As your business grows, so does your need for integrated inventory management and accounting systems.
Even though the fundamental goals of accounting will remain the same, relatively, day-to-day operations will become complicated. Adding locations, processing more orders and onboarding more suppliers will create more data in more places, making it more challenging to gather sales and order information and create accurate financial accounting.
Integrating your inventory software with your accounting system can record information in real time ensuring accurate inventory levels, inventory value, and sales. With this operational insight at your fingertips, brands can make data-driven strategic decisions, minimize unnecessary costs, such as labor, and successfully scale for growth.
Brands that stay with their outdated processes can face otherwise avoidable errors, incur costs and waste resources. For example, tracking your inventory in a spreadsheet and your sales in Shopify and at the POS, increases the risk of documenting inaccurate information in your general ledger.
It’s time to ditch the spreadsheets! By integrating your inventory software with your accounting system, you can:
Ensure accurate reporting
Having accurate annual financial reports and tax filings are extremely important for your business, investors, and ultimately, the government. And considering your inventory stock value can be a significant chunk of your declared assets, the numbers you document must be correct.
Integrating your inventory system with your accounting software can ensure every number you record is accurate—even as your business grows and your supply chain becomes more complex. With an integrated inventory and accounting system, you can mitigate costly complications, mistakes and delays.
Track accurate gross profits
Improving the accuracy of your financial reports can also give your business a more precise view of your bottom line. Knowing your true financial performance can help your brand make more informed strategic decisions and allocate resources efficiently.
Without integrating your inventory management with your accounting system, you cannot be completely confident that your inventory value on your financial reports actually represents what you have in stock. As such, manual intervention is needed to double-check accuracy. This redundant work wastes time, energy and money.
Integrating your inventory software with accounting can save you lots of headaches in the long-run. Learn more on how to ensure your software can scale with your growing omnichannel business: