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Killexams : CIMA Management guide - BingNews Search results Killexams : CIMA Management guide - BingNews Killexams : A Comprehensive Management Guide for Atopic Dermatitis

Topical Therapy

Therapy for atopic dermatitis is multi-faceted and encompasses restoring the skin barrier function, using anti-inflammatory medications (topical or systemic), identifying and eliminating triggers, and secondary prevention. The skin barrier in AD is faulty with a decrease in the amount of and an abnormal ratio between skin lipids (most notably ceramide), which leads to increased transepidermal water loss (Chamlin et al., 2001; Darsow et al., 2005). Genetic mutations of the epidermal barrier protein filaggrin are a predisposing factor for AD (Palmer et al., 2006; Weidinger et al., 2006). Emollients are regarded as a standard of care in preventing and treating AD. When used as a moisturizing regimen in conjunction with steroids, emollients enhance the anti-inflammatory affect of topical steroids resulting in a steroid-sparing phenomenon (Hanifin et al., 2004; Hanifin et al., 1998). It is recommended that emollients be applied at least twice daily and immediately after bathing (Darsow et al., 2005).

Since their development over 50 years ago, topical corticosteroids have served as the first line of therapy for AD and this recommendation remains in the most up-to-date position of the European Academy of Dermatology and Venereology (Darsow et al., 2005). Topical steroids are anti-inflammatory medications and are classified according to their vasoconstrictor assays, with the most potent topical steroids in Class 1 and the least potent in Class 7 (see Table 4 ). Longer duration of therapy and more potent topical steroids have a higher potential for adverse effects. The amount of absorption of a topical steroid is influenced by the surface area of the skin, thickness of the skin (epidermis), the type of vehicle, drug concentration, and the presence of absence of occlusive dressings. Class 1 to 5 topical steroids should be avoided in areas of thinner skin, including the eyelids, face, mucous membranes, genitalia, and intertriginous areas, as these areas have increased likelihood of transepidermal corticosteroid absorption (Leung et al., 2004). In contrast, potent topical steroids may be needed on the palms and soles as the epidermis in these areas is much thicker (Brazzini & Pimpinelli, 2002). Children have a low body volume to skin surface area ratio, which allows for a greater absorption of corticosteroids leading to a higher potential for adverse affects. As a result, higher-potency steroids should be avoided in children (Paller et al., 2005). Local adverse effects of topical steroids include striae, skin atrophy, telangiectasias, perioral dermatitis, erythema, acne, glaucoma, and cataracts. Potential systemic adverse effects include growth suppression, suppression of the hypothalamic-pituitary-adrenal axis, and osteoporosis, and are most likely to occur with the use of high-potency steroids (Brazzini & Pimpinelli, 2002; Paller et al., 2005).

Benefits of topical steroids include a low-cost, wide variety of preparations, and proven clinical effectiveness (Leung et al., 2004). Topical steroids are available in a wide variety of vehicles including creams, lotions, ointments, solutions, gels, and foams. In general, ointments are more potent than creams because of superior ability to hydrate the stratum corneum (the top layer of the epidermis) which enhances absorption (Brazzini & Pimpinelli, 2002; Leung et al., 2004). Selection of a vehicle can also be based on the body area to which the medications will be applied. For example, ointments on hairy areas of the body can be messy, so foams and lotions are preferred. Sometimes in severe disease, occlusive dressings may be employed. Occlusive dressings have the advantage of increasing the penetration of a steroid and making therapy more effective, but they also increase the risk of side effects; therefore, they should not be used for prolonged periods of time (Brazzini & Pimpinelli, 2002).

The choice of a topical steroid should be tailored to each patient based on the potency, vehicle, lesion location, patient age, season, environment, socioeconomic class, prior medication(s), the presence or absence of infection, and patient preferences. Currently, it is recommended that the least-potent topical steroid be used (along with a good skin care regimen) to achieve the maximum benefit; then tapered, discontinued, or changed to less-potent topical steroid (Paller et al., 2005). Optimally, topical steroids should be used for only a few weeks in a continuous fashion and then used intermittently (for example, twice a week) (Hanifin et al., 2004; Paller et al., 2005). It is preferable for low-potency steroids to be used in maintenance therapy and mid to high-potency steroids to be used to treat flares (Leung et al., 2004). Pruritus can serve as a marker in evaluating a treatment response, and tapering of the steroid should not be attempted until pruritus has disappeared. Tapering of the topical steroid should be done gradually to avoid a flare (Darsow et al., 2005). Multiple large reviews have shown that once-a-day application of an appropriately selected topical steroid is as effective as twice-daily application (Green, Colquitt, Kirby, & Davidson, 2005; Hanifin et al., 2004). In children with mild-to-moderate AD, the use of intermittent, short cycles of potent steroids is safe and equivalent in effectiveness to the long-term use of weaker topical steroids (Hanifin et al., 2004).

