This way you can add an inventory to the mix with which you can manage bigger “warehouses” than the ones built into the accounting programs.
However, thanks to the support and offering of an API, most accounting solutions allow users to integrate third-party apps, like TradeGecko, into their accounting software. Integrating Third Party Inventory SolutionsĪside from payroll, inventory is one of the black sheep of cloud-based accounting, as it is often not present as a full-fledged feature. Moreover, this separation can go one step further by choosing not to track your items, which comes in handy if you are selling services that doesn’t qualify as countable. You can not only create invoices and quotes based on what you have in your inventory in a jiffy, but you can also separate items you want to sell and buy. However, the main reason why an inventory is more than just a database is that it can speed up data entry to previously unseen extent. An inventory, which keeps track of your items in real-time, can highlight current stock levels and your best selling products, showing you the profit margin to make future business decisions accordingly. In fact, some accounting solutions even allow you to use actual Excel sheets and import them into the software, turning it into more than just a plain document. Inventory Features in Accounting SoftwareĮssentially, an inventory is an advanced spreadsheet in which you can store the quantity of the products/services you sell, along with other data such as their price, cost etc.
To make things even better, the best online accounting solutions have built-in inventories, but if they don’t, you can take advantage of their API support and integrate the best third-party inventory apps or ecommerce solutions of the market to create a fully automated system, so you can spend your time running your business. This is where inventory comes into the picture: this way you can easily manage the items and services you are selling, store the contact info of vendors you are purchasing said items from and create invoices/quotes etc. However, since every business sells something, whether it is a product or a service, they need to keep track thereof in the most effective way possible. It is well-known that online accounting makes the otherwise tedious accounting process hassle-free thanks to the almost automated invoicing, quoting and expense management, time tracking options and auto-generated business reports.
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