{"id":1656,"date":"2021-08-11T12:00:00","date_gmt":"2021-08-11T12:00:00","guid":{"rendered":"https:\/\/www.shipbob.com\/au\/blog\/inventory-records\/"},"modified":"2025-12-25T21:59:46","modified_gmt":"2025-12-25T21:59:46","slug":"inventory-records","status":"publish","type":"blog","link":"https:\/\/www.shipbob.com\/au\/blog\/inventory-records\/","title":{"rendered":"Inventory Records: Definition, Guide, and How-to Record Inventory"},"content":{"rendered":"\n<div class=\"wp-block-shipbob-blocks-single-toc single-toc\" data-controller=\"blog-toc-controller\" data-action=\"scroll@window-&gt;blog-toc-controller#scrollChanged:passive\" id=\"toc-component\"><div class=\"single-toc-overview\"><p>Table of Contents<\/p><div class=\"single-toc-read-time\"><p>** Minutes<\/p><\/div><\/div>\n<p><a href=\"#h-what-are-inventory-records\">What are inventory records?<\/a><\/p>\n\n\n\n<p><a href=\"#h-why-it-s-important-to-keep-up-to-date-inventory-records\">Why it\u2019s important to keep up-to-date inventory records<\/a><\/p>\n\n\n\n<p><a href=\"#h-tips-for-keeping-accurate-inventory-records\">Tips for keeping accurate inventory records<\/a><\/p>\n\n\n\n<p><a href=\"#h-what-a-good-inventory-management-software-should-allow-you-to-do\">What a good inventory management software should allow you to do<\/a><\/p>\n\n\n\n<p><a href=\"#h-how-shipbob-helps-with-inventory-records-more\">How ShipBob helps with inventory records &amp; more<\/a><\/p>\n\n\n\n<p><a href=\"#h-improve-inventory-management-with-shipbob-s-wms\">Improve inventory management with ShipBob&#8217;s WMS<\/a><\/p>\n\n\n\n<p><a href=\"#h-inventory-records-faqs\">Inventory records FAQs<\/a><\/p>\n\n\n\n<p><a href=\"#\"><\/a><\/p>\n<\/div>\n\n\n\n<p>Inventory is the heart and soul of your business, and it\u2019s constantly moving throughout the supply chain, including:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><span>New batches of inventory entering your warehouse<\/span><\/li>\n\n\n\n<li><span>Items getting fulfilled and shipped<\/span><\/li>\n\n\n\n<li>More inventory being ordered, transported, received, and stored<\/li>\n<\/ul>\n\n\n\n<p><span>Along with the type of products you sell, your warehouse location(s), and your inventory\u2019s current value \u2014 keeping tabs on <a href=\"https:\/\/www.shipbob.com\/ecommerce-inventory\/\">ecommerce inventory<\/a> data and information at all times can be challenging, <\/span><span>error-prone, and time-consuming. Yet when the accounting period ends, your accountant is going to expect accurate reporting.&nbsp;<\/span><\/p>\n\n\n\n<p>That\u2019s why online brands ditch the manual work and implement technology that makes record-keeping a breeze.<\/p>\n\n\n\n<p><span>In this article, we explore:<\/span><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><span>What inventory records entail<\/span><\/li>\n\n\n\n<li><span>Why it\u2019s important to consistently track inventory&nbsp;<\/span><\/li>\n\n\n\n<li><span>How to outsource <\/span><span>inventory management<\/span><\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-are-inventory-records\">What are inventory records?<\/h2>\n\n\n\n<p><span>Inventory records are repositories of data pertaining to each item in a brand\u2019s product line, including:<\/span><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><span>What\u2019s in stock at the SKU level<\/span><\/li>\n\n\n\n<li><span>What\u2019s been sold and reordered<\/span><\/li>\n\n\n\n<li><span>The product\u2019s value<\/span><\/li>\n\n\n\n<li>The <a href=\"https:\/\/www.shipbob.com\/warehouse-operations\/inventory-storage\/\">inventory\u2019s storage<\/a> location<\/li>\n\n\n\n<li><span>Other information that pertains to a business, such as <a href=\"https:\/\/www.shipbob.com\/blog\/work-in-process-inventory\/\">work-in-process (WIP) inventory<\/a> data<\/span><\/li>\n<\/ul>\n\n\n\n<p><span>Each entry must have a description of the SKU along with relevant data. These records are either created manually or digitally.