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Inventory Management Software for Warehouses for Small Businesses

Inventory Management Software for Warehouses for Small Businesses

Inventory management software is a valuable tool for organization of goods or supplies for any retail establishment. More small business inventory management software are used to sort out items in the inventory for easier circulation and more efficient selling. There are, likewise, suppliers that need inventory management software themselves.

Warehouses have large capacities for items due for sale; in a way, warehouses are gateways for these items from the manufacturers to the distributors. Some warehouses also provide services like packing the goods. Warehouses receive goods from manufacturers and organize these goods properly for stable and effective flow of goods.

Warehouse management systems are necessary for stable organization of these goods. Each item is classified according to the brand, item type, and name. The items in each category are also arranged in a way that, if perishable, those that expire earlier get delivered and sold sooner. This is a little more difficult in a warehouse, which is enormous with a massive collection of goods. By using a warehouse inventory software system, this is made easier with organization.

Warehouses need the system when they find themselves somehow at a loss with what to do. There are times that certain items are hard to find, and even workers have to search the warehouse thoroughly for the item, which is a waste of time and effort. The software also keeps the working pace consistent even when some workers call in sick. The best part is that records are printed out—no more handwritten notes of orders, data or invoice.

Hardware components are products from various telecommunications companies that have served millions of consumers around the world. There are mobile computers with long-lasting batteries, hard disks with large capacity for the software and its data, and little printers to make hard copies of bar codes, receipts, and other important information on the warehouse inventory. These components house the software well, making an extensive yet comprehensive record of the status and condition of the inventory as a whole.

The warehouse inventory software system can also make a clear record of the flow of the inventory items. The items can be tracked with the unique bar code on every type of item to show when they were stored, packed, and delivered. This helps maintain the balance and consistency of the work in the warehouse; workers and management do not have to worry about lost items, for example, because everything is in place.

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Inventory Management

Inventory Management

The relative importance of inventories differs among the various industries. They are relatively unimportant for the public utilities and service trades in which they total only 2 and 4 percent respectively of total assets. About one-third of the assets of retail establishments consists of inventories as docs 21 percent of the capital of manufacturing corporations. For both these industries inventory is the largest current asset and, for retailers, it is the largest asset of any type. In the wholesale and retail trades inventories consist almost entirely of finished goods whereas manufacturers must carry raw materials, goods in process, and supplies in addition to their finished products. Because manufacturing illustrates more of die ramifications of inventory management this industry will be used for illustrative purposes. For manufacturers as a whole finished goods constitute about 40 percent of total inventories but this ranges from one-third for durable-goods processors to slightly less than half for manufacturers of non-durable goods. On the other hand, work in progress is the most important segment of inventory for durable-goods manufacturers; it is relatively unimportant in the manufacturing of non-durable goods. As with the carrying of cash and receivables, the size of inventories is partly a function of the type of industry although a considerable range of management discretion is applicable.

If acquisition of materials, production, sale, and delivery were instantaneous there would be little reason for inventories. But acquisition of raw materials is time-consuming, the source of supply may be seasonal, and deliveries are not always certain. Moreover, purchases must be made in economical quantities and these do not bear any necessary relationship to the rapidity of their use. Breakdowns can occur in the productive process, and this contingency increases the amount of work in progress that must be maintained. Production runs cannot all be synchronized either with the size of economical purchases or with the volume and timing of sales. Production costs may dictate either regular production throughout the year, even though sales are seasonal, or a concentration within a short interval even though sales is stable. The situation is complicated further because inventory carrying costs tend to rise in proportion to advances in inventor)’ level whereas increasing the size of production runs affords a cost advantage that decreases in rate per unit of output as fixed costs are spread over more units.

Inventory Risks Investment in any type of asset involves some risk; inventories are the least liquid and the most risky of the current assets. Risks of price change are the greatest in the raw materials because of the volatility of their prices. Metals, crude rubber, wool, and various agricultural products are subject to sharp and wide swings in marketability. Goods in process of manufacture are especially illiquid; they must be completed to be salable. At the retail level, prices are generally more stable and yet obsolescence can be sudden and rapid as public tastes change. Not only may funds be tied up in slow-moving inventories but special efforts are required to sell them, especially in those consumer goods that are subject to annual change in type of model.

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Inventory Management Features HR Accounting CRM Custom Erp Software

Inventory Management Features HR Accounting CRM Custom Erp Software

Inventory Management Software : Features

Inventory forms one of the biggest investments in manufacturing and trading sectors. Huge capital blocked in inventory, inability to identify products, multiplicity of products, product freshness, order of arrival, guarantee/ warranty periods, handling and a host of related issues can confound any individual assigned the task of materials management. The solution lies in installing a software that will solve these problems and evolve a system for continuous operation and evaluation.

Inventory Management Software is an absolutely compatible and competent application to deal with inventory of several commercial and non-commercial industries such as Clothing, Electronics, Aeronautics, Mechanical, Medical, Hotel, Food, Stationery, Shoe, Retail Chains, Online Shopping Malls and other business. It handles invoicing, stock movement and customer details easily and rapidly via interactive, user friendly interface.

Inventory Management Software is extremely economical and a compliant package for all common window platforms like 98, NT, 2000, XP and Vista.

Key Features:

– Inexpensive, advanced and swift.

– Easy to configure and install

– Complies with all Windows operating systems.

