Flexible Inventory Management Software in USA

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flexible inventory management software
Yarab A, Jul-06-2021

Fast, flexible, and accurate inventory management software 

TallyPrime is a flexible inventory management software that enables businesses to manage the 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.  

With TallyPrime, you can store and track inventories into multiple warehouses, quantify the stock the way you want, use multiple stock valuation methods, maintain re-order levels and much more. 

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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. 

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 flexible inventory management software, you can organize the stock the way you want easily.

simplified stock management  

Integrated accounting and inventory data 

Based on the invoices you record; your accounts are prepared, and your inventory is updated. Thus, ensuring invoicing, accounts and inventory are always in sync with each other. Thus, saves time and effort in consolidating the information 

Multiple stock valuation 

You can value your closing stock using various stock valuation methods such as FIFO, LIFO, average costing, standard costing etc. It’s so flexible that you can a set different stock valuation method for each item that suits you and also view a comparative inventories report with different stock valuation methods.  

multiple stock valuation

Warehouse/location management 

Store and track your inventory in real-time by warehouse, racks, lots, bins etc. You can create multiple warehouses 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. You can add additional costs incurred in the process of manufacturing.  

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 a host of invoice configuration options and track the accounts receivables easily.  

Ease of handling exceptions 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.  
 
Bill of materials 

Define multiple bills of material (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. help you manage optimum inventories always.  

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  

Manage and track inventories sent to or received from a third party, separately from your regular stock, especially in case of outsourcing, consignment sale and similar business situations. 

Job/project-wise costing  

Complete track of cost and revenue from a specific order for all those manufacturing jobs undertaken according to customer requirements and specifications.  

Online business reports 

Securely access your business data anytime, anywhere using a web browser on any device. 

Key inventory reports for every small business in TallyPrime 

  •  Stock Summary - A statement that shows you the details of closing stock along with consumption details. 

stock summary
 

  • 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 various  storage location or warehouse .  
     
  • Batch summary (Mfg. and Exp. date) – You can track the batch-wise or lot-wise inventories along with the manufacturing and expiry details.  

Benefits of inventory management software 

Inventory management software is a must for all businesses who deal with inventories, irrespective of the size of the business. Here is a list of benefits of using inventory management software.  

  • 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 stock & inventory in TallyPrime inventory management software 

Get your inventory management software free demo today! 

Sign up for a free demo before you make a decision – we’re sure you’ll fall in love with the product! 

Take a free demo 

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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