&nbsp;<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-why-it-s-important-to-keep-up-to-date-inventory-records\">Why it\u2019s important to keep up-to-date inventory records<\/h2>\n\n\n\n<p><span>Keeping proper inventory records provides better <\/span><a href=\"https:\/\/www.shipbob.com\/inventory-management\/inventory-control\/\"><span>inventory control<\/span><\/a><span> and visibility into inventory as changes occur.<\/span><\/p>\n\n\n\n<p><span>Since inventory is noted as an asset in a business\u2019s balance sheets, you will be expected to provide accurate inventory information at the end of a fiscal year or accounting period.<\/span><\/p>\n\n\n\n<p><span>Here is why every business owner should be keeping proper inventory records.<\/span><\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-ensures-inventory-tracking-is-accurate\">Ensures inventory tracking is accurate<\/h3>\n\n\n\n<p><span>Consistently keeping track of what\u2019s leaving and entering the warehouse ensures <\/span><a href=\"https:\/\/www.shipbob.com\/inventory-kpis\/inventory-accuracy\/\"><span>inventory accuracy<\/span><\/a><span> and <\/span><a href=\"https:\/\/www.shipbob.com\/blog\/inventory-reconciliation\/\"><span>inventory reconciliation<\/span><\/a><span>. <\/span><\/p>\n\n\n\n<p>Inaccurate inventory counts can lead to <a href=\"https:\/\/www.shipbob.com\/inventory-kpis\/inventory-shrinkage\/\">inventory shrinkage<\/a>, or when stock is less than the recorded balance in the accounting record, and it can cause major discrepancies that can throw off profit margins and other financials.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-makes-inventory-accounting-easier\">Makes inventory accounting easier<\/h3>\n\n\n\n<p><span>Accurate inventory records make the <\/span><a href=\"https:\/\/www.shipbob.com\/blog\/inventory-accounting\/\"><span>inventory accounting<\/span><\/a><span> process much more bearable<\/span><span>.<\/span><\/p>\n\n\n\n<p><span>Keeping track of inventory value and count is legally required of all <a href=\"https:\/\/www.shipbob.com\/blog\/retail-inventory-method\/\">retailers<\/a> and manufacturers, as per the <a href=\"https:\/\/www.fasb.org\/\" target=\"_blank\" rel=\"noopener\">Financial Accounting Standards Board<\/a> (FASB) and regulated by <a href=\"https:\/\/www.investopedia.com\/terms\/g\/gaap.asp\" target=\"_blank\" rel=\"noopener\">Generally Accepted Accounting Principles<\/a> (GAAP).&nbsp;&nbsp;<\/span><\/p>\n\n\n\n<p><span>By maintaining a proper inventory record-keeping process, you\u2019re also able to track changes in value, so you know how much your inventory is worth at the end of an accounting period.<\/span><\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-helps-prevent-items-from-going-out-of-stock\">Helps prevent items from going out of stock<\/h3>\n\n\n\n<p><span>Keeping up-to-date inventory records help you <a href=\"https:\/\/www.shipbob.com\/inventory-kpis\/stockout-costs\/\">prevent stockouts<\/a> and have a better understanding on when <\/span><span>it\u2019s time to reorder more inventory.<\/span><\/p>\n\n\n\n<p>Keep in mind that not having enough inventory can cause out-of-stock issues, but storing too much inventory can increase <a href=\"https:\/\/www.shipbob.com\/blog\/inventory-carrying-costs\/\">carrying costs<\/a> and lead you to potentially accumulate too much <a href=\"https:\/\/www.shipbob.com\/inventory-kpis\/dead-stock\/\">dead stock<\/a>.<\/p>\n\n\n\n<p><span>Since inventory is constantly moving throughout the <a href=\"https:\/\/www.shipbob.com\/blog\/ecommerce-supply-chain\/\">ecommerce supply chain<\/a>, the use of <a href=\"https:\/\/www.shipbob.com\/inventory-management\/real-time\/\">real-time inventory management<\/a> technology makes it easer to check if all inventory is accounted for when comparing <a href=\"https:\/\/www.shipbob.com\/blog\/physical-inventory\/\">physical inventory<\/a> and electronic records.<\/span><\/p>\n\n\n\n<p>Being able to track inventory without the manual work can reduce risk while optimising operational costs, including storage fees.