XERO introduces inventory control and management for your business

xero inventory control

We were ‘born in the Cloud’ which continues to enable an unmatched pace of innovation to the ongoing benefit of our customers. Our fast SaaS model has delivered over 150 new features and improvements so far this year,

said chief product officer Angus Norton.

Our latest innovations allow customers to manage cash flow through effective stock management, easily convert new business prospects through online quotes and manage their receipts, expenses and payments.

And CEO Rod Drury said

Today we’ve not only matched most of the features of traditional desktop software, but taken it beyond in terms of ease-of-use, mobility, value and performance. This is about ensuring more small businesses have the opportunity to succeed through a constant wave of innovations.

XERO release their brand new inventory control management upgrade available to all today, well within the 90 day timeframe that managing director Chris Ridd had informed iTWire that they would. This latest upgrade to the XERO platform may just be the final blow to the cloud accounting market place – leaving their competitors laps behind and shaking their head in amazement.

The latest addition to the power packed and intuitive user control features of XERO allows the real time tracking of the quantity and value of stock held by any small to medium sized business. The integration allows very easily items of stock to be added to quotes and sales invoices from within the XERO dashboard. For companies with multiple warehouses and more complex stock control needs there are literally hundreds of XERO approved apps to integrate alongside such as UNLEASHED and other XERO approved partner add-ons.

xero inventory managementTodays release sees XERO allow existing businesses who sell finished products to easily track, monitor, and seamlessly integrate into your accounting records your business stock.

Now, whether you are in the office, or abroad on holiday and only have access to your smart phone, you can login 24/7 and monitor your business inventory in the cloud. Each time you enter a transaction you can see instantly how much inventory you have on hand. You can also at a glance see the average sale price of any item, alongside reporting of the value of your stock holding. In an instant you can see which products are selling well, and which are not. The ramifications on purchasing and promotions are huge for the small business owner, and the power and flexibility of having this information at the touch of a button at any time, anywhere is powerful beyond words.

Flexibility with Tracked and Untracked inventory

XERO makes the distinction between tracked and untracked inventory and you can assign physical tangible stock to tracked, and things like services, drop-ship items, freight and so on can be assigned to untracked for anything you don’t need to keep count of.

With tracked items, Xero does all your inventory accounting for you. We continually update the inventory on your balance sheet so you always know the real-time value of your items. Your cost of goods sold is calculated for you, this allows you to keep an eye on your profit

Look out for even more inventory updates from XERO

XERO are not stopping there. 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).

Xero added quoting to the system in January, and according to the company “Online Quotes complements Xero’s Online Invoicing capability, enabling small businesses to improve business efficiency and cash flow by making it easier and faster for quotes to be provided and approved on site and online, and for invoices to be sent and paid quickly.

Xero_Side_by_Side_Files

Last October, XERO, also added the XERO Files online storage feature, that is now enhanced by Side by Side files (pictured above). This functionality allows things such as receipts to be kept alongside and linked to the relevant purchases inside the dashboard.