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Inventory Software and Loss Reduction Secrets

No company likes losing money. It is especially frustrating when the money is lost due to employee or customer theft, spoilage of product with expiration date, or breakage due to carelessness or an overcrowded warehouse. The right inventory software package will include the controls you need to stop inventory related losses due to theft or wastage. Find out more in this article or get your customized inventory software search started here.

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Find out why thousands of businesses trust Find Accounting Software to help narrow down thousands of options to a managable list of top recommendations. There’s no pressure, no obligation, and no cost. Sound good? Let’s get started!

The companies and representatives you sent our way were prompt and thorough… I definitely would recommend your company as a means to exploring options with qualified providers. — Bruce Conley
Your service saved me some very valuable time and hooked me up with some excellent resources. Thanks for providing this top-notch service. — Linda Vittori
Thanks! Having a service like this to help navigate the ocean of accounting software and help identify potential good-fits without having to delve through numerous bad-fits is of tremendous value! — Mark Carpenter

Don’t be a victim

In the US, each year billions of dollars are lost in product theft. Product theft can be a customer walking into a retail store, putting product in their coat and walking out to an employee walking out with inventory. During the latest recession, companies saw in an increase in product theft. People still need/want the product but no longer have the funds to pay for those items. Parents are under pressure to provide for their families, employees whom have had to make sacrifices at work see they are “owed” something and the business is the one that loses.

Now, more than ever, it is important to maintain lean inventory; stocking what you need and no longer carrying mass amounts of product that isn’t selling.

Waste not, want not

In addition to theft, spoilage is another major cause of losses. Watch an episode of Gordon Ramsey’s Kitchen Nightmares and you will see instances of product going to waste in coolers. This is partially due to mismanagement but also due to the fact that they don’t have an accurate idea of what menu items are selling and are over purchasing.

Spoilage isn’t just found in the food industry. While it is a major area of spoilage due to the shelf life of product, manufacturers and distributors also have to worry about product expiring. Chemicals can become ineffective after a certain date and having too much of a product on hand when that expiration date arrives means money down the drain.

They broke it, you bought it

Product breakage is another form of inventory loss. Too many items on the shelves can lead to product falling off shelves, stacking product too high can cause packaging to collapse and ruin the product, product on the floor (not in designated inventory location) can be ruined by a pallet jack, fork lift or a careless employee. Worse yet, it is a safety issue. An employee accident could not only damage the product losing money on that item, an injury could result in medical bills, lost employee time, etc., that cost the company much more than the loss of the product.

Having a proper inventory control system will help reduce theft, spoilage, and breakage. In all instances, reducing the amount of inventory on hand will greatly reduce the chances of losses.

  • First track product sales. Use the inventory to know what items are moving and what items are staying stagnant. Forecast your inventory needs with sales and determine what products are needed for the near future.
  • Identify products that are going to move quickly to ensure there is enough product on hand to meet the customer needs, but also allow you to track those items in greater detail with cycle counts. The more individual items of a sku, the better the chances of losses.
  • Identify which products are not selling to liquidate those items, reducing the chances of theft and reducing the chances for breakage.

A strong inventory control solution not only helps you identify what is in stock, it also helps identify losses. The inventory control solution is an important tool that will help protect your assets.

Key takeaways

  • Reducing theft will increase profits
  • Inventory tracking allows you to move expiring products or remove from inventory
  • Properly locating inventory leads a safe warehouse and reduces risk from accidents

Popular Inventory Control Software Products

Looking for great inventory control software options? Below you can check out a list of the products most commonly considered by others searching for inventory control software. The list on this page is based on many years of real software matches. But everyone’s needs are different. Browse for fits with your specific requirements or let us help you identify your top options.

Which software is right for you? Get quick and accurate recommendations.

What if you could simply tell someone about your software needs and they’d find your best choices? Look no further. We’ll listen to your needs and find your top software matches. That’s it. There’s no pressure, no cost.

The companies and representatives you sent our way were prompt and thorough… I definitely would recommend your company as a means to exploring options with qualified providers. — Bruce Conley
Your service saved me some very valuable time and hooked me up with some excellent resources. Thanks for providing this top-notch service. — Linda Vittori
Thanks! Having a service like this to help navigate the ocean of accounting software and help identify potential good-fits without having to delve through numerous bad-fits is of tremendous value! — Mark Carpenter
  • SAP Business One by SAP

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  • E‑Syst by Rennie, Lindsey and Associates

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  • MasterTools ‑ Manufacturing by Online Computing

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  • Mar‑Kov CMS (Chemical Management System) by Mar-Kov Computer Systems

    Mar-Kov software focuses on Process, Batch, and Recipe / Formulation based manufacturers. We believe in best-of-breed solutions, and deliver specialized implementations for each of the following industries: * Chemicals * Pharmaceuticals *...

  • DS90 by Software Concepts

    DS90 is an integrated and comprehensive software application ideal for small and emerging businesses. It is comprised of ten modules optimized for the IBM iSeries i5 server family, and includes a function-rich suite of applications available in both...

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  • Dynamics RMS (Retail Management System) by Microsoft

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  • Visual Ledger by Aboard Software

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  • Assist 2K by Rennie, Lindsey and Associates

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  • Dynamics AX by Microsoft

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  • ALERE Accounting by TIW Technology

    ALERE Accounting contains the features you need to grow your business. Everything from keeping track of complex inventories, processing customer orders and managing payables, to providing sophisticated general ledger financial controls. ALERE does...

  • Inventory Traker for Manufacturing & Distribution by Traker Systems

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  • ACCTivate! Advanced Inventory and Distribution Management by Alterity

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  • Adagio Accounting Suite by Softrak Systems

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  • INTEGRA e‑business by JBM Logic

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  • Infor Service Management ‑ Plus by Infor

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  • Hawk‑i by Intera Systems

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  • Data Pro by Custom Design db, LLC

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  • Sage BusinessVision Accounting by Sage

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Your Inventory Control Software Recommendations

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