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-prevents-mistakes-from-being-made-based-off-of-bad-data\">Prevents mistakes from being made based off of bad data<\/h3>\n\n\n\n<p><span>If your records aren\u2019t up-to-date, you and your team risk making important business decisions based on incorrect data.<\/span><\/p>\n\n\n\n<p><span>By using technology to <a href=\"https:\/\/www.shipbob.com\/inventory-management\/inventory-tracking\/\">track inventory<\/a> in real time, you can reduce mistakes by cutting out time-consuming, manual work.<\/span><\/p>\n\n\n\n<p><span>Tracking inventory in real time can be done using inventory management solutions, including <a href=\"https:\/\/www.shipbob.com\/blog\/best-inventory-apps\/\">inventory apps<\/a> or a more robust system like <a href=\"https:\/\/www.shipbob.com\/blog\/erp-inventory\/\">ERP inventory<\/a> software.<\/span><span>&nbsp;<\/span>These systems allow you to aggregate data by connecting your upstream manufacturing activities with your downstream sales.<\/p>\n\n\n\n<p><span>With real-time data tied to inventory, you\u2019re also given the information needed to identify trends and <a href=\"https:\/\/www.shipbob.com\/blog\/demand-forecasting\/\">forecast demand,<\/a><\/span><span> so you can make better predictions on <a href=\"https:\/\/www.shipbob.com\/blog\/reorder-quantity-formula\/\">inventory reorder quantities<\/a> and levels.<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-tips-for-keeping-accurate-inventory-records\">Tips for keeping accurate inventory records<\/h2>\n\n\n\n<p><span>Depending on the number of SKUs you sell, your order volume, and the size of your company, the complexity of inventory record-keeping varies.<\/span><\/p>\n\n\n\n<p><span>No matter how intricate your business is, here are some of the top <\/span><a href=\"https:\/\/www.shipbob.com\/inventory-management\/\"><span>inventory management<\/span><\/a><span> strategies you can implement.<\/span><\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-keep-physical-backups\">Keep physical backups<\/h3>\n\n\n\n<p><span>An inventory audit is defined as the process of checking a company\u2019s actual inventory levels against their financial records to ensure accurate inventory accounting. To make <\/span><a href=\"https:\/\/www.shipbob.com\/blog\/inventory-audit\/\"><span>inventory auditing<\/span><\/a><span> more efficient, it is helpful for retailers to keep physical records of all inventory along with online backups (or vice versa).&nbsp;<\/span><\/p>\n\n\n\n<p><span>Keeping original physical copies can be a legal requirement in some states. <\/span><span>And, it also secures your information in case of a situation where your cloud server\u2019s integrity is compromised.<\/span><\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-get-input-from-your-accountant-on-what-to-record-and-how\">Get input from your accountant on what to record and how<\/h3>\n\n\n\n<p>Find an accountant you can trust and get their insights into how to keep inventory records for your business.<\/p>\n\n\n\n<p>In most cases, the information you need during the accounting period includes <a href=\"https:\/\/www.shipbob.com\/blog\/cost-of-goods-sold\/\">COGS<\/a>, <a href=\"https:\/\/www.shipbob.com\/blog\/production-inventory\/\">production inventory<\/a> (if applicable), <a href=\"https:\/\/www.shipbob.com\/blog\/beginning-inventory\/\">beginning inventory<\/a>, and the value of <a href=\"https:\/\/www.shipbob.com\/blog\/ending-inventory\/\">ending inventory<\/a> (what\u2019s left over at the end of an accounting period).<\/p>\n\n\n\n<p>You can also ask your accountant for their advice on how to choose the best <a href=\"https:\/\/www.shipbob.com\/blog\/inventory-valuation-methods\/\">inventory valuation method<\/a> based on the type of products you sell and your typical sales volume.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-remain-consistent-in-your-accounting-methods\">Remain consistent in your accounting methods<\/h3>\n\n\n\n<p><span>There are many ways to track and record inventory. No matter what method you choose, the most important thing is to stay consistent to ensure accuracy.