In exact years, topical calcineurin inhibitors have become available for treating atopic dermatitis. These medications also have anti-inflammatory affects, but do not contain steroids. The two medications offered are pimecrolimus and tacrolimus, and both are approved to treat patients over age 2 (Darsow et al., 2005). Both medications decrease the extent, severity, and symptoms of AD (Hanifin et al., 2004). Pimecrolimus (Elidil®) is effective in treating mild-to-moderate forms of AD and is available in a 1% cream. Tacrolimus (Protopic®) is used in treating moderate-to-severe AD and is available in 0.03% and 0.1% ointments (Hanifin et al., 2004). The 0.1% tacrolimus ointment is indicated for patients older than 16 years of age (Paller, 2004). All topical calcineurin inhibitors are applied twice a day and can be used along with topical corticosteroids. Some clinicians may choose to initiate treatment of atopic dermatitis with topical corticosteroids and make a transition to topical calcineurin inhibitors when the extent of the inflammation is reduced. Others have layered these products together by applying the steroid first, applying the topical calcineurin inhibitor 30 minutes later, and decreasing the potency of the steroid or eliminate it all together once clinical improvement is seen (Paller et al., 2005).

Studies have shown that tacrolimus 0.1% is either equal to or more efficacious than a Class 5 corticosteroid in treating AD, and tacrolimus 0.03% is more efficacious than a low-potency steroid, but not as efficacious as a mid-potency topical steroid (Beck, 2005). Studies comparing tacrolimus and pimecrolimus demonstrated that 0.1% tacrolimus is more efficacious than pimecrolimus; 0.03% tacrolimus has equal efficacy to 1% pimecrolimus in mild disease; and 0.03% tacrolimus is better than 1% pimecrolimus in decreasing the itch associated with AD (Paller et al., 2005). Tacrolimus has a faster onset of action as compared to pimecrolimus, with improvement in symptoms during the first week of therapy (Paller, 2004).

Both of these medications were proven safe and effective (up to 1 year in all and 4 years in tacrolimus 0.1%) in numerous trials (Chapman et al., 2005; Darsow et al., 2005; Hanifin et al., 2005; Koo et al., 2005; Leung et al., 2004; Paller, 2004; Paller et al., 2005). These medications do not have the side effect profile of topical steroids, and therefore can be used in areas where the epidermis is thinner such as the eyelids, face, mucous membranes, genitalia, and intertriginous areas, without the risk of skin atrophy and striae. The most frequent side effect is burning at the application site (which may be more frequent in tacrolimus); however, this symptom often improves with time and usage (Abramovits, 2005; Darsow et al., 2005). Other local side effects include itching and erythema (Chapman et al., 2005). In noncomparative trials, the incidence of cutaneous viral infections such as herpes simplex, eczema herpeticum, molluscum, varicella zoster, and warts is slightly increased in patients treated with topical calcineurin inhibitors (Hanifin et al., 2005; Koo et al., 2005). Additional side effects include flu-like symptoms, allergic reactions, asthma, cough, fever, otitis media, and headache (Hanifin et al., 2005; Koo et al., 2005).

In March of 2005, the U.S. Food and Drug Administration (FDA) issued a Public Health Advisory concerning a potential increased risk of cancer associated with topical tacrolimus and pimecrolimus. The advisory was based on animal studies and a small number of case reports of skin cancer and lymphoma in adults and children treated with topical calcineurin inhibitors. The FDA made recommendations on the use of topical calcineurin inhibitors to health care providers, patients, and caregivers, as follows (see Table 5 ). Pimecrolimus and tacrolimus should be used only as second-line agents for short-term and intermittent treatment of atopic dermatitis in patients unresponsive to, or intolerant, of other treatments. Avoid the use of pimecrolimus and tacrolimus in children younger than 2 years of age. The effect of pimecrolimus and tacrolimus on the developing immune system in infants and children is not known. In clinical studies, infants and children younger than 2 years old treated with pimecrolimus had a higher rate of upper-respiratory infections than did those treated with placebo cream. Use pimecrolimus and tacrolimus only for short periods of time, not continuously. The long-term safety of pimecrolimus and tacrolimus are unknown. Children and adults with weakened or compromised immune system should not use pimecrolimus and tacrolimus. Use the minimal amount of pimecrolimus and tacrolimus needed to control the patient symptoms. In animals, increasing the dose resulted in higher rates of cancer. The FDA will be requiring a black box warning to be placed on these medications and the development of a medication guide for tacrolimus and pimecrolimus (FDA, 2005).

