5 best effective accounting software for inventory

Accounting software for inventory facilitates businesses and retailers in accounting inventory expenses, shortage and excess of goods, stock value, etc. to minimize errors and loss of goods. In this article, Viindoo will take you through the details about the features, outstanding advantages and selection method of the suitable accounting software for your business. Let's begin!

Accounting software for inventory supports businesses and warehouse staff in managing, checking products and materials, calculating stock value, exporting, importing, and preparing prescribed reports and analytics reports. The accounting software could quickly, and exactly measure products’ value no matter how large the amount of supplies and receipts are. Hence, employees can improve their efficiency, accuracy and reduce risks.

Although accounting software for inventory brings numerous benefits for businesses, how to choose the suitable one from the available software is not easy. To understand your inquiries, Viindoo would like to provide the following evaluation criteria to help you choose the most suitable warehouse management software .

A good accounting software for inventory is supposed to handle all transactions and meet all requirements that occurred within a business. On the other hand, the software also needs to be suitable for the scale and specific industry in which the company operates such as service, manufacturing, commerce, installation, etc.

Automation

In order to choose a fairly good software, you should pay serious attention to the automation feature. It will be shown below:

• Automatically record key transactions of the enterprise, which saves time entering data and limits errors. 

• Calculate the cost of inventory, landed cost, foreign exchange rate difference automatically, and record transactions automatically. 

• Automate the calculation of depreciation of fixed assets, distribution of tools and instruments. In addition, it also distributes prepaid expenses, service costs, production, and construction. 

• Automate the work of bookkeeping at the end of the period and the end of the fiscal year, etc.

Software with such automatic features will help accountants reduce their workload and limit errors when entering data. 

User-friendly and ease-of-use interface

This is a key factor that the software must ensure all necessary features of accounting software for inventory while being simple enough to get used to and operate daily. 

An intricate and complicated interface will make it difficult for users to control and not know where to start. The easy-to-use factor helps accountants quickly grasp and put the software into practice, as well as quickly find the cause and handle it promptly when problems occur.

The easy-to-use interface helps users easily manipulate the software.

The price factor

Based on the scale and demand, each business will select different accounting software for inventory. Therefore, accounting software pricing also has a difference. Typically, fixed software will be suitable for small enterprises with less professionalized work.

Contrary, customized software will go well with medium and big enterprises who have a variety of specific operations. The price, somehow, does reflect the actual value and quality the software could bring to your business.

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Viindoo - Top accounting software for inventory

The accounting software for inventory - Viindoo Accounting Software is the best solution to inventory management for businesses. The software provides a comprehensive picture of corporate finance thanks to a clear, easy-to-use interface, displaying all the necessary information for accounting operations.

Thanks to smart filters and searching tools empowered by varied criteria, accountants and administrators can easily track and capture data on stock, products, etc. accurately, thereby distributing products into many categories. 

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Key features of Viindoo Accounting for inventory

Accounting for landed cost

• Supported landed costs allocation methods: The landed costs allocation feature in Viindoo supports five following split methods:
• • Equal: Total landed costs will be split equally to each product in receipt, without taking into consideration the quantity of each product.
  • By quantity: The landed cost of each product = Total landed costs * (Quantity of each product / Total quantity of products in the purchase order).
  • By current cost: The landed cost of each product = Total landed costs * (Total current cost of each product / Total purchasing cost).
  • By volume: The landed cost of each product = Total landed costs * (Total volume of each product / Total purchasing volume). The volume will be set at the product form - tab Inventory.
  • By weight: The landed cost of each product = Total landed costs * (Total weight of each product / Total purchasing weight). The weight will be set at the product form - tab Inventory.
• Accounting landed cost for received or sold products

Accounting for Stock Valuation

Accounting for stock valuation involves determining the value of inventory held by a company for financial reporting purposes. Viindoo Accounting for Inventory supports various methods for valuing inventory, including:

• First-In, First-Out (FIFO): This method assumes that the first units of inventory purchased or produced are the first ones to be sold. The cost of the most recent purchases is assigned to the ending inventory, while the cost of older purchases is allocated to the cost of goods sold.
• Last-In, First-Out (LIFO): LIFO assumes that the most recent units of inventory purchased or produced are the first ones to be sold. The cost of the earliest purchases is assigned to the ending inventory, and the cost of recent purchases is allocated to the cost of goods sold. LIFO can be useful for tax purposes as it can result in lower taxable income by matching higher-cost inventory with revenue.
• Weighted Average Cost: This method calculates the average cost of inventory by dividing the total cost of goods available for sale by the total units available. The average cost per unit is then used to determine the value of the ending inventory and the cost of goods sold.
• Specific Identification: This method is used when each item in the inventory can be individually identified and tracked. The cost of each specific item is assigned to the corresponding units sold or remaining in inventory.

>>>> See more: Accounting for Stock Valuation with Viindoo software

Accounting for Inventory Adjustment

 >>>> See more: Accounting for Inventory Adjustment with Viindoo software

Accounting for Inventory Scrap

 >>>> See more: Accounting for Inventory Scrap with Viindoo software

Moreover, managers can create accounting & financial reports themselves, and capture accurate data quickly anywhere, anytime on any smart device.

Viindoo Accounting Software is an "effective assistant" for businesses to manage inventory efficiently, smoothly, and synchronously, thereby improving work efficiency and minimizing errors. 

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