Best Inventory Management Software for Businesses in Kenya

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best-inventory-management-software-for-businesses-in-kenya
Pratibha Devasenapathy | Updated on: July 19, 2021

Fast, flexible, and accurate inventory management software

TallyPrime is a flexible inventory management software that helps small and medium business to manage optimum level of inventories always. It’s so flexible that it adapts to the way you work. Not just that! The insightful reports help you manage your business better.

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What is inventory management?

Inventory management software is a software system that helps you to track, control and manage inventories efficiently. By integrating several functions associated with inventories, inventory management software helps you to organize, store, track material movements, consumption, manufacturing, order processing etc.

The key aspect of Inventory management software is to maintain an optimum number of inventories which ensures uninterrupted production, sales, high customer satisfaction, reduced inventory handling cost and so on. In simple words, using an inventory management software, you can maintain the right level inventories at the right time without worry of over/understocking and keep the inventory handling cost at low.

Top features of TallyPrime as an inventory management software

Simplified stock management

Organise your stock by product type, brand, colour, size etc. by creating unlimited stock groups and stock categories. This being a small business inventory management software, you can organize the stock the way you want easily.

How to create stock groups & items in TallyPrime: 

Warehouse/location management

Store and track your inventory in real-time by warehouse, racks, lot, bin etc. You can create multiple godowns to store raw materials, finished goods, components etc. at different locations such as warehouse, production floor, showrooms etc.

Manufacturing  

Record the complete cycle of manufacturing right from the receipt of raw materials till the dispatch of finished goods including the details of by-product, co-products, and scrap.

Manage inventory batch-wise and lot-wise

You can store and track inventories by lots, batches etc. along with manufacturing and expiry date management. What’s more? The powerful inventory reports such as batch summary, batch-wise ageing, etc. help you stay on top of inventories.

Invoicing

You can create a professional-looking invoice in seconds and customise it the way it suits your business. You can print your company logo, add or remove the invoice details using the host of invoice configuration and track the receivables easily.

Bill of materials

Define multiple bill of materials (BoM) with a complete list of components, raw materials, assemblies, co-products, by-products, and scrap etc. along with the quantities required to manufacture a finished product.

Accurate inventory reports

Accurate and actionable inventory reports such as stock ageing, movement analysis, re-order level etc helps you manage optimum inventories always.

Job-Work

Record, track and manage material issues, receipts, consumption in the job work process both as principal manufacture and job worker.

Manage stock from/far third party

Manage and track inventories that have been sent or received from the third party, separately from your regular stock, especially in case of job work, consignment sale and similar situations.

Job/project-wise costing

Complete track of cost and revenue in form of specific order costing for all those manufacturing jobs undertaken according to customer requirements and specification.

Online business reports

Securely access your business data anytime, anywhere using a web browser

Why do businesses need a good inventory management software?

  • Easy to manage and track inventories
  • Increase in productivity
  • Reduced risk of overselling
  • Accuracy in recording and tracking inventories
  • No worries of understocking and overstocking of inventories

Uses of an inventory management software

  • Increased customer satisfaction
  • Better product visibility in the event of a recall
  • Cost optimization at all levels of inventories
  • Get to know the fast-moving and high profitable inventories
  • Help you get rid of the risk of old and expired stock
  • Insights from reports help you in on-time business decisions

Essential inventory reports from inventory management system

  • Stock Summary - A statement that shows you the details of closing stock along with consumption details.
  • Godown report – A report that shows you the availability of inventories at the different storage locations.
  • Movement analysis report – Tracks and displays the movement of stock for a given period.
  • Stock ageing report – This report keeps track of stock age by classifying it into different ageing intervals.
  • Re-order level – Using this report, you can get to know the shortfall and the ones that require to be replenished.
  • Item-wise profitability report –Using this inventory report, you can get to know the item-wise profitability
  • Order summary – You can track the orders that are placed, pending, completed etc.
  • Stock Transfers – This report shows the details of inventory that transferred across different storage location or godowns.
  • Batch summary (Mfg. and Exp. date) – You can track the batch-wise or lot-wise inventories along with the manufacturing and expiry details.

Generate accurate inventory reports on TallyPrime:

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Frequently asked questions

What are the 3 major types of inventory management techniques?

The three most popular inventory management techniques are the push technique, the pull technique and the just-in-time technique. These strategies offer businesses different pathways to meeting customer demand.

What is the 80/20 inventory rule?

The 80/20 rule states that 80% of results come from 20% of efforts, customers or another unit of measurement. When applied to inventory, the rule suggests that companies earn roughly 80% of their profits from 20% of their products.

Which is the best inventory management software in Kenya?

TallyPrime is the best inventory management software solution in Kenya, simply because of its intuitive nature and immense capabilities that help manage and streamline your overall business processes more efficiently. It is so easy to learn, that you can start experiencing the amazing features of TallyPrime, within minutes of its installation? Still in doubt? Take a free trial and be amazed!