How inventory tracking software is supporting Brisbane small businesses
At Foresiight, we’ve been supporting small businesses in Brisbane and throughout Queensland and Australia for over 35 years. We have a rich understanding of how Australian small business operates across a range of industries including hardware, pharmacy, homewares, tools and industrial, irrigation, landscape supplies and many more.
While there are intricacies that are unique to each and every business that we work with (and each industry), there are similarities in the challenges that all businesses face when striving for small business stock control.
Our leading inventory tracking software developed here in Brisbane helps businesses to overcome these challenges and take control of their stock. If you’re a small to medium sized business struggling to manage your inventory, read on.
Why you need inventory tracking software
In the world of small business, accurate reporting and insights into your inventory can make or break your business. Do you understand when is the best time to restock a best-selling product? Or when an item will sell out? Do you know how much it costs your business to store stock items for a given period of time?
If you don’t know how to answer these questions, or where to look to find the information, it is unlikely that you have proper control over your inventory. And you probably already know that this is holding your business back.
Spreadsheets don’t cut it
You’ve probably tried the good old spreadsheet method of managing your stock. If you’ve grown from a small start-up operation, this may have even been successful in the early days. However, spreadsheets were never designed for this purpose and using them in place of inventory tracking software will bring with it many challenges. To name just a few, spreadsheets:
- are vulnerable to errors and inaccuracy in data
- take a lot of time to manage
- don’t talk to other systems in your business
- don’t update in real time so they are almost always out of date
- fail to grow with your business
- can be difficult to analyse and gain insights from
Accounting software is not the answer either
Accounting systems like MYOB, Reckon, and Xero do a wonderful job of manging your accounts and helping to prepare your BAS. But they aren’t designed for managing the stock control needs of a business with a large or complex range of inventory.
5 reasons why inventory tracking software is better
Our Brisbane-developed inventory tracking software overcomes these issues. It’s the obvious choice for small businesses looking for local support in the Brisbane and South-East Queensland area.
1. Inventory tracking software will grow with your business
Unlike clunky spreadsheets, inventory tracking software will future-proof your business by growing with it. As businesses grow their inventory usually gets more diverse and difficult to manage and spreadsheets can’t adapt to this. If you have future plans to expand into new locations or open an online store, your software will grow as your business does.
2. Integrate your whole business
Spreadsheets work in isolation from other systems in your business whereas inventory tracking software integrates these systems and operations. This means saying goodbye to manually entering data into multiple systems, data inaccuracies across systems, and time lapses as systems are updated at varying times.
Instead, data flows automatically from one business operation to another and another and so on. When a product is sold, your point of sale (whether it is physical or online) will update your accounts, your stock reporting and your business performance reporting. All this happens automatically without you even having to think about it.
3. Accurate business insights
To make the right decisions for your business you need accurate data and insights from that data. The problem with spreadsheets is two-fold:
- Firstly you need the capability to be able to interpret and analyse the data into meaningful insights
- Secondly, by the time you’ve done this, the data is often out of date
To be successful, you need a deep understanding of your products. Where are your best profit margins? Which stock items pose the greatest financial risk to your business? What geographical and demographical factors play into your sales figures?
With inventory tracking software you’ll understand everything you need to know:
- get accurate real-time data across all of your sales channels
- understand the intricate detail of how your products sell across customer groups, locations and seasons
- find your best products, they may not be your best selling products but the products with the best margins
- automate your re-ordering based on accurate data
4. Manage things on the go
Access your inventory data from any location, at any time. This has never been more valuable than during these times when businesses are required to work remotely if possible. There’s no longer a requirement to be on site, all you need is an internet connection and all of your business insights are at your fingertips. Perfect for making business decisions on the fly.
Having remote access to your data is vital if you want to expand your business across multiple locations and/or an online store. You’ll need to be able to monitor inventory across multiple stores and online sales channels.
5. It doesn’t cost as much as you think
With plans designed for small business budgets, Foresiight’s leading inventory tracking software ProfiitPlus is more affordable than you might think.
Based in Brisbane, our inventory tracking software has been helping small to medium sized businesses to grow for over 35 years. If you’d like further info on Foresiight’s leading inventory tracking software or a chat with one of our consultants about small business stock control, call us today or register your details for a call back.