Kiwi accounting software firm Xero launched its Tracked Inventory feature on its platform in March this year, and now the company is saying the feature has proven to be an ideal tool for small businesses.
“Our customers are impressed with Inventory in Xero. They’ve found it to be an easy way to keep track of their stock,” Xero says in a company blog post.
“Managing inventory can be a challenge for any business. Our customers appreciate having visibility over what products are selling well, and which aren’t.”
The tracked Inventory features enables customers to have a complete overview of their stock levels, allowing them to order stock at the right time, and so they know which products are selling well.
“Unsold stock means money is sitting on your shelves gathering dust. You also have to keep track of which products sell out so you can reorder in time.”
The Xero platform automatically calculates a company’s cost of goods sold. This means they can work easily with their accountant to make product decisions that improve their profit.
Untracked Inventory is still available for businesses that only provide services or buy items when a customer orders them, Xero says.
“We’re not stopping here,” Xero says. “We’ve got a lot planned for future releases, including additional reports, archive of inventory items, setting and managing minimum re-order levels and inventory count (stock take).”