Flexible Inventory & Stock Management Software for Businesses in USA

flexible inventory management software
Yarab A | Updated on: November 3, 2023

Fast, efficient, & accurate inventory management software

Manage inventories effortlessly with TallyPrime's smart and simple inventory software. Adapt it to your workflow and benefit from insightful reports for improved business management

Unlock the power of TallyPrime to effortlessly manage multiple warehouses, customize stock quantities, utilize various valuation methods, set re-order levels, and gain more control over your inventories.



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What is inventory management software? 

Inventory management software is stock management software that helps you to track, control and manage inventories efficiently. By integrating several functions associated with inventories, inventory management software helps you to organize, record and track inventories. Inventory management software is also known as stock management software plays a vital role in managing the right level inventories at the right time, without worries of over or understocking. Thus, ensuring uninterrupted production and supply, high customer satisfaction, reduced inventory handling cost and so on. 

Key Features of TallyPrime as an inventory management software

Simplified stock management 

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

simplified stock management  

Integrated accounting & inventory data

Achieve seamless synchronization between invoicing, accounts, and inventory through automated updates based on recorded invoices. Thus save time and effort by eliminating the need for manual consolidation of information.

Multiple stock valuation 

You can easily value your closing stock with diverse methods such as FIFO, LIFO, average costing, and standard costing. You can set different stock valuation methods for each item that suits you and also view a comparative inventories report with different stock valuation methods.

multiple stock valuation

Warehouse and location management solution

Manage and track inventory in real-time, utilizing various parameters like warehouse, racks, lots, bins, and more. Create multiple warehouses to store different items across various locations such as production floors and showrooms.

Record manufacturing cycle

Capture the entire manufacturing cycle, from raw material receipt to finished goods dispatch, including details of by-products, co-products, and scrap. Easily incorporate additional costs incurred during the manufacturing process for accurate financial tracking.

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.  

Customizable invoices

Generate professional invoices effortlessly and customize them according to your business needs in seconds. Personalize your invoices with your company logo, adjust invoice details with a wide range of configuration options, and seamlessly track accounts receivables.

Exception handling in inventory

You have placed an order for 50 kgs of a product, and the delivery comes for 50.5 Kgs. Can I handle it? TallyPrime being a flexible inventory management software allows you to handle exceptions that you may come across while handling inventories.  

Define multiple bills of materials

Easily create multiple Bills of Material (BoM) specifying components, raw materials, assemblies, co-products, by-products, and scrap with their respective quantities. Streamline your manufacturing process and ensure accurate production of finished goods.

Accurate inventory reports  

Access precise and actionable inventory reports, including stock ageing, movement analysis, and re-order levels, to effectively manage optimal stock levels at all times.

accurate inventory reports

Manufacturing outsourcing and insourcing

Record, track and manage material issuance, receipts, and consumption in the process of outsourcing and insourcing manufacturing activity.

Manage stock from/far third party

Effectively manage and track inventories associated with third-party transactions, and keeping them separate from your regular stock. This capability is particularly valuable in scenarios such as outsourcing, consignment sales, and similar business situations.

Track job/project-wise costing

Achieve comprehensive cost and revenue tracking for specific orders involving manufacturing jobs aligned with customer requirements and specifications.

Secure access to business data

Enjoy secure access to your business data from any location and at any time using a web browser on any device.

Essential inventory reports for small businesses in TallyPrime

Stock Summary:
View detailed information about closing stock and consumption details.

stock summary

Godown report:
Monitor inventory availability across different storage locations.
Movement analysis report:
Track and analyze stock movement within a specified timeframe.
Stock ageing report:
Classify stock into different aging intervals to track its age.
Re-order level:
Identify stock shortfalls and items that need replenishment.
Item-wise profitability report:
Gain insights into the profitability of each inventory item.
Order Summary:
Keep track of placed, pending, and completed orders.

Stock Transfers:
Get detailed information about inventory transfers between storage locations or warehouses.
Batch summary (Mfg. and Exp. date):
Monitor batch-wise or lot-wise inventory along with manufacturing and expiry details.

Benefits of inventory management software 

Inventory management software is a must for all businesses that deal with inventories, irrespective of the size of the business. Explore the advantages of using software for inventory management below:

  • Simple and easy to manage and track inventories 
  • Enhanced productivity  
  • Error-free recording and accounting of inventories 
  • Optimum inventory level with no risk of understocking and overstocking 
  • Increased customer satisfaction 
  • 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 

Managing stocks & inventory with TallyPrime

Video Guide - Inventory Management with TallyPrime  

Frequently asked questions 

  • What are the methods of inventory management? 

There are various  types of inventory management methods such as ABC analysis, Just in time (JIT), Fast, slow, and non-moving (FSN) etc.  

  • What is the role of inventory management? 

The key role of inventory management is to ensure the right level of inventory at the right time and keeping the inventory handling cost low. 

  • What are inventory management tools? 
    • Stock ageing tools  
    • Re-order level  
    • Inventory analysis  
    • Inventory valuation 
    • Inventory storage (Warehouse, batch, lots) 
  • What all business functions can be managed using TallyPrime? 

Using TallyPrime, you can manage invoicing, accounting, inventories, payroll, costing, accounts receivables and payables and much more 

  • What are the basic components of Inventory Management? 
    • Inventory control  
    • Inventory optimization  
    • Inventory analytics  
    • Inventory valuation 
  • How to manage inventory efficiently? 

Organizing the stock, optimizing the cost, optimum inventory levels, etc. are some of the key things to manage inventory efficiently. This is something easily doable using inventory management software.  

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