- Ensures that inventory levels are automatically updated in the CRM, maintaining an accurate view of inventory in real time.
- Improves data accuracy and efficiency between departments, reducing costly errors.
- Eliminates double handling by automatically converting an opportunity created in the CRM to an order in the inventory management system.
- Engages customer in tracking process.
Inventory management system-accounting platform integration
Running a successful business demands meticulous record-keeping and financial integrity. The best way to ensure financial integrity in your reporting is to integrate the transactions in your inventory system with your accounting software. The software also calculates the costs – often in multiple currencies – so that your accounting platform will always have an accurate assessment of the value of the goods.
Inventory management integration and your business
Although systems like inventory management and CRM systems usually work together very well, getting them to do exactly what your business needs them to do sometimes involves a little customisation. Squirrel and its team of developers can do this for you.
Squirrel can also help you decide if integration would benefit your business and carry out the integration for you.
And if you’re not yet using a CRM system, we can get you up and running and then integrate it with your inventory management platform.
Squirrel Business Hub specialises in helping businesses to work smarter by integrating their systems. To find out how integration could benefit your business, book a free consult today.