&nbsp;<\/span><\/p>\n\n\n\n<p>At the end of an accounting period or financial year, you will need to calculate how much your inventory is worth.<\/p>\n\n\n\n<p><span>The most common valuation methods in ecommerce include:&nbsp;<\/span><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><span>FIFO (first-in, first-out)<\/span><\/li>\n\n\n\n<li><span>LIFO (last-in, first-out)<\/span><\/li>\n\n\n\n<li><a href=\"https:\/\/www.shipbob.com\/blog\/inventory-weighted-average\/\"><span>Inventory weighted average<\/span><\/a><span> (WAC)<\/span><\/li>\n\n\n\n<li><span>Specific identification method<\/span><\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-invest-in-inventory-management-software\">Invest in inventory management software<\/h3>\n\n\n\n<p>When it comes to keeping records on inventory, you have two options:<\/p>\n\n\n\n<ol class=\"wp-block-list\"><li><span>Update records after a designated accounting period (<\/span><a href=\"https:\/\/www.shipbob.com\/blog\/periodic-inventory-system\/\"><span>periodic inventory<\/span><\/a><span> system)<\/span><\/li><li><span>Continuously update the records with every transaction (<\/span><a href=\"https:\/\/www.shipbob.com\/blog\/perpetual-inventory-system\/\"><span>perpetual inventory system<\/span><\/a><span>)<\/span><\/li><\/ol>\n\n\n\n<p>As your business grows, adapting a perpetual inventory system is your best bet.<\/p>\n\n\n\n<p><span>This can be done by investing in an <\/span><a href=\"https:\/\/www.shipbob.com\/inventory-management\/software\/\"><span>inventory management software<\/span><\/a><span>, which will <\/span><span>help you track inventory flow in real time and record live updates without you lifting a finger.<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-a-good-inventory-management-software-should-allow-you-to-do\">What a good inventory management software should allow you to do<\/h2>\n\n\n\n<p><span>A powerful inventory management software makes inventory record-keeping a breeze.<\/span><\/p>\n\n\n\n<p><span>By automating the tracking of all inventory and real-time changes, you can <a href=\"https:\/\/www.shipbob.com\/inventory-management\/inventory-optimization\/\">optimise inventory<\/a> to meet demand and improve <a href=\"https:\/\/www.shipbob.com\/blog\/supply-chain-efficiency\/\">supply chain efficiency<\/a>.<\/span><\/p>\n\n\n\n<p>With the right software, you can easily download records and custom reports, so you have all the information you need when it\u2019s time to meet with your accountant.<\/p>\n\n\n\n<p>Here is a breakdown of how an inventory management software works.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-real-time-views-of-inventory-levels-across-all-channels\">Real-time views of inventory levels across all channels<\/h3>\n\n\n\n<p>As you expand your business, you most likely will branch out from selling exclusively on your online store.<\/p>\n\n\n\n<p>Marketplaces (e.g., Amazon and Walmart) and social media platforms (e.g., Instagram and Facebook) provide <a href=\"https:\/\/www.shipbob.com\/blog\/direct-to-consumer-brands-and-3pl\/\">direct-to-consumer (DTC) brands<\/a> different avenues to sell through, so they can broaden their customer reach.<\/p>\n\n\n\n<p>That\u2019s why many merchants implement a<span>&nbsp;<\/span><a href=\"https:\/\/www.shipbob.com\/blog\/multichannel-inventory-management\/\"><span>multichannel inventory management<\/span><\/a><span> software, which tracks inventory across channels and aggregates records all in one place.&nbsp;<\/span><\/p>\n\n\n\n<p>If you partner with a <a href=\"https:\/\/www.shipbob.com\/blog\/technology-enabled-3pl-fulfillment-top-benefits\/\">technology-enabled 3PL<\/a> like ShipBob, you get access to built-in inventory management tools that also allow you to track inventory across channels and <a href=\"https:\/\/www.shipbob.com\/blog\/distribution-center\/\">distribution centres<\/a> in one place.