In today’s business world, using the right technology to boost your performance can give your company a significant competitive advantage. One of the most useful tech tools to have emerged in recent years is Xero accounting software, which allows you to manage all of your bookkeeping via an efficient cloud-based platform. However, one of Xero’s most notable benefits is the software’s potential to be integrated with other add-ons and software tools.
Here, we’ll be outlining how Xero accounting software can be used to help with your inventory management, and how to integrate Xero with any existing inventory management tools.
The Benefits of Using Cloud Inventory Management Tools
Inventory management is a complex business, covering everything from tracking your stock to monitoring your sales. It’s your way of keeping track of what’s in your warehouse, and on your shop floor. Attempting to do all of your inventory management manually, through Excel spreadsheets, will quickly result in confusion and inefficiency arising.
Many businesses therefore use an inventory management software as the solution, and many of these tools can be integrated with Xero. Xero does already contain some inbuilt features, which allow you to manage basic inventory, but for more complex requirements it will be necessary and beneficial to integrate it with other software and tools, especially designed for inventory management if you want to take full advantage of automation.
It will be far more efficient to set up the two technologies so that they work together, feeding information and relevant data into each other. This way you will receive more accurate data, in real time, automatically. Taking the time to make sure your various systems are integrated is an important part of reducing inefficiencies within your business, and streamlining your processes.
Integrating Xero With Tools for Inventory Management
If your current inventory management is incompatible with Xero, then it may prove more effective in the long term to select a new cloud-based tool that can be fully integrated with Xero. Often incompatibility is a result of software that has become outdated, or can no longer adequately handle your current setup. Choosing a new system can therefore be a useful opportunity to overhaul and boost your processes, and thereby your performance.
Bringing your various systems together also offers opportunities to plug in other analytics and reporting tools that will help you to further streamline your business processes into one efficient flow.
There is no definitive answer to the question of which inventory system is the best add-on for Xero accounting, and the most effective one for your business will depend upon a number of criteria.
You can research the most popular and highly recommended Xero add-ons for yourself, or you can consult Xero experts, such as Dua & Co’s team of business advisors in Watford, to find out more about your options. They will be able to advise you, and also to offer practical support with integration and systemisation if you require.