Inventory Tracking Methods
QuickBooks Inventory Tracking
With inventory tracking software, you can track parts and products by serial number, lot number, revision number, and an endless variety of custom fields.
Using custom fields, you have the ability to separate and track parts and products by their color, shape, size, freshness date and any other measure you can think of.
This is an extremely helpful feature because there’s no one-size-fits-all solution for every business’ inventory tracking needs. Companies in different industries have different standards and requirements. So, of course, many want to track their products using different methods.
For instance, a restaurant would probably track its food products based on their expiration date, as well as their type. A toy maker, on the other hand, wouldn’t be as worried about expiration dates, but would probably track products based on their size, type, use and other similar criteria. Inventory tracking software needs to be flexible enough to fulfill both of these companies’ tracking needs, as well as many others’.
There are several benefits of using more than one method to track inventory. Businesses can know not only which products and parts they currently have in stock, but how long they’ve been there, when they should be used and which other products and parts they are best combined with.
The sky is the limit with the number of ways you can monitor your inventory with inventory tracking software!