Inventory management is all about having a system for storing and selling inventory. Combined with accounts payable and accounts receivable, it amounts to more than $1 trillion in assets. Inventory management starts with the sourcing of raw materials and ends with the selling of your products. With a good inventory management system, you will have the right amount of materials at the right time, at the ideal price.
But it’s not enough to have a good inventory management system. If you want maximum efficiency for your business, you should think about integrating your inventory management with accounting. If you are running a multinational business, then you should make that integration a multilingual one. Just by having inventory management software alone, you already have an advantage. That’s because 43% of American businesses are still not tracking inventory. Or if they do so, they do it manually.
In this article, we will go through the best practices for integrating your inventory management and accounting software. We will also look into adding a multilingual component to the integration with the help of a translation company.(more…)