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Inventory management is the process whereby goods and services are produced, ordered, stored and supplied to customers. The methodologies implemented to store and sell such inventories are of high importance as it can dictate whether the business attains maximum profits or incurs significant losses.

The main types of inventory purchased by customers include:

  • Raw materials
  • Perishable goods
  • Finished goods

Inventories are seen and recorded as assets in financial accounting and in order for sales to be realised, the inventories must be highly sought after in the market. This helps businesses meet their financial obligations and objectives. Therefore, the management of such assets is important in every business.

 

Inventory Management

 

Inventory management helps businesses know the right level of stock to have at a particular time which includes when to stock up, where to stock up and what products to stock up. On the other hand, poor inventory management leads to loss of market share, low customer confidence, low inventory turnover, and high administrative costs.

Using free inventory management services such as CountMe in your day-to-day business transactions will help you make better decisions. The tool provides benefits such as accurate stock levels, stock analytics, e-invoices and reminds you of customers that owe you and suppliers you owe.