Improve your inventory management with Accounting Software
Inventory Management is one of the most difficult tasks, as it requires a proper system to track and record the inventory. Using an accounting software to gain control over your inventory management is the best way to make the entire process more efficient.
Following are different ways to improve your inventory management with Accounting Software:
1. Integrate Order Entry
Do your processes include writing down your customers’ orders, only to have somebody else enter the information again to create an invoice? If so, you are spending more money and time than necessary by paying two people to do virtually the same job. You can save time and increase the accuracy of your orders by implementing order entry into your system. Using order entry allows one person to enter and save an order, and that same order can then be turned into an invoice when ready. You will save money, and also reduce human error, increasing customer satisfaction.
2. Enter Purchase orders from order entry
Have you ever run out of an item, and forgot to put it on order for your customer? You can have your system prompt you to enter a purchase order directly from the order entry screen. By doing this, you will be sure to get the items for your order, keeping your customer happy. You will also save time by taking care of both functions at once.
3. Know which items you have so you can keep just the right number in stock
Are you surprised when you run out of an item? Or how about when you find a huge overstock? Set up your system to keep a minimum and maximum amount for each item. Then you can easily run a report at any time, showing what you are running low on so you can order more before you run out. You can be sure you don’t waste valuable shelf space by overstocking any items. This will streamline the purchase order process too, saving your company hours of time.
4. Automate the selling of different units of measure
Different customers require different quantities of the same product. Some may ask for one consignment of an item and other will ask for one carton of the same item. This becomes tricky as you have to constantly make adjustments in your inventory. You can solve this costly problem by setting up one inventory item with multiple units of measure. You can set selling units you need for each item and thus your system will calculate the stock by unit, and as result, you can easily buy, sell and stock your items. As a result, your time is saved and it will show you the actual stock of the items you have in your stock.
5. Take physical inventory more often
Having an accurate count of the items in your inventory is very crucial, as it saves money for your company and also it enables you to answer your customers about the availability of the stock which makes them happy.You can make your physical inventory process easier by using a system that allows you to keep selling products while you take counts. The sales staff is happy because they can keep selling, the warehouse manager is happy because the counts are accurate, and the customer is happy to receive accurate information in a timely manner.
6. Track inventory by location
Is that item in the back warehouse? On the retail floor? Or is it out on one of the delivery trucks? If you store items in more than one location, you should quickly be able to see exactly where it is by location. You can accomplish this by setting up more than one inventory location in your software. If you have the function of setting up unlimited inventory locations, then you can even set up a delivery truck as its own location. Setting up multiple warehouses saves you time searching, and can also reduce costly shrinkage.
7. Let your software system keep track of customer pricing
Are you tired of flipping through files to find what your customer paid last time, only hoping that the page on top is the most up-to-date? You can eliminate this hassle by setting up your customer pricing in your software system. You can save yourself from wasting time and hassle by setting up customer pricing in the software, which will ensure better accuracy and will keep your customer happy.
- Posted on Dec 14, 2017
- By Dhruv
- 0 Comments