While this will depend on your business model, scale and workflows, the inventory management software should:
• Track your stock on hand, its value, and your profit/loss based on FIFO, LIFO or Weighted Average logic (depending on which method you use for your business).
• Provide end-to-end order management, from capturing an order, to receiving the goods from your suppliers, to packing and delivering them to customers.
• Allow you to bundle items together and make composite supplies.
• Allow you to use barcode scanners, serial numbers, batch numbers, manufacturing part numbers, and SKU numbers.
• Warn you about items that are about to go out of stock in your inventory and allow you to reorder efficiently.
• Offer multi-location stock tracking and keep track of stock transfers.
• Work hand-in-hand with your accounting software to help you stay on top of your cashflow and taxes at all times.
• Provide friendly and straightforward support to help you get unstuck.