When it comes to managing your inventory, there are 2 ways to go about it and that’s either to use a periodic inventory system or a perpetual inventory system. Our online inventory system uses a perpetual inventory model because that's easiest for small business owners to manage.
To say it simply, a periodic system means that a business updates inventory in a certain schedule like every week or every month. Businesses that work with a perpetual inventory system update stock after every change to the amount of inventory like purchases or returns. As a business owner, you might think it’s easier to just simply take inventory ever so often instead of taking the time out of an already busy day to note what was bought and sold every time it happens. However, it is important to always keep track of your inventory, and only periodically updating your inventory can cause you to not have accurate records of your inventory which could be bad for business. You might end up buying more stock than you need or you might run out of something without any warnings. Ideally, perpetual systems work best and are used by almost all big businesses.
A good way to constantly keep track of your inventory is to upgrade to Stockpile by Canvus Apps. Stockpile is an online inventory management system that can be used anywhere you have access to the internet. With it you can add and remove stock, record sales, and manage inventory in multiple business locations. And since it can be accessed anywhere internet is available, you can easily update your inventory by using a computer or tablet or maybe even your smartphone. On top of that, it’s completely free so there’s no extra financial strain for the sake of well-organized inventory.
Try Stockpile by Canvus Apps today!
