Munim: Barcode System for Inventory & Billing

In 1949, two engineering graduates from Drexel Institute of Technology (now Drexel University), Norman Joseph Woodland and Bernard Silver, invented the system of Barcode, taking inspiration from Morse code. From then on, there is a look back at the barcode system. From railroads and logistics to manufacturing, its applications are vast. Now, it is being implemented in inventory management and billinzxg systems. 

In this blog, we will discuss the use cases and business benefits of the best barcode inventory system for small businesses offered by accounting software. 

Business Use Cases of Barcodes 

There are a number of use cases for Barcodes in any business, and it has the potential to uplift the productivity of back-office operations. The following are the most frequent use cases of Barcode in business management: 

Tracking Inventory

Munim’s barcode inventory system simplifies the process of barcode generation, creating unique codes that are tethered to the database unless intentionally deleted. These barcodes, when scanned, allow store managers to effortlessly track inventory levels, providing real-time data for efficient inventory management. 

Limits Stock Aging 

The ‘Limits Stock Aging’ feature is particularly beneficial for businesses dealing with perishable goods. With the help of a barcoding system, the store manager can identify products that have been stored for a longer duration. This allows them to prioritize the sale of these items, ensuring they are transported to the market before they lose their shelf life, thereby reducing wastage and increasing profitability. 

Invoicing 

You must have seen in supermarkets how quickly they prepare your bill using the barcode system, the same system you can implement at your store and make your billing process unbeatable. 

Complaint Redressal 

Barcode is a powerful tool for addressing customer complaints. For instance, when a customer submits a complaint, you can simply ask them to provide the unique identification number printed on the package. With this information, you can track the batch number, manufacturing date, and other relevant details of the product. This allows you to address the customer’s complaint more effectively and efficiently. 

Business Benefits of Barcodes

The implementation of Barcode across the business categories has taken off due to its vast applicability and numerous benefits. In the following section, we will discuss key benefits businesses can get from barcode system implementation: 

Accuracy 

With barcodes, the need for manual data entry is subsided, which means there are no or fewer chances of error. Whether you want to implement this system at your warehouse or retail store, it is absolutely feasible. 

Real-time data

Whenever billing personnel scans a barcode for selling, the data gets updated immediately in the inventory data. With this system, decision-makers get real-time information, empowering them to calculate essential KPIs and make informed business decisions on the spot. 

Reduced training

Whether you want to do inventory management or billing, everything is simplified with a barcode system. New employees do not take a long time to master their tasks with a barcoding system. 

Inventory management

Barcode system proves beneficial in managing inventory, it also prevents you from over-investment in inventory and at same time maintaining necessary inventory levels without hitting stock-out situations. This further decreases dead investments in obsolete inventory thereby increasing profitability in the long-term.  

Cost efficient 

Barcode systems can be implemented in your store or warehouse at an affordable price; they are also readily available with digital accounting software, saving you some extra bucks. If your accounting software does not provide, you should consider switching to some other accounting software that offers a barcode management system. Remember, it’s a cost-effective solution for your business. 

Cut-downs Billing Time 

With the aid of a barcode scanner, billing personnel can add purchased items to the billing system within a fraction of a second. The barcode system automatically identifies the pre-determined price of the scanned product and adds it to the invoice. This significantly reduces the time required for the billing process, allowing customers to complete their purchases more quickly and reducing queuing time at the checkout. 

Almost Zero Manual Errors 

The manual billing process is prone to a variety of data entry errors, such as missing a particular item, adding the wrong selling price, or over or under discounting. These errors can significantly impact the accuracy of your billing and potentially lead to financial losses. By adopting a barcode management system, you can reduce these errors to almost zero, ensuring the accuracy of your billing and improving customer satisfaction. 

How To Setup Barcode Management System in Munim

By following the above steps, you can start implementing a barcode inventory system in your company using Munim accounting software. 

Step 1: Log in to your account and go to ‘Settings.’

Step 2 On the Settings page, look out for the ‘Barcode System.’ 

Step 3: Enable the barcode system 

Step 4: Set barcode size for printing and set the code as per your choice 

Step 5: Check the preview before printing 

Step 6: Now go to ‘Items’ and verify the assignment of the Barcode 

Now that a barcode is assigned to your products, you can start generating bills with a barcode scanner. Rest assured, your billing process will be much easier and faster than before, thanks to the user-friendly interface of Munim accounting software. 

Adopt Barcoding System with Munim Accounting Software

So we hope after reading this blog, you know the in and out of barcode inventory system. After reading the use cases and business benefits of barcodes, you must be tempted to implement them in your company, right? If yes, here is a surprise for you: Munim accounting software offers all the barcode inventory systems along with inventory management and billing for free. Yes, you read it right; there is no extra charge to use this feature. Moreover, a subscription to Munim accounting software as a whole is also free for the financial year 2024-25. 

Frequently Asked Questions on Barcode System 

1. How to set up a barcode system for a small business? 

Ans. Following are the steps to set up the best barcode inventory system for small business: 

• Choose a barcode type 
• Choose your Barcode’s symbology 
• Generate your Barcode
• Print the finalized Barcode
• Get a barcode scanner
• Test your Barcode 
• Implement the Barcode across the product range
• Track your Barcode

2. How do you use a barcode to keep inventory?

Ans. The best barcode inventory system for small businesses allows you to manage inventory more efficiently and allows you to transfer work in progress more quickly. 

3. Can I create unlimited barcodes with Munim’s free subscription? 

Ans. Yes, you can create unlimited barcodes for your company with Munim’s free subscription offer for the financial year 2024-25.