The American Academy of Dermatology (AAD) issued a statement in response to the FDA that it was disappointed that the FDA took this action, despite the lack of data proving proper topical use of pimecrolimus and tacrolimus is dangerous to people (AAD, 2005). The chance of systemic exposure of these medications has been studied in various trials and shown to be minimal and transient and not associated with an increase in adverse effects (Beck, 2005). Prospective clinical studies of topical calcineurin inhibitors have not shown an increase risk of lymphoma, lymphoproliferative disease, or skin cancers (Beck, 2005). Taking into consideration that systemically administered (oral) calcineurin inhibitors, cyclosporine, and tacrolimus have demonstrated an increased risk of lymphoproliferative diseases and skin cancers in transplant patients (Beck, 2005; Darsow et al., 2005; FDA, 2005), additional long-term studies of 10 years or more will be needed to determine the safety profile of topically administered calcineurin inhibitors (FDA, 2005).

Other topical treatments for AD include coal tar, doxepin, and topical sodium cromoglicate (Hanifin et al., 2004; Stainer et al., 2005; Williams, 2005). Coal tar and coal tar derivatives have been used for decades to treat AD and have efficacy similar to a Class 7 steroid (Williams, 2005). These medications exhibit antipruritic and anti-inflammatory effects and should only be used in chronic lesions of atopic dermatitis (Leung & Bieber, 2003). Coal tar can be used as monotherapy or in combination with topical steroids. Photosensitivity and folliculitis may result from coal tar (Leung & Bieber, 2003), but the major drawback is the odor and dark color which stains clothes (Correale et al., 1999). These cosmetic disadvantages generally lead to issues with compliance (Hanifin et al., 2004). Doxepin is a topical antihistamine that is able to decrease the pruritus associated with AD within 48 hours (Williams, 2005). Concerns over its potential for cutaneous sensitization and the side effect of sedation may limit its use (Leung et al., 2004). Studies in the past regarding the effectiveness of topical cromoglicate in treating AD are inconsistent. Cromoglicate acts to prevent or reduce the release of inflammatory and chemotaxic mediators from mast cells. A exact randomized trial demonstrated that the application of cromoglicate lotion (in addition to a treatment plan of topical steroids and emollients) can Improve symptoms and severity of skin lesions and decrease steroid use in children with AD as compared to the lotion vehicle. Erythema and burning at the site of application are the most common side effects of topically applied cromoglicate (Stainer et al., 2005).

Mon, 21 Aug 2023 12:00:00 -0500 en text/html
Killexams : CIMA success at Management Level with Wisdom

In the highly complex CIMA curriculum, the Management Level is yet another challenge: one that must be overcome. In order to assist you in surpassing this challenge, Wisdom, the pioneer CIMA institute in Sri Lanka, offers you the best possible lecture panel. Consisting of a group of diverse individuals with the most relevant and exciting corporate experience under their belts, they will ensure that coursing through the Management Level to the Strategic Level is no difficult task.

Performance Management
Performance Management, the performance pillar subject of the Management Level, is an area where both your theoretical skills and numerical skills get tested. Hasitha Premaratne, Wisdoms' highly popular lecturer for Performance Management will make sure that you are not at a loss when it comes to either of these skills.

Heading the finance function at Brandix Lanka (Pvt) Ltd, Hasitha's diverse and colourful corporate experience in areas such as capital markets, economics, finance and management adds flavour to his classes. He has produced over 12 Sri Lankan prize winners during his lecturing career of 10 years, while also having received the prestigious CIMA 'Tutor of the Year' Award for 2009. His academic and professional qualifications include an MBA in International Finance and a BSc in Computer Science, along with associate membership of the Chartered Institute of Management Accountants and the Society of Certified Management Accountants and also fellow membership of the Association of Chartered Certified Accountants.

Enterprise Management
Enterprise Management, with a greater focus on the business and its competitive environment, requires students to gain a thorough understanding of the theoretical aspects and also to apply them in typical company related scenarios. Lectures for Enterprise Management are carried out by Tharindu Amaresekere, a young and vibrant lecturer who has received much praise and acclaim from his students over the past 6 years.

Tharindu bears many academic and professional qualifications, which include a Bachelor's Degree in computing. He is also the only EM lecturer in Sri Lanka to hold a Master's Degree in Project Management, a vital component of the EM syllabus. He is currently studying for his MBA specialising in Marketing from the University of Colombo and CIM Diploma in Marketing.

