The Power of Inventory Accounting
Inventory accounting measures and manages the value of your company’s inventoried assets. These assets are the goods you sell or use to create a final product for customers. The financial dimensions of supplies, finished products, and other materials in stock are monitored to isolate how items are generating expenses and revenue.
Inventory accounting software allows you to assign appropriate values to inventory items and prioritize the assets your company is working with. Each organization has a unique inventory and product scope. Because of this, inventory accounting helps you pinpoint the best practices for your company. Besides allowing a definitive way to measure product performance and need, you can track inventory and the uses of these items. This is highly valuable for completing orders on time while visualizing how your inventory affects finances.
In a busy warehouse, it’s easy for inventory costs and stock numbers to fall through the cracks. Do you want to spend extra time manually validating inventory amounts and their respective accounting? No! This leaves a lot of room for human error, which can really disrupt your process and drive up expenses.
Besides reducing manual data entry, accounting software gives you the precise answers you need for true inventory control. The right feature-set will elevate your inventory management and set you up to achieve key goals because you know financial amounts and return-on-investment in real-time.
Achieve Your Goals
Inventory accounting is critical for building better strategies for your business, providing insight into customer demands and operational needs. There are several components of inventory accounting including inventory valuation, amortization, and more to help with this. Therefore, you need a system whose features are equipped to take the strain out of these processes while providing the most accurate data possible.
Accounting Seed’s Inventory Accounting Features
Automation is a keystone feature you should look for in any accounting system. Tracking and accounting for your items is done with just the click of a button. Besides being optimized for automating all general accounting processes, Accounting Seed is resilient and flexible enough to accommodate whatever business needs your company has. Improve customer relations and use capital more efficiently by automating key processes to reduce stockouts, compress delivery timeframes, and reduce overstock.
System flexibility surrounding in-depth inventory features is what enabled Accounting Seed to take NVIS, inc’s competitive edge even further than before. Users are able to fully customize and configure the platform to meet precise accounting and inventory requirements.
Accounting Seed’s inventory control features let you manage your warehouse inventory right alongside accounting in one system. Users can build a customized solution with features such as:
- Product bundling (kitting)
- Serialized and non-serialized inventory
- Multi-warehouse, multi-location environments
- Build and stock finished good inventory from raw materials
Now let’s take a look at some other features.
Financial reporting is very important for any accounting system. From planning projects to submitting orders, this is how you and your team can plan your inventory to both reduce expenses and boost revenue potential. Accounting Seed provides several in-depth financial and management reporting features including historical inventory balance reporting.
Accounting Seed also lets you create custom reports to give you the key information needed to make the best money-saving and stocking decisions. All our reports contain the drill-down feature to let you further analyze any data stream. This helps you ensure records and amounts are fully aligned to avoid errors that could jeopardize deadlines and orders.
Already using an inventory management program and just looking for accounting? Accounting Seed’s flexible design and resilient API allows the product to reliably integrate to other systems on and off Salesforce. If you’re on Salesforce, our native design allows us to seamlessly connect with other Salesforce solutions so you can operate fully on a single-platform. We actually partner with inventory ERPs like top topShelf to give you a wide range of inventory control options from accounting to general management.
Ready to master those inventory finances? Schedule your free demo here!