A well-recorded history can lead to an easy inventory management with a little help from a program.
A lot of companies manage their inventory by using Excel or with a very simple program.
They would face difficulties when it comes to sharing and checking data in real time as well as frequent data errors.
In addition, when a company manages inventory and accounting separately, there would be a need to enter the same data twice.
Even though it may be okay for one or two people to manage work in that way, as the company gets bigger with more transactions and more customers, they will start to face limitations.
This is a major reason why many companies are adopting inventory management solutions.
Entering Purchase(stock in) will automatically increase the inventory, and entering Sales(stock out) will reduce the inventory.
Entering Production will reduce the quantity of raw and sub materials according to the BOM(Bill of Material), and increase the quantity of semi-finished products/final products.
All entered details are immediately reflected in the reports and the inventory is automatically managed.
It is not just about inventory stock balance, what comes after will also be fine.
Entering sales(stock out) automatically aggregates the sales performance and A/R to be managed by each salesperson.
Automatically calculates and shows the appropriate amount of purchasing quantity, which helps you manage the right volume of your inventory.
The recorded purchase amount also allows you to calculate the current inventory unit price and manage up to the Serial/Lot (Lot No.) and A/S stages.
Inventory Quantity Management
- When you input sales, purchases, and production details, they are calculated and reflected right away in the inventory balance book.
This can resolve issues caused by discrepancies between book inventory balance and the actual balance due to missing transaction history.
- The calculated inventory quantity is reflected in all books and reports so that you can check inventory quantity and balance in real time.
- When entering transaction history, you can specify warehouses and locations that each stock is entering into and/or going out from, so stock balance by warehouse is automatically managed.
You can also register unlimited number of warehouses and locations, so you can separate your inventory according to your needs.
Track Inventory History
- No problem even if the inventory quantity in the program is wrong.
Since the quantities are calculated based on the transaction details, you can easily track the history by inquiring the details that were created.
- You can record serial number and lot number on items.
Even if the items are of the same type, it is possible to determine when and where each item was received and shipped by number.
- Even if you have a different person in charge, your work is immediately shared without the need to request or deliver documents.
This is because recorded transactions can be easily viewed at any time in a report according to the authorizations given to each user.
- Since the recorded sales order details can be imported to create sales, purchases, and production,
you don't have to enter the same transaction details twice, and you can also avoid missing any data.
- You can see the progress status of other departments right away, so your work is seamlessly connected.
For example, the sales department can view purchase details and receive a sales order accordingly.
The purchasing department can place purchase orders by viewing the planned production details of the production department.
Inventory Quantity Forecast
- Considering the current inventory on hand and schedules sales/purchases,
one can accurately forecast the quantity to be ordered for production and sales.
- By setting inventory quantity criteria that must be on hand for a specific item,
when selling, you can predict and prevent quantity changes so that it does not fall below a certain number.
- The recorded purchase, sales, and production details yield a company's profits.
- By checking the amount of profit and the rate of return for each item,
you can determine if you need to adjust the inventory quantity and the production quantity.
- The current inventory amount is calculated accurately from the amount of purchases recorded for each item.
As long as you record your sales, purchases, and production details, you can calculate inventory quantity, manage balance details, share your work, and manage profits.
This makes it easy to manage your inventory without having to process it separately.