Currently employed as a brand consultant for an international web solutions organisation, Tharindu's combined local and international experience renders him the perfect lecturer for a theory related subject in the likes of EM, where building the link between theory and practicality will never lose importance. His keenness on practising Corporate Stimulus Teaching, where theory is aligned with real world companies, has won him a large fan club among CIMA students. He also provides individual focus for improvement of writing skills, which will assist in presenting your arguments in a succinct and comprehensive manner.

Financial Management
For Financial Management, Wisdom presents two individuals with well respected financial and teaching skills. Mallik de Silva, who has found much favour among his students as a friendly and approachable person, has over 15 years lecturing experience. Currently serving as the Group Finance Manager at Richard Pieris and Company PLC, he counts diverse and versatile exposure in many multinational organisations. An associate member of the Institute of Chartered Accountants of Sri Lanka and a fellow member of the Chartered Institute of Management Accountants UK, he also possesses an MSc in Financial Management.

Akalanka Saparamadu, who joins Mallik at Financial Management, is a CIMA passed finalist who has also completed his Bachelor of Business Administration (Finance Special) degree with a First Class from the University of Colombo. At present, he is a Chartered Financial Analyst (CFA) - Level 3 candidate. Akalanka is presently employed at HSBC Sri Lanka as an Account Relationship Manager.
Together the duo has produced many prize winners and consistently maintained above average pass rates. Their combined efforts in teaching will expose you to a novel experience in finance.

In addition to the stimulating back up received from the lecture panel, Wisdom also provides you with a balanced environment where extra-curricular activities are promoted without disturbing academic activities. Thus, your CIMA studies are bound to be a combination of fun and success. When you are being presented with such a great opportunity to be coached under the best quality lecture panel for CIMA, would you want to say 'no'? Join Wisdom and experience a refreshing CIMA journey. Classes for Management Level began on June 4 2011.

Sat, 04 Jun 2011 08:48:00 -0500 text/html
Killexams : AICPA & CIMA update Global Management Accounting Principles for digital acceleration and ESG No result found, try new keyword!The principles act as a guide for management accounting ... The extensive research that AICPA & CIMA have conducted into every aspect of management accounting has built up a significant base ... Mon, 03 Jul 2023 12:14:00 -0500 en-us text/html Killexams : CIMA Operational and Management Levels at Imperial College

Change is inevitable, but it is important to keep an eye out for the constants. You as students are gearing towards CIMA's syllabus change, thinking which subjects to do next and maybe of the best combination of subjects to take up this session. Whilst you are preparing for this change, we at Imperial College, armed with vast experience, an exceptional faculty and outstanding facilities are ready to guide you through this new hurdle. Whilst change is inevitable, Imperial College remains constant with providing students the best defence.

Imperial College is the longest established Business School in Sri Lanka and a premier CIMA tuition provider. Imperial College's history exceeds 20 years, dating back to 1985 when it was founded as CBS, which was a pioneer in CIMA education in Sri Lanka. Through our long standing history we have witnessed 5 syllabus changes and continual growth. Year on year we have been commended for producing students who are 'employable', and we have a reputation for instilling in our students, the right tools, knowledge, competencies and skill set needed to significantly contribute to the management of organizations.

Imperial college provides you with an ideal stepping stone to tackle this syllabus change successfully with the immense support of a prominent panel of lecturers who believe in a holistic approach to learning. To put it simply, they believe in going beyond the principles and theory to giving you a wider view of the subject, by bringing in the immense corporate experience they possess into the classroom. Hence you get first-hand information on applying the principles you learn in the real business world. The team at imperial College for the Operational and Management Levels include 3 outstanding lecturers, who head each pillar. More importantly these are lecturers who have coached many students to be high -flyers not only in Sri Lanka but also in South East Asia and India.

Students are assured of a comprehensive syllabus coverage one month ahead of examinations. It is essential that students are thorough with key principles of the syllabus and our lecturers are committed to patiently guiding you through them. Further, Students are provided with examination type mock papers that are marked and one to one feedback provided. In addition to receiving quality tuition, revision also plays an essential role for test success. Students at Imperial College benefit from a comprehensive revision plan which comprises of approximately 20 hours per subject.

During this revision lecturers lead students through significant areas of the syllabus that examiners find important in addition to practicing several past examination questions and past papers. Imperial College also fosters an open student faculty relationship enabling students to approach every lecturer for additional support. Students also stand to gain with the provision of extra question practice classes to ensure thorough knowledge of the subject and test preparedness.

