Invoice Management Software with Inventory Management
Why shouldn't your invoice management software also include inventory management?
Invoice management software is typically used to help SMB’s get paid faster. They usually include features such as sending and receiving estimates and invoices with payment processing and a payment workflow. These days most, if not all, include a mobile application. However, not many invoice management software solutions offer inventory management. Systems such as FreshBooks, QuickBooks Online and Wave Apps simply don’t offer these features. Maybe the reason behind this is because they are not targeting SMB’s that also need inventory, which is a shame. Alternatively, InfoFlo Pay includes all the features required for SMB’s to manage all their invoices, in addition inventory management. In this article we’ll dive deeper into how InfoFlo Pay does this.
First and foremost, inventory management can only work if inventory for each item can be calculated each time a new line item is added. This amount needs to be subtracted from the total amount. This is exactly what InfoFlo Pay does. However, InfoFlo Pay only subtracts from the total inventory when all line items are added and submitted. It will then check the level of inventory if the level is too low, it will show an error. Similarly, if an estimate or order is created but it needs to be altered, the InfoFlo Pay invoice management software solution will know to update the inventory amount. It will only return the inventory back if the line items change or the estimate/order is removed. In this way, SMB’s that require inventory management can always rest assured that their inventory is always up to date.
But how does InfoFlo Pay load all of the initial inventory? Well it includes an import tool. All inventory is imported into the system to ensure that there isn’t a misspelling. Once imported, the user simply needs to go to the inventory section and add the current inventory amount. At any time, they can come back to add more inventory. Pretty simple right? Also, InfoFlo Pay includes charts to show you the total inventory amount of each inventory item added and it’s mobile friendly so you can actually be on the road or in your warehouse to receive this critical information.
Moreover, the InfoFlo Pay invoice management software solution can also include notifications that are email to the user to let them know of new orders and when inventory has reach a threshold with the user can define. With this notification workflow in place, SMB’s who require invoice management software with inventory management should purchase InfoFlo Pay as it will meet your needs while also getting you paid faster.
I hope this article was helpful in explaining the benefit of an invoice management software solution fully integrated with inventory management and why InfoFlo Pay is the perfect fit.