Inventory Management Software is basically focused to derive stock balance, sales record, restore stock, goods record, goods category distribution, customer order records, invoice, price system, backup stock, reports customization, order processing, purchase order, pay orders and significantly reducing paper work. The application offers a broad and innovative inventory management resolution to synchronize items, stocks, cumulative productivity of stores, managing sufficient supplies by implanting modular classification of the entire process. Inventory management software is best suited to keep track of the records of sale, purchase and vendor prices of all the goods stocked in the system. Inventory package includes specific features like barcode reading for price identification, Multi-currency adoption to identified rates, reports generation for fast, precise analysis of goods, stock, quantity, prices, manufacturers, suppliers, vendors and sales. Expiry alert for various items, print preview option for flexible, multi-user compatibility, security with approvals and more.

Disadvantages :

Like every software inventory management software is not a total bundle of advantage. There are disadvantages too. For a small company the cost overrun of installing such software is very high. Barcode readers don’t come cheap. No data is reliable unless updations is made continuously. When a software company walks out replacement is a laborious process that includes training and recasting data. Nowadays updations is carried out on a dynamic basis with PCs, iPods and Androids which can be connected to the central unit. Despite these disadvantages the utility of inventory management software far outweighs these minor snags. The enormous quantity of inventory, the capital involved and the necessity to keep the supply- production- distribution channel alive is enough for any right thinking materials personnel to seek out and latch on to an inventory management software most appropriate to the performance of the company. inventory management software – Which software to install? This is not an easy question to answer. There is a plethora of such software’s available. Each one with its own tall claims. Information from industry sources and similar business. Ventures will be a right indicator. Besides there are reliable software consultants who can provide valuable and relevant data.

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Choosing Proper Inventory Management Software

Choosing Proper Inventory Management Software

If you are researching for software that will allow you to properly manage your inventory and stock then pay attention to some of these key points. Looking for an effective inventory management solution can be minefield. This is because many systems claim to manage this process, and although they all do it to varying degrees, some offer a better deal then others.

You see, its not hard to have a description only inventory, infact its easy and a lot of small business software does it. They do it because it is easy and then you can sell the solution as a inventory management system. The truth is this is done a lot in Australia and New Zealand and the truth is its not very effective. If you do decide to purchase a system like this what it wont tell you is current stock levels, whats on order and much more. Thats why the first step in research is deciding internally what your needs are. As more requirements are tacked onto the equation then the software you need will be more advanced. Typical requirements include current stock levels, serial number tracking, website shopping cart integration and landed cost.

I will expand on the landed cost requirement as it recently came up in a demonstration with a potential client. They are a big importer of concert equipment into New Zealand. However there current system was purely a point of sale system, thus it allowed them to ring up stock but it never gave them the information such as how much that stock cost them. Lack of management reporting is another significant error in current businesses however I will leave that for another article.

Consider this, the stock they were selling did not only cost them the price they paid to the manufacturer in Europe. No, in actual fact they had to then pay for it to leave the manufacturer on a truck to go to the nearest port. From there the goods would be loaded into separate shipping containers and shipped into Auckland, New Zealand. From there they would be on a truck again until they reached the warehouse just outside Auckland. Adding up all these three shipping methods was a significant cost, and one they were not adding to their goods. It was allowing them a false sense of security when they discounted goods to make a sale. What they were actually doing is discounting the goods to below their landed cost price. Now that is not such a great accounting software!

The landed cost price is the price paid for the goods plus the additional shipping, customs, handling, and courier prices. Systems that have proper stock control manage this like a breeze and compute all the figures for you. Its literally as easy as entering in the data and it will even compute how you want it split, for example by weight, quantity, cost. Systems that do not have this leave you selling items below your cost and severely hurting your bottom line. Ouch!

So next time you are researching your inventory management accounting software make sure it does all the things you need it to do. Then you will not only have saved a lot of time, but you will also be running a more successful business.

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Integrated Functions of Inventory Management Software

Integrated Functions of Inventory Management Software

Integrated business solutions are changing the way business is done in the modern age. Whereas businesses used to do certain functions separately and often at different times, nowadays they can get multiple jobs done simultaneously and in a shorter amount of time. For example, an inventory management software system such as that used in retail stores assumes four basic functions. Anyone using such an integrated program can thus kill four birds with one stone.

Identification. As there will be dozens of different products in storage, without inventory control, it will be quite a challenge to determine which is which. Identification systems such as barcodes and radio frequency tags have revolutionized the methods of labeling products and storing information. Barcodes and electronic tags work pretty much like regular work IDs by assigning each individual product its own identity on the computer database.

Tracking. The movement of goods needs to be monitored the moment it leaves storage en route to the outlet. Electronic systems act like radar for goods, tracking a product’s delivery to make sure that it reaches the intended destination. In the event of an anomaly, the manager can track the product to the logistical convoy responsible for the delivery.

Supply. With different products having their respective electronic labels, workers can easily identify which products are almost out of stock. Inventory management software can track the quantity of the available goods in storage in real time. The manager can immediately place orders from the plant so that the supply line moves steadily.

Services. Inventory management software can also help business keep tabs on total expenses when rendering their services. This is more applicable for businesses that offer specific services such as janitorial tasks than those that sell goods. The expenses for rendering those services are recorded in the software, which can become the basis for computation of fees.

Thanks to technology, all these functions have been integrated into one package that lets people do multiple tasks efficiently. Managing goods and services has never been this easy with inventory management software. Whether a business is big or small, effective inventory management is necessary for smooth business operations.

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