Receiving the best support during your studies is of paramount importance; In addition to getting just that, we also advise students on the best combination of subjects to take enabling them to maximise their potential and capabilities. The ultimate result lies on one's ability to secure employment. We train, guide and mold students not only to be ready for employment, but we also take the extra step towards assisting our students with finding the right job that best suits their capabilities. Isn't this an ideal situation for you?

As a student of Imperial College, you stand the best chance of gaining from an advantage of studying with the most established Business School in Sri Lanka, having the most experience with successfully managing syllabus changes. Wouldn't it be great for you to feel at ease whilst embarking on change?
We've seen though 5 syllabus changes successfully and are ready to tackle number 6! Are you ready to write your success story with us?

For more information on CIMA at Imperial College , visit us at No. 3, St. Kilda's Lane, Colombo 3, or call us on 0773 918 777 or 011 4 51 52 53.

Wed, 21 Jul 2021 23:53:00 -0500 text/html
Killexams : Enrolment open for prestigious executive management course on sustainable financial strategy No result found, try new keyword!Registration is now open for an executive management course, jointly developed by Saïd Business School at the University of Oxford, and AICPA & CIMA, that’s designed to give accounting and finance ... Thu, 17 Aug 2023 11:10:11 -0500 en-us text/html Killexams : The Master Guide to Business Spend Management

Tuesday, July 25, 2023

Law firms, like any other business, need to effectively manage their spending to ensure financial stability and operational efficiency. 

By implementing proper spend management strategies, law firms can benefit from accurate expense tracking, informed decision-making about budgets, and minimizing errors that could impact the firm’s bottom line. 

In this guide, we’ll explore the importance of business spend management for law firms, effective spending tracking methods, the components of the spend management process, and the benefits of automated spend management with law practice management software. 

Whether you’re a solo practitioner or part of a larger firm, this guide offers valuable insights and practical tips to optimize your firm’s billing and spending for financial success.

What Is Business Spend Management?

Thomson Reuters defines business spend management for law firms as the process of reviewing, tracking, analyzing, and reporting on the costs incurred by the firm and its clients.

Benefits of tracking your firm’s spending include: 

  • Increasing your firm’s efficiency

  • Knowing where your firm can cut spending

  • Saving money, allowing you to operate sustainably

How Do Law Firms Track Spending?

Your law firm could track spending using traditional methods like written logs, spreadsheets, and paper receipts. These expense tracking methods are inconvenient and prevent your firm from staying competitive. 

That’s why many modern law firms choose practice management software that allows them to stay organized while avoiding the perils of traditional expense tracking. 

Importance of Proper Business Spend Management

Knowing how to track and manage your firm’s spending is essential to its financial stability. Without a business spend management strategy, you may not be aware that your firm is losing money or spending too much on the wrong things. 

When you implement proper business spend management, your firm will benefit from: 

  • Accurate expense tracking: Whether you’re implementing a new marketing strategy or paying for any of the dozens of business tools your firm needs to operate, knowing where your money is going is essential.

  • Informed decisions about spend/budget: You need to know whether your spending is paying the return on investment you were expecting. For example, if your firm is dedicating thousands of dollars to a marketing strategy that isn’t generating a positive return on investment, you’ll know it’s time to try something new. Spend management will alert you if you’re throwing good money after bad.

  • Fewer errors: When you don’t have a plan for your firm’s expense tracking, mistakes will happen. For example, you could forget to consider certain expenses or fail to pay vendors and suppliers on time. Proper business and spend management allow you to avoid errors that could significantly impact your firm’s bottom line. 

Components of the Business Spend Management Process

With any spend management strategy, you must have a process to collect data and analyze your firm’s current expenses. The spend management process usually involves

  • Collecting spend data: You should determine where your company is spending money. Consider all expenses, including purchase orders, invoices, payment data, receipts, and any other information about money your firm spends. You’ll also want to consider the costs associated with suppliers, expenses within each department, and your firm’s spend categories. Make sure you consider all aspects of your firm’s spending to gain a clear picture of your current financial situation. 

  • Use the proper categorization: After you’ve collected your firm’s spend data and removed any duplicate or inaccurate information, you can create spend categories. They’ll enable you to organize your data and develop strategies for saving money or reducing spending. You can also determine if your firm should adjust the budget in a particular category. Many firms categorize their spending based on supplier, business unit, or geographic location. 

  • Analyze spending patterns: You should analyze your firm’s spending history, patterns, procurement processes, and risk exposure. You can find areas where your firm can Improve your spending habits and save money. 

