Depending on the industry within which your company operates, the inventory you work with could be anything from cooking ingredients to items of clothing, electronic parts to ready-made technological appliances. Regardless of the specific nature of your industry and the inventory you are charged with controlling, it's important to do the following:
- Keep close tabs on inventory levels
- Forecast future surpluses and shortages based on demand predictions
- Comply with inventory legislation
- Maintain comprehensive, up-to-date records
For company owners looking to optimize their inventory management processes, a good first step is to upgrade from a manual approach to one that involves leveraging inventory software
. By integrating a solution such as Sage BusinessVision Accounting's Inventory modules, companies can attain a deeper level of insight into their inventory, helping them cut costs and boost satisfaction across their customer bases. Automating processes using the three modules—Inventory Control, Order Entry and Purchase Order—allows firms to gain greater understanding of their holdings and ultimately streamline the task of inventory management.Inventory Control
The Inventory Control module boasts promotional pricing capabilities, vendor pricing, quantity breaks, multiple price lists and numerous units of measure, and is equipped to handle an unlimited number of serial numbers and SKUs. It also allows images to be paired with data entries in order to facilitate quick and easy inventory item recognition. Users of this module can take their pick of three costing methods—average cost, LIFO and FIFO.Order Entry
The Order Entry module serves as a hub for layaways, quotations, repeat orders and automatic or manual back-ordering for an unlimited number of items. Inventory levels can be managed on-screen, and the appropriate reports needed for tracking the usage and sales of components and services can also be generated.Purchase Order
When used in conjunction with the Accounts Payable, Inventory and Vendor modules, the Purchase Order module facilitates the process of tracking vendors, purchases and payables, and can also automatically calculate inventory costs, print purchase orders, email purchase orders directly to vendors and send purchase orders.
By regularly maintaining and evaluating their holdings, companies can adjust their inventory investments as they evolve and grow with the goal of maximizing cash flow.