OFFICE Tip 41: Tracking Inventory

There are excellent software programs that track inventory automatically for you. What system are you currently using? Do you like it or do you need to upgrade your inventory tracking system to something that better suits how your business is growing? QuickBooks Premier and iMagic, imagicinventorysoftware.com, offer both accounting and inventory software solutions. There are also barcode specific programs that will track inventory, depending on the types of products you carry. In this day and age, electronic inventory tracking is the most cost effective and productive way to track the products you carry.

Tracking your inventory costs and movement also provides critical information you need to have at tax time. If you don’t have an inventory system, perhaps you will take 10 minutes now to review what is needed and determine a next course of action in getting one set up. Also, if you sell products at shows or events where computer tracking isn’t possible, then a good system for tracking sales/movement of goods via forms is very important. This can later be entered into the computer system once you are back at the office.

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