Wholesale inventory consists of finished good products received from manufacturers or distributors that have not yet been sold to customers. Wholesalers tend to work with retailers, selling them bulk quantity items at discounted prices that allow the retailers to make a profit via markup. Trends and seasonal changes in demand regularly impact the wholesalers inventory quantities.
Unless demand is consistent year-round, the wholesale business owner must modify order amounts to match expected demand. The efficiency of this process depends on the type of wholesale inventory management tools you use; operating off spreadsheets has limited effectiveness and is often not sustainable for growth. To prosper, especially in such volatile times as these, your business needs the advantage of intelligent software to nurture informed decision making through formulas and functionality designed to support every aspect of your business.
SOS Inventory: The Ideal Wholesale Inventory Software
Do you know if you have the right amount of inventory to fulfill orders throughout the upcoming season? Determining the accurate amount to have on hand depends on several factors – factors your inventory software can keep tabs on and prompts you to act when necessary.
Your software must be configured to reorder product when you reach predetermined minimum quantity amounts to prevent shortages. How often you place those orders depends on the quantity you receive, how long it takes to arrive and how much you normally sell during the lead time. You may want to keep safety stock to cover sales in the event lead times reach their maximums. SOS Inventory can do all the planning and managing for you, updating your inventory quantities as product arrives and sells, keeping the movement of inventory balanced from all sides. Think of this system as a conveyor belt where a new item is placed at the beginning of the belt at the same rate one comes off the other end, so they are never jamming up in the middle.
Wholesale software must also keep track of costs incurred whether those are labor costs, storage or overhead. The longer inventory sits on your shelves, the greater the chance it will accrue additional storage costs, spoil, break, or become obsolete. Determining profitability relies on tracking every inventory quantity and cost from the time products are received through delivery to the customer. SOS Inventory will do this better than competitive wholesale inventory management software for any and all of your locations simultaneously, providing unique information by site that integrates into the central database to provide your business the complete picture of all company-wide activities.
As your comprehensive wholesale inventory software resource, SOS Inventory gives you the ability to:
- Provide quotes and later turn them into sales orders
- Trigger purchase orders from a sales order
- Set reorder points
- Integrate ecommerce platforms for full backend inventory control
- Set different pricing tiers for customers
- Sync data with QuickBooks Online
- Use a variety of inventory accounting methods
- Continuously update inventory amounts from every access point
- Integrate data from multiple locations
- Track every move an inventory item makes
- Track every cost an inventory item incurs
- Manage fulfillment
Naturally, as the well-rounded tool SOS Inventory is, it also provides robust wholesale order management features that include price tiers, commission levels, order processing, sales receipts, credit memos, invoices and much more.
SOS Inventory offers wholesale inventory businesses all the tools they need to operate smoothly, cut costs, and create transparency in reporting. With over fifty different types of reports, users can delve into product information from many different angles to make decisions about purchasing, profitability and where to invest cash flow. Why not get started today with a free trial for greater control over your company’s growth and success?