Inventory Management is Everything: Counting on Ability Financial Exchange
No matter the size or type of your business, if you have to deal with any kind of inventory management, it is likely not your favorite thing. At Ability Business, we have helped all manner of businesses over the years, and we don’t think anyone has ever professed their undying love for inventory control.
Inventory management is something that seems simple on its face. You count everything you have at regular intervals and if you need more of something, you order it. If you have too much of something else, you create a plan to sell it or transform it into something that can be sold. However, if it were that easy, there would not be so many guides, tools, software and the like to help set up and maintain an inventory control system.
The Need for Control: Why Inventory Management is Critical
As long as you have the correct amount of inventory, there’s no need to think about an inventory management process or inventory control system. But maintaining proper inventory levels is part art, part science, part experience and part gut feeling. In other words, it’s complex. And when faced with supply chain issues, it only becomes more complicated.
Many times, we tend to think of inventory management tools as a hedge against running out of something. Indeed, being out of stock of an item or product is a situation all businesses work overtime to avoid. Consumers want what they want when they want it. If they don’t find that at their first stop, they’re highly likely to take their business elsewhere. Loyal customers will return, but being out of stock is a clear path to lost business.
Having too much inventory is an issue unto itself. The longer an unsold item sits in inventory, the less change it will sell at all. And because items can go out of style, are perishable, can become obsolete or be damaged, having too much of a good thing isn’t always a good thing. As well, inventory is expensive. Having an excess on hand ties up working capital that could be used elsewhere.
Inventory Management the Ability Way
At Ability Business, we spend a lot of time thinking about inventory management and inventory control systems with the goal of finding workable inventory management tools and processes so that you can spend less time thinking about it. Our solutions-based mission and core values that emphasize innovation and going above and beyond are perfectly suited to untangling the complexities of inventory control.
Indeed, the problem of inventory management was one of the primary drivers that led us to develop Ability Financial Exchange, our proprietary and unique sync tool that helps streamline the inventory management process by bridging known gaps between QuickBooks and QuickBooks Point of Sale. Whether you’re using QuickBooks Online, Enterprise or Pro/Premier, if you’re a small or midmarket business with inventory, this is the inventory control software solution you need.
We’ve collated all of Ability Financial Exchange’s features and benefits into this chart so that you can see at-a-glance how fully featured and powerful a tool it is, but to get a basic understanding of how Ability Financial Exchange—alone or in concert with the suite of add-on apps we’ve developed—can streamline your inventory management process, all you have to do is consider how much simpler and more straightforward your operations could be if you could sync your inventory levels in real time between QuickBooks and QuickBooks Point of Sale. No more redundancies in manually taking info from one and transferring it to the other. And, to put a finer point on it, no more time spent trying to track down discrepancies during those times when redundancies fail, as they sometimes do.
With Ability Financial Exchange, you can achieve all those inventory management goals that live on your to-do list but don’t quite get checked off such as counting your inventory on as frequent a basis as you want or need, drill down into per-unit costs in order to make fully considered supply-side decisions, assess your upper and lower inventory limits so as to put reordering on a regular schedule, track any excesses that might arise from overly enthusiastic ordering or under-eager customer response, and more.
To make matters even easier, our team at Ability Business will assist you with all aspects of getting Ability Financial Exchange up and running—indeed it’s one of our favorite tasks. We love to show business owners and managers how its capabilities can help increase their own capabilities. For a one-time setup fee, we’ll upload and configure items, vendors and customers and help you harness the features that will best suit the needs of your particular business. With Ability Financial Exchange you can approach the once-dreaded inventory management process with the kind of creativity and innovation that you bring to other aspects of your business. You might even begin to enjoy using your inventory control system.