  • Forecast spend: Now that you know where your company is spending and where you have opportunities to save, you can implement spend management techniques. By forecasting, you can estimate ROI and prepare for upcoming expenses. Knowing what’s ahead for your firm’s finances, you can respond to changes and allocate accordingly. 

  • Implement: Once you’ve researched, categorized your spending, and anticipated future costs, you can implement your business spend management plan.  

How to Implement a Business Spend Management Strategy at Your Firm

Implementing a business spend management strategy doesn’t need to be complicated. The three steps you should take when implementing your strategy include: 

  1. Documenting the process: You will want to keep track of all your firm’s expenses and each step of the spend management process. Consider using a practice management system with document management capabilities. Keep your important files in one place, and access them anytime, anywhere. 

  2. Communicating to staff: Communicate your expectations to your team clearly during the business spend management process. If they need to keep any documents or share any information with you, let them know.

  3. Using technology: Turning to a practice management software allows your firm to centralize information and automate spend management. You can simplify the legal billing process, view accounting reports, and track time and expenses in one system. 

Using a well-planned business spend management strategy at your firm keeps everyone on your team up to date. 

What Is Business Spend Management Software for Law Firms?

Business spend management software for law firms allows you to access all your firm’s needs in one place. Bill4Time’s reporting feature helps you understand how your firm is doing financially to support your continuous business expansion. 

You should choose a practice management software that offers features like: 

  • Expense tracking: Efficiently organize receipts, record expenses, and customize expense types for accurate financial management.

  • Spend reports: Simplify tracking and reporting of expenditures, allowing you to gain a clear overview of your spending patterns.

  • Budgeting and forecasting: Evaluate your firm’s spending habits, plan for future costs, and make informed financial decisions

Benefits of Automated Business Spend Management

There are several benefits of using automated business spend management. Some of these include: 

  • Centralized data: When using an automated system, you can access all the information you need about your firm’s spending. Your finance department can analyze, budget, and plan based on this data. 

  • Robust reporting: You can stay in the know about payment history, collections, expenses, and productivity. 

Final Notes on Spend Management for Law Firms

Using automated methods to track and measure spending allows you to optimize your law firm’s budget. You don’t need to worry about organizing and analyzing paper receipts and documents. 

©2006-2023, BILL4TIME. ALL RIGHTS RESERVED.National Law Review, Volume XIII, Number 206

Tue, 25 Jul 2023 08:09:00 -0500 en text/html
Killexams : Pain Management Guide No result found, try new keyword!Pain Management Guide Nearly any part of your body is vulnerable to pain. Acute pain warns us that something may be wrong. Chronic pain can rob us of our daily life, making it difficult and even ... Sun, 19 Dec 2021 20:22:00 -0600 en text/html Killexams : Your Guide to Inventory Management Software
  • Inventory management software grants visibility into your stock, helping you maintain optimal amounts to continue fulfilling orders without holding too much of a given item.
  • Inventory management software automates critical tasks and reduces the chance of human errors, especially through integrations with key systems like accounting software and point-of-sale solutions.
  • Your industry and business operations will dictate the inventory management software features you’ll need.
  • This article is for business owners who want improved methods for tracking, maintaining and ordering stock while automating crucial tasks.

Effective inventory management is vital for any business that stocks goods or raw materials. While inventory management was historically a manual process, modern technology has eliminated the need for a labor-intensive and error-prone manual inventory management system. Today, inventory management software is available to streamline the process, reduce errors and help businesses optimize how they maintain and order the products they sell.

We’ll examine inventory management software and share how to choose the right solution to streamline your business operations. 

What is inventory management software?

Inventory management software automates inventory management, streamlining the tasks required to track inventory effectively, manage reordering and update accounting data.

“Fundamentally, [inventory management] software should let you know at any point in time what is happening with your stock,” said Mohammed Ali, head of products for Delhivery. “This software is what we call ‘mission-critical.’ If it doesn’t work for a few hours, you’re really in trouble.”

Since inventory management software is critical to a business’s daily operations, selecting a reliable, effective solution with the features you need is essential.

How does inventory management software work?

Today, most inventory management software is cloud-based, offering numerous advantages. “You need to have a system in the cloud,” Ali advised. “[Software] should be cloud-based or on a web browser, so you can check it on mobile devices.”

