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Tips to Manage Inventory

Tips to Manage Inventory

Do you have difficulty in managing inventory? Don’t you manage to track the goods you are buying and selling after that? Aren’t you aware which time to order items, or are you unable to maintain your stock in safe condition? The following tips may be helpful for you.

 

1. Keep track: This is the most important task in order to manage your inventory. You need to keep records in a systematic manner. If you do not have an account of your sales volume, as well as your current stock level, you will never know when and how much to reorder. It is recommended that you keep an ordering period, that is, a time frame after which you will make your next order. Your tracking should be based on this unit of time. You can track each item in the following manner:

 

• Average Sales: How many articles do you think you will sell during a particular time frame (ordering period)?

• Maximum Sales: What is the maximum quantity that you think you will sell?

• Bulk Order Quantity: How many articles do you need to order in bulk at one time?

• Order Lead Time: From the day you have placed the order, what is the time taken to receive the shipment?

• Quantