What is Inventory Management Software?
Inventory management software is a system used to track inventory levels, orders, sales and deliveries. It can also be used to generate reports and analytics to help streamline the inventory management process.
5 Inventory Management Software Solutions for the Modern Bar
What is Inventory Management Software?
A computer application that automates the management of stocks is known as inventory management software. It enables business owners and operators to monitor stock levels and immediately arrange for fresh supplies when stocks run low. Modern software solutions also help determine the precise quantity of stocks needed for efficient production, thereby avoiding unnecessary buying and wastage of resources.
The inventory solutions of today make it is possible to discover product stock levels in real time on mobiles and other handheld devices. These tools also produce reports and forecasts based on sales patterns, bringing a level of precision to inventory management that former inventory solutions like spreadsheets couldn't manage.
How Does Inventory Management Software Work?
Bar and restaurant inventory systems look to monitor raw materials as well as processed items in order to plan purchases, analyze food prices, and reduce food waste. Inventory systems that integrate with POS systems are ideal choices to have.
A restaurant and bar inventory management system catalogs products with the help of barcode scanners that read and record the product information contained in barcodes. The software receives the product data from the scanner, decodes, and stores it.
A handheld or mounted barcode scanner at the POS-end keeps track of sales, tallying each item sold with the inventory in stock. When an item is purchased by a consumer either offline or online, POS systems update inventory levels. Restaurant and bar operators can review POS information to determine current inventory levels and make informed decisions for future orders. Software solutions can also be configured to place orders automatically when par levels are met through messages sent to vendors.
Automated inventory systems give business operators a real time snapshot of what's happening on the floor. They prevent overstocking and optimize purchases.
Let's take a look at some of the top inventory management solutions on the market today.
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Zip Inventory Software
This is one of the best inventory management software solutions in the F&B market. Its shelf-to-sheet and voice search functions make stock-take a breeze. Zip Inventory can be used with barcode scanners to make stock counts accurate and easy. The program syncs product data quickly with the cloud allowing owners and operators to keep tabs on their business in real time.
Operators can track changes in the cost of food and beverages and identify problems that lead to losses with the help of reports on cost of goods sold (COGS) and variance. Users don't have to rely on speculation, but can make use of empirical data on sales, ingredient usage, available stocks, and supplier delivery timetables when placing supply orders. Its suggested ordering feature is another helpful aspect of this program that reduces waste and overspending, while its waste-tracking function enables bar and restaurant owners to fix employee accountability. Zip Inventory notifies operators about wastage, loss, theft, and over-pouring, thereby helping to keep costs down.
Operators no longer have to worry about illegible orders and misplaced inventory sheets. The time required to count and tally products is also significantly cut down by this program. Zip Inventory additionally offers an item-by-item recipe breakdown, which helps businesses calculate the cost and quantity of ingredients required to prepare every drink and dish.
This cloud inventory management system can be downloaded from the Hubworks app store.
Zoho Inventory Management Software
This free inventory software monitors the sales activity of a business from start to finish. It allows operators to add contacts of prospects and leads, create sales orders and invoices, and manage sales on digital marketplaces.
Zoho Inventory is one of the best free invoice and inventory software solutions around. It lets business owners know the number of products that need to be packed, and the number shipped and delivered, all from a single platform. Supplier details can be added to contacts and all purchase orders and bills can be managed in one place.
Zoho Inventory helps in effective warehouse management too, with stock transfers and orders tracked and managed from a centralized location, saving time. Furthermore, vital reports such as those on purchase and sales history, as well as inventory valuation can be updated in real time.
Fishbowl Inventory Management Software
Fishbowl is a high-quality software that's ideal for mid-sized and small businesses. It comes with all the tools necessary for making inventory management efficient and scaling up a business.
Fishbowl integrates seamlessly with a number of important business applications such as Adobe, QuickBooks, Amazon, Shopify, and Salesforce.
Popular features of this software include inventory control, material requirements planning (MRP), barcoding, work order management, management of raw materials, projecting inventory needs based on sales patterns, and job shop floor control. The software can be linked easily with barcode scanners.
Fishbowl inventory software can streamline business operations, increase productivity, and cut costs by providing real time inventory updates.
AccuBar Inventory Management Software
AccuBar is an efficient bar inventory software that integrates seamlessly with all kinds of inventory scanning systems, including barcode scanners and handheld devices such as tablets and smartphones.
The inventory reports generated by this software guide businesses on multiple ways to enhance operations and improve profits. These reports help calculate crucial indicators like variance and pour cost percentage, which can help lower losses and improve employee accountability. Most bar point of sale (POS) systems and other back-end software programs can be integrated easily with AccuBar.
This software has a modular structure that can be customized to meet the individual needs of different businesses. It can manage wine operations, food stock counts, and cocktail recipes. This program also generates barcodes for products that don't already have them.
WISK Inventory Management Software
WISK makes it incredibly easy to track cost of goods sold (COGS), invoices, inventory levels, purchases, recipes, and reports. What's more, it's simple to install and use, with a smartphone camera doubling as scanner to scan barcodes.
WISK does away with the need to invest manual labor and time to process invoices, by integrating with accounting software and processing costs automatically. Obtaining actionable insights from POS sales data enables you to base your business decisions on solid facts and precise projections. WISK offers reports on variation, inventory, and overstocking data. It also alerts you when the cost of ingredients goes over pre-set thresholds.