Here’s what you should know about inventory management software: 

  • Choosing a high-quality inventory management software vendor is critical: A third-party cloud provider manages the software, so choosing a vendor with high service standards is crucial. An excellent vendor partner will significantly reduce the burden of software management.
  • You’ll typically subscribe to inventory management software: You can expect to pay a monthly subscription rate for cloud-based inventory management software access. According to Ali, these rates range from $100 per month for straightforward systems to $3,000 per month for advanced platforms. Numerous factors will affect your pricing, including your business’s size, number of locations, number of orders you receive and the size of inventory you maintain at any given time.
  • Inventory management software has various features: Inventory management software includes features that support tracking items as they come into and leave your storefronts and storage facilities — a process known as inventory control. Inventory control features help you maintain the right amount of stock. Additionally, they include integrations that can track orders in real time and update your accounting software automatically.

First in, first out (FIFO) and last in, first out (LIFO) are inventory valuation methods. FIFO values inventory so the business is less likely to lose money when products expire or become obsolete. LIFO is better for nonperishable goods and uses current prices to calculate the cost of goods sold.

What are the benefits of inventory management software?

Inventory management software can streamline inventory control, tracking your incoming and outgoing goods whether you’re a retailer, manufacturer or warehouser. Good inventory software, supported by comprehensive inventory management processes, is updated in real time to give you a complete view of your existing inventory, even if it’s scattered across multiple locations. 

Here are the top benefits of inventory management software: 

  • Inventory tracking: Inventory management software integrates with other crucial systems to Improve inventory control by tracking your inventory in real time, showing you where it’s located and how it moves throughout your ecosystem. This eliminates human error, something for which a manual spreadsheet system is notorious.
  • Reordering: The best inventory management software offers you a clear record of your complete inventory and streamlines reordering to ensure you never run out of critical items. You can also configure it to help you order enough items to continue fulfilling orders without holding “dead stock” — excess inventory that may expire or sit dormant on your shelves for an extended period.
  • Accounting integration: The best accounting software integrates with inventory management systems, preventing double-entry of data and eliminating another opportunity for human error and confusion. Additionally, some inventory management software has stand-alone accounting features. 

Zoho Books is an example of accounting software that integrates with inventory management software. In this case, Zoho Books and Zoho Inventory are integrated by default. Read our Zoho Books review to learn more.

What are the top inventory management software features?

When choosing inventory management software, consider your industry and the unique circumstances of your business operations. For example, some inventory management software is designed specifically for retailers and lacks key features manufacturing businesses would need. You must understand your needs before you buy.

What should retailers look for in inventory management software? 

According to Bryce Bowman, an independent business consultant and founder of People First Planning, retailers should look for the following features in inventory management software:

  • Point-of-sale (POS) system integration: The best POS systems integrate with inventory management software (or have their own inventory management features) to help retailers automatically track when a product sells, whether in a physical storefront, on an e-commerce platform or through another sales channel. When a product is scanned or checked out in an online cart, the POS system updates the inventory management system automatically, accounting for the sale in real time. Coupled with automated reordering, this feature allows retailers to ensure they always have a suitable amount of stock to fulfill orders quickly.
  • Inventory catalog: Retailers must be able to catalog inventory by unit type and distinguishing characteristics like size, color and more. For example, if you sell shoes, you should be able to narrow them down to a specific type. Your system should identify if you have a quantity of 10 size 11 Nike Air Jordan 1s in black, five size 10 Nike Air Jordan 1s in red and so on.
  • Automated reordering: When your inventory level is low, it’s essential to order more with enough lead time to avoid running out — especially for your best-selling items. Many inventory management systems offer automated reordering. Set your minimum quantities for each item. When that number is reached, the system automatically generates a purchase order to send to your provider to refresh your stock level. Smart inventory management systems can also automatically optimize your reordering points and reordering quantities per item based on historical sales data to keep your inventory level at ideal quantities.
  • E-commerce integrations: Most retailers now sell across every sales channel — physical storefronts, e-commerce websites, online marketplaces like Amazon Marketplace and more. Your inventory software must track sales on all channels so you don’t accidentally try to fulfill more orders than you have in stock. Integrations with your e-commerce channels will help ensure you don’t run into this problem.

Choose a POS system with inventory management features to Improve your inventory management, earn more money and Improve customer satisfaction.

What should manufacturers look for in inventory management software? 

Manufacturers tend to have more advanced needs because they must track raw materials and finished goods. According to Bowman, key features that support manufacturing inventory management include:

  • Product cost analysis: Product cost analysis tools track your raw materials and finished goods, reordering the necessary components when they hit minimum levels. They also help predict labor and operating costs, including machinery acquisition and maintenance expenses. Look for an inventory management system that can generate a bill of materials with descriptions of these costs.
  • Forecasting: Demand forecasting is an inventory management technique where you analyze historical production and sales data to predict your future order management needs. A forecasting tool can help Improve the accuracy of this process. Software with a forecasting feature will analyze your data to determine optimal reordering points, hiring recommendations and even shift schedules required to meet your targets and continue growing.
  • E-commerce integrations: E-commerce tools aren’t just for retailers. Today, more manufacturers sell directly to consumers. Finding inventory software with e-commerce integration is essential for manufacturers — even if they don’t currently sell directly to consumers online — because they can use it to streamline sales to retail clients. Additionally, they allow you to expand sales channels in the future. 

