Invoice software for New Zealand

Inventory Management Software for New Zealand (All You Need to Know)

What is Inventory Software for New Zealand?

Inventory software for New Zealand is a business software that is designed to optimize the overall inventory management process in the supply chain in New Zealand. This means that inventory is tracked and managed. The entire process from the purchase of material to production, warehousing and the delivery to the customers, is managed through this helpful software.

In the manufacturing and distribution sectors, inventory is one of the most important aspects of business management, due to the fact that the value of the balance sheet is highly concentrated in this area. This leads to the premise that there is a need to focus and manage inventory continuously. Following, will be a discussion to understand detailed aspects of inventory management software such as users, types, features and how they help to manage business processes with higher efficiency.

What Does Inventory Management Software do?

Following are some of the functional aspects of inventory management software:

  1. Warehouse management

    Since goods need to be stored somewhere, the space for goods can be a major problem in warehouse management. This is when implementation of advanced inventory software can provide intelligent information to consider, such as how to manage specific quantities in the warehouse or if you should request delivery at once or in portions. Furthermore, specific products can instantly be located via the software. This is in contrast to using manual inventory management sheets which has the potential for many errors.

  2. Reordering

    This feature of the software allows the business to fix a certain threshold for each product. This generates an alert for when the minimum level has been reached and an alert will be made to enable the manager to decide whether to order more goods. In the same vein, alerts can be made for product expiry dates which sends an alert for products reaching their expired date. The software is responsive as it can even send automatic orders to suppliers when the reordering point it reached.

  3. Accounting system integration

    A very versatile feature of the inventory management system is that it can be integrated with accounting software. So if a sale is made for product A, in the accounting software, sales will be credited and the sold units in the inventory management system will be decreased. This enables the accurate update in the inventory management system and will reflect the live quantity of goods. This kind of automation leads to higher accuracy and business efficiency.

  4. Forecasting

    Inventory software enables recording of seasonal variations, trends and other sales aspects. This allows the business to predict sales and demand with higher accuracy, with the added bonus that things can be managed in advance.

  5. Product-wise cost analysis

    This feature of the inventory software is handy if you are managing a production-related business as it allows the generation of the cost break up of products. It helps the business to understand which components of raw materials are costly and also what mix of raw materials have been used.

Overall, inventory management software helps to maintain effective warehouse management, timely reordering of goods as well as creating an ease in the overall business management. If the business is in the manufacturing and distributions industry, the importance of the inventory management system increases. There was a time in the recent past when large companies would manage inventory with manual sheets. Now, however, there is an increasing trend to execute inventory management with the software even among small business owners. Following will be a discussion regarding the users of inventory management software.

Who Uses Inventory Management Software?

There is an increasing trend in the use of inventory management systems. Even small businesses have started to implement an inventory management system to execute and streamline their business operations. It is important to note that the inventory management system is more relevant when the balance sheet is more concentrated on inventory. Often, manufacturing and distributions companies use an inventory management system to execute inventory management. Sometimes, service industries can make use of these systems when they are required to use valuable inventory in the execution of their services.

In the production industry, an inventory management system is more relevant since they need to manage different aspects of the production material and in addition, there may be different types of raw materials used in production. Similarly, there may be many overheads, so it is vitally important to keep check of the inventory level. Not doing so would lead to the potential problem of a halt in production. In addition, the cost of the manufactured product is a challenging task as so many factors are included in the process. Such things include, raw material, labour, production overheads, non-production overheads, normal loss, abnormal loss and much more. This is not an easy task to execute manually. This is where an inventory management system can be extremely beneficial. As it helps in the overall process, there are massive gains associated with implementing an inventory management system.

What are the Benefits of Using Inventory Management Software?

Following will be a discussion of some of the basic functions and features of inventory management software:

In summary the main benefits of inventory management is to enhance business productivity, implement controls, and ensure that the entire process of inventory management is executed effectively.

Next, we will explain how inventory is managed using the software.

What is the Process of Inventory Management?

Inventory management refers to the overall process of ordering, receiving, managing, warehousing, manufacturing and then dispatching inventory to the customer. Inventory management systems helps by streamlining and optimizing the overall process. Some of the optimizing methods are listed as follows:

It is important to note that effective inventory management is essentially about overall supply chain management. Warehousing is an important aspect where higher costs are incurred and efficient warehousing strategies will need to be implemented. Warehouse management strategies along with complete supply chain management can be implemented with the following types of software which will be discussed as follows:

All of the above inventory management systems are useful and effective depending on the type of business and how you would like to manage inventory. Before a business considers the implementation of an inventory management system, it is vital to check compatibility before a decision is made.

Another consideration that must be made before implementation of the system is to judge whether the business is able and ready to manage data in-house or if there is a need to use a cloud server for the data storage:

There are many factors that need to be considered before opting for any specific inventory management software.

Factors to Consider When Choosing Inventory Software

Since implementing inventory management software can be a crucial, yet, big commitment, it is useful to ask yourself the following questions before making a final decision on which software to select.

Understanding the following features can help to implement compatible inventory management software.

What are the Features of Inventory Software?

Listed below are some of the essential features that need to be considered when implementing inventory software.

Additional Tips for Implementing an Inventory Management System

Following are additional tips that should be put into consideration if you are looking to implement inventory management software:


An inventory management system concerns the optimization of the overall inventory management system in the supply chain. For any business, there are many advantages in implementing and using an inventory management system.

These advantage include, higher automation, optimization of warehouse management and cost, less chances of theft or error, real-time inventory tracking and much more. Due to the large commitment that may be required, the element of cost will need to be considered when implementing the software.

Frequently Asked Questions

How much does inventory software cost?

The average cost of an inventory management system is approximately NZ$150 per month. The software, with this budget, offers reasonable features and is highly recommended if you are a small or medium entity. On the other hand, inventory software for a large corporation may cost upwards of NZ$150,000+ per month. The features and functions of this more expensive and sophisticated software, are comprehensive, fast and much more reliable.

What is cloud based inventory management software?

Cloud based inventory management software is able to store all your data on a remote server and there is the ability to access this data in just a few clicks. With cloud based inventory management software, the service provider is responsible for ensuring data security as well as other aspects of the data stored in the server.

What is multichannel inventory sync? / multichannel management?

The term multichannel inventory sync means that the system automatically updates the centralized inventory when inventory moves at any of the company’s locations. The system should accurately absorb the movement from these locations and update the main centralized system. This enables more control over inventory and the ability to replace stock when needed.

What is Process Flow in Warehouse Management System?

A Process Flow in Warehouse Management System is concerned with how the activities of the warehouse are managed. It includes documenting how goods are entered into the warehouse, related controls, controls related to the dispatch and paperwork involved in warehousing activity. Generally this system is drawn in a visual format in order to understand the flow of the goods into the warehouse and to see if there are any flaws in the system that needs be improved upon.

In the process flow, different stages of warehousing are drawn. If the business is complex, the expected stages would be higher. The usual stages of warehousing include goods handling, reserve warehouse, quality control, production control, packing, dispatch and shipping. If there are gaps in any of the stages, this will indicate the situations where improvements can be made. However, this system is manual and therefore, much time is consumed in order to manage the warehousing.

Looking for an inventory software for small business? Try our all-in-one small business solution for New Zealand that includes simple inventory, customer database, invoicing & accounting features:

Small business invoicing and inventory software for New Zealand: Try it free