<\/p>\n\n\n\n<p><span>This allows merchants to spread inventory across <a href=\"https:\/\/www.shipbob.com\/blog\/split-inventory-across-multiple-fulfillment-centers\/\">multiple fulfilment centres<\/a> and be able to track inventory in real time through one dashboard instead of relying on multiple sources.<\/span><\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-automatically-generate-inventory-reports\">Automatically generate inventory reports<\/h3>\n\n\n\n<p><span>Arguably, your inventory management software is only as good as the <\/span><a href=\"https:\/\/www.shipbob.com\/blog\/inventory-report\/\"><span>inventory reports<\/span><\/a><span> it generates. Calculating and tracking these metrics in spreadsheets or through multiple different integrations can be troublesome.&nbsp;<\/span><\/p>\n\n\n\n<p>Inventory management technology automatically aggregates data, so you can pull custom reports whenever you need them.<\/p>\n\n\n\n<p>For instance,<span> ShipBob\u2019s <a href=\"https:\/\/www.shipbob.com\/blog\/order-fulfillment\/\">order fulfilment<\/a> platform automatically pulls reports and data on SKU velocity, <a href=\"https:\/\/www.shipbob.com\/inventory-kpis\/inventory-days-on-hand\/\">inventory days on hand<\/a>, inventory turnover rate, and much more.&nbsp;<\/span><\/p>\n\n\n\n<p><img loading=\"lazy\" decoding=\"async\" width=\"1608\" height=\"738\" class=\"alignnone size-full wp-image-12386\" src=\"https:\/\/www.shipbob.com\/wp-content\/uploads\/2019\/08\/art22.png?w=1280px\" alt=\"\" data-responsive-img srcset=\"https:\/\/www.shipbob.com\/wp-content\/uploads\/2019\/08\/art22.png?w=700px 650w, https:\/\/www.shipbob.com\/wp-content\/uploads\/2019\/08\/art22.png?w=860px 768w, https:\/\/www.shipbob.com\/wp-content\/uploads\/2019\/08\/art22.png?w=1180px 1080w, https:\/\/www.shipbob.com\/wp-content\/uploads\/2019\/08\/art22.png?w=1400px 1280w, https:\/\/www.shipbob.com\/wp-content\/uploads\/2019\/08\/art22.png?w=1600px 1440w\" fetchpriority=\"low\" \/><\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-style-blog is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em><span>\u201cI used to have to pull inventory numbers from three places everyday and move all the disparate data into a spreadsheet. ShipBob has an analytics tab in their dashboard with all of this information, which is great for end-of-month reconciliations. <\/span><\/em><\/p>\n\n\n\n<p><em><span>It\u2019s really nice to not have to operate three 3PLs. For <a href=\"https:\/\/www.shipbob.com\/blog\/inventory-planning\/\">inventory planning<\/a>, I love the SKU velocity report, daily average products sold, and knowing how much inventory we have left and how long it will last. The enhanced visibility is great.\u201d<\/span><\/em><\/p>\n\n\n\n<p><span>Wes Brown, Head of Operations at <a href=\"https:\/\/www.shipbob.com\/blog\/black-claw\/\">Black Claw LLC<\/a><\/span><\/p>\n<\/blockquote>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-set-reorder-points-based-on-historical-data\">Set reorder points based on historical data<\/h3>\n\n\n\n<p><span>Inventory management software allows you to automatically set <a href=\"https:\/\/www.shipbob.com\/blog\/reorder-point-formula\/\">reorder point notifications<\/a>, so you can <a href=\"https:\/\/www.shipbob.com\/blog\/inventory-replenishment\/\">replenish inventory<\/a> on time without the need to be tracking inventory every hour or manually as each order is placed. <\/span><\/p>\n\n\n\n<p><span>The software pulls insights from historical sales data to give you a better idea of when it will be time to reorder more inventory per <a href=\"https:\/\/www.shipbob.com\/blog\/how-to-find-sku-number\/\">SKU<\/a>, so you can set a predetermined reorder point.&nbsp;<\/span><\/p>\n\n\n\n<p>ShipBob\u2019s technology makes this process fast and easy. By setting a <a href=\"https:\/\/support.shipbob.com\/s\/article\/Reorder-Notification-Points-in-the-Product-Catalog\/\">reorder point per SKU<\/a> through the ShipBob dashboard, you will be notified via email when inventory stock reaches the minimum threshold, so you can send ShipBob your inventory in advance.