Accounting software is essential for the organization’s payments, invoices, and other vital financial actions. However, different accounting software vendors have different feature sets for item management. With some vendors it can be tricky to track and monitor the stock and compare it to purchases, sales, estimates and invoices.
Zoho Finance suite is a feature-rich bookkeeping solution that has many item management features built-in. Because of it, you can maintain proper stock, eliminate mistakes, and recognize problems early. In addition, it helps with cost reductions and will give you more accurate reports.
Items in Zoho Finance
The primary measure of item management is a single item. It can be goods or services your organization provides for the customers. If you create a transactional document for your clients and add an item, the details about the product/service will be filled out automatically. You can improve efficiency and save precious time.
You can create or import items in Zoho Finance. Each item has sales and purchase information. Under sales, you will have a rate at which you sell an item, an account you use to track sales and an optional description.
Purchase information contains the same fields, but the account uses Cost of Goods Sold to track the purchase made in the software.
Another critical feature is inventory tracking. Once you enable this option and enter your account, operating stock, recorded point, operating stock rate per unit and preferred vendor, Zoho Finance will automatically adjust inventory based on sales and purchases.
Make your inventory management easier with Item Groups
If your organization sells large quantities of similar items, the Item Groups feature can be incredibly timesaving. The option allows you to create numerous similar items at once, focusing on the shared attributes. You can avoid creating each product individually.
You can have a company that sells football jerseys, and each one has attributes like size, number on the back and material. Item Groups feature allows you to create all jerseys under one group with different characteristics. In addition, individual items are now automatically created, and you can edit each item individually.
When creating an item group, you should add crucial attributes and select inventory or non-inventory product types. As with creating individual items, each product in the item group has a purchase and selling price, and you can enable inventory tracking and set reorder levels.
Bundle different items into Composite Items
Fast food companies have mastered bundle sales. You can buy a sandwich, a side dish, and a soda separately or as a single menu item. Similarly, with a composite item, you can bundle different products as one composite item in Zoho Finance. The software then manages the inventory of composite items separately from individual items.
You can create a composite item by connecting individual items; at least one must be an inventory item, while others can be services. Once you have bundled items, you will increase the stock of the composite item and reduce the individual item stock by the same quantity.
The feature allows you to add or remove items from the composite item, which is incredibly convenient if you like to mix up your bundle offers.
Easier price management with Price Lists
January usually brings huge sales in many stores if you have survived the holiday season financially. Zoho Finance has a convenient Price Lists feature for companies that manage items on sale. It allows you to set custom rates for products you purchase from vendors or sell to your clients.
You can manage price lists based on two factors. If you work with percentages, it will change the item price by the percentage you set. Another approach is setting a unique price for each item.
You can apply a price list to sales and purchase transactions. If you assign the list to your contacts, the price list is applied automatically. In addition, Zoho Finance allows applying price lists to billable items.
Managing items from accounting software brings numerous benefits. For example, you can have a constant overview of your stock, the flexibility of bundling items together and quickly creating price lists.
All these features can save considerable time, and you can spend it on the core business instead. In addition, item movement connected with accounting data will give you more precise reports and help you make more informed and timely decisions.