What about warehouse inventory management software features? 

Warehouse inventory management is a specific subset of inventory management software that comes with important considerations. Bowman suggests looking for the following features in a warehouse inventory management system:

  • Barcoding: Warehouse management systems often use barcoding to track product inflow and outflow in storage facilities. Workers can scan items as they’re received, when they’re moved to a specific aisle and bin and then scan them again when they’re out for shipment — tracking all movements automatically. Barcoding capabilities include serial tracking for high-ticket items and batch barcoding for high-volume, low-cost items. Some barcoding features require only a simple quick response reader on a smartphone, reducing the overhead associated with scanner hardware.
  • Radio-frequency identification (RFID) capabilities: If you affix RFID tags to the items in your warehouse, you can track movement without scanner hardware. RFID tags and readers placed throughout the warehouse automatically track products when they come in proximity to a reader, eliminating the need for a worker to scan items in and out manually. This further streamlines the order management process and eliminates the risk of workers forgetting to scan items or misplacing them.
  • Inventory management integrations: While warehouse management is a subset of a broader inventory management strategy, the two are closely related and should be integrated. Look for a warehouse inventory management system seamlessly integrated with your more extensive inventory management software (most vendors offer this option).

Barcodes and RFID technology are standard asset-tracking methods for businesses. Others include GPS tags and geofencing.

What are the top inventory management software solutions?

Inventory management is a field rife with competition. From big-time companies to upstarts, your business has hundreds of options. Researching your options and understanding your needs is crucial. 

When in doubt, consulting other like-minded business owners is always a good practice. A general rule some small and medium-sized business (SMB) owners follow is to trust reputable, well-known companies. 

“I would avoid new companies I’m not familiar with,” Bowman advised. “Look for other businesses around in your area. What are they using? Talk to them and ask how it’s working for them.”

To get started, consider the following options, which are considered to be among the best inventory management software solutions. 

  • Lightspeed: Lightspeed is a lightweight yet effective POS system with built-in inventory management software well-suited to small businesses, especially those in the retail industry. It offers integrations and application programming interfaces (APIs) with many leading accounting software programs. Read our in-depth Lightspeed review to learn more. 
  • Oracle NetSuite: Oracle NetSuite inventory management software is best for large businesses, although it offers a basic pricing package. It also includes a unified accounting platform useful for tracking financials. Read our complete review of Oracle NetSuite for more information. 
  • QuickBooks Online: QuickBooks accounting software offers relatively limited inventory management features with its Plus and Advanced plans. For SMBs that already use QuickBooks for their accounting, it’s a sensible solution. Read our full review of QuickBooks online to find out more. 
  • Acumatica: Acumatica is a complete enterprise resource planning (ERP) platform that includes inventory management and accounting features. Visit the Acumatica website to learn more.
  • Cin7: Cin7 inventory management software is suitable for midsize businesses and larger companies that need a user-friendly system to support inventory tracking, reordering and accounting. Visit the Cin7 website to learn more.
  • SAP: SAP is the go-to inventory management software and ERP platform for large businesses and enterprise-level corporations. It’s complex but extremely comprehensive. Visit the SAP website to learn more.
  • Syspro: Syspro offers a flexible inventory management software and ERP platform suitable for businesses of all sizes. It includes a powerful reporting tool that can be used to keep tabs on your inventory and accounting. Visit the Syspro website for more information.
  • Zoho Inventory: Zoho Inventory is inventory management software that seamlessly integrates with other Zoho products. It is best for businesses that already use Zoho’s suite of software solutions. Visit the Zoho Inventory website to learn more. 

Why inventory management matters

Inventory management is an area where technology has revolutionized the way businesses operate. From gaining visibility of your entire stock or inventory to reducing human error by automating critical tasks, inventory management can take the legwork out of operating your business. 

Finding the right platform for your business can be challenging, especially with countless options that all claim to be your best solution. By zeroing in on your business’ needs and matching them with research and reviews of prospective vendor partners, you can make the best inventory management decision for your business. 

Matt D’Angelo contributed to the reporting and writing of this article. Some source interviews were conducted for a previous version of this article.

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