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-style-blog is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em><span>\u201cShipBob\u2019s analytics tool is also really cool. It helps us a lot with planning inventory reorders, seeing when SKUs are going to run out, and we can even set up email notifications so that we\u2019re alerted when a SKU has less than a certain quantity left. There is a lot of value in their technology.\u201d<\/span><\/em><\/p>\n\n\n\n<p><span>Oded Harth, CEO &amp; Co-Founder of <a href=\"https:\/\/www.shipbob.com\/blog\/mdacne\/\">MDacne<\/a><\/span><\/p>\n<\/blockquote>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-how-shipbob-helps-with-inventory-records-amp-more\">How ShipBob helps with inventory records &amp; more<\/h2>\n\n\n\n<p>ShipBob is a best-in-class 3PL with premium fulfilment technology that provides transparency and visibility into <a href=\"https:\/\/www.shipbob.com\/blog\/logistics-operations\/\">logistic operations<\/a> throughout a growing fulfilment network.<\/p>\n\n\n\n<p><a href=\"https:\/\/www.shipbob.com\/blog\/inventory-planning\/\"><span>Inventory planning<\/span><\/a><span> and optimisation are faster and simpler with ShipBob\u2019s built-in inventory management software. <\/span>ShipBob helps you improve your inventory management process by providing the tools, data, and support needed to maintain accurate inventory records, while also picking, packing, and <a href=\"https:\/\/www.shipbob.com\/blog\/kitting\/\">kitting<\/a> your orders.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-embed-handler wp-block-embed-embed-handler wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe loading=\"lazy\" title=\"ShipBob Fulfillment Center Guided Tour - 3D 360\u00b0 VR Video\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/YdTbM4XlizY?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe>\n<\/div><\/figure>\n\n\n\n<p><span>For a more robust solution, ShipBob partners with leading <a href=\"https:\/\/www.shipbob.com\/partners\/#inventorymanagement\">inventory management solutions<\/a> that integrate directly with our <a href=\"https:\/\/www.shipbob.com\/3pl\/software\/\">3PL software<\/a>.<\/span><\/p>\n\n\n\n<p>To learn more about how ShipBob can <a href=\"https:\/\/www.shipbob.com\/blog\/supply-chain-optimization\/\">optimise your supply chain<\/a>, click the button below to start a conversation with our team.<\/p>\n\n\n\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/www.shipbob.com\/quote\/\"><strong>Request Fulfilment Pricing<\/strong><\/a><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-improve-inventory-management-with-shipbob-s-wms\">Improve inventory management with ShipBob&#8217;s WMS<\/h2>\n\n\n\n<p>For brands looking to store inventory and fulfil orders within their own warehouses, <a href=\"https:\/\/www.shipbob.com\/product\/merchant-plus\/\">ShipBob&#8217;s warehouse management system (WMS)<\/a> can provide better visibility and <a href=\"https:\/\/www.shipbob.com\/blog\/warehouse-organization\/\">warehouse organisation<\/a>.<\/p>\n\n\n\n<p>Ecommerce merchants can now leverage ShipBob&#8217;s WMS (the same one that powers ShipBob&#8217;s global fulfilment network) to streamline in-house inventory management and fulfilment. With real-time, location-specific inventory visibility, intelligent cycle counts, and built-in checks and balances, your team can improve inventory accuracy without sacrificing operational efficiency.<\/p>\n\n\n\n<p>For brands looking to scale internationally, ShipBob even offers a hybrid solution where merchants can employ ShipBob\u2019s WMS technology in their own warehouses while simultaneously leveraging ShipBob\u2019s fulfilment services in any of ShipBob\u2019s fulfilment centres across the US, Canada, Europe, and Australia to improve cross-border shipping, reduce costs, and speed up deliveries.<\/p>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-16018d1d wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/www.shipbob.com\/quote-plus\/\">Explore ShipBob&#8217;s WMS<\/a><\/div>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-inventory-records-faqs\">Inventory records FAQs<\/h2>\n\n\n\n<p><span>Here are the top questions people ask about managing inventory records. <\/span><\/p>\n\n\n\n<section class=\"wp-block-shipbob-blocks-section-container section section-container  max-width-blog\"><div class=\"container section-info section-info-align-none u-hidden\"><h6 class=\"section-title \"><\/h6><h2 class=\"section-content h2\"><\/h2><p class=\"section-copy u-hidden\"><\/p><\/div><div class=\"container flex-container direction-col justify-none align-none flex-wrap\">\n\n<div class=\"wp-block-shipbob-blocks-single-faq single-faq direction-col  col-8\" data-controller=\"faq-controller\" data-faq-controller-open-value=\"true\"><div class=\"single-faq-title-contianer\"><h4 class=\"single-faq-title\">How do you keep records of inventory?<\/h4><div class=\"single-faq-expand\" data-faq-controller-target=\"expand\"><img decoding=\"async\" src=\"\/wp-content\/themes\/shipbob-2022\/resources\/svg\/plus-solid.svg\" \/><\/div><\/div><div class=\"single-faq-childs\" data-faq-controller-target=\"answer\"><div>\n\n<p><span>It\u2019s important for retailers to maintain <\/span><a href=\"https:\/\/www.shipbob.com\/blog\/digital-inventory\/\"><span>digital inventory<\/span><\/a><span> records as it offers accurate data on inventory sold, purchased, and on hand (or available to be fulfilled). Though the process can be done manually, there are plenty of inventory management solutions on the market that cut out the manual work and aggregate data in real time to promote accuracy and speed.&nbsp;<\/span><\/p>\n\n<\/div><\/div><\/div>\n\n\n<div class=\"wp-block-shipbob-blocks-single-faq single-faq direction-col  col-8\" data-controller=\"faq-controller\" data-faq-controller-open-value=\"true\"><div class=\"single-faq-title-contianer\"><h4 class=\"single-faq-title\">How can I better track inventory?<\/h4><div class=\"single-faq-expand\" data-faq-controller-target=\"expand\"><img decoding=\"async\" src=\"\/wp-content\/themes\/shipbob-2022\/resources\/svg\/plus-solid.svg\" \/><\/div><\/div><div class=\"single-faq-childs\" data-faq-controller-target=\"answer\"><div>\n\n<p>To better track inventory, technology is key. By implementing inventory management software, you can track inventory in real time, generate inventory reports, and collect data to foresee future demand and identify common trends.<\/p>\n\n<\/div><\/div><\/div>\n\n\n<div class=\"wp-block-shipbob-blocks-single-faq single-faq direction-col  col-8\" data-controller=\"faq-controller\" data-faq-controller-open-value=\"true\"><div class=\"single-faq-title-contianer\"><h4 class=\"single-faq-title\">How long should I keep historical inventory records?<\/h4><div class=\"single-faq-expand\" data-faq-controller-target=\"expand\"><img decoding=\"async\" src=\"\/wp-content\/themes\/shipbob-2022\/resources\/svg\/plus-solid.svg\" \/><\/div><\/div><div class=\"single-faq-childs\" data-faq-controller-target=\"answer\"><div>\n\n<p><span>Every state\u2019s jurisdiction has different laws about how long you need to store inventory records. The good thing is with electronic record-keeping, you can store all the inventory data permanently or for as long as you need.<\/span><\/p>\n\n<\/div><\/div><\/div>\n\n<\/div><div class=\"cta-container u-hidden\"><a class=\"btn btn-primary \" href=\"\"><\/a><\/div><\/section>\n","protected":false},"excerpt":{"rendered":"<p>Learn how to keep inventory records that are accurate and consistent, and how you can use technology to automate the process.<\/p>\n","protected":false},"author":110,"featured_media":25846,"parent":0,"template":"","meta":{"content-type":"","inline_featured_image":false,"footnotes":""},"blogcategories":[8,15],"class_list":["post-1656","blog","type-blog","status-publish","has-post-thumbnail","hentry","blogcategories-inventory","blogcategories-warehouse-management"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.5 (Yoast SEO v27.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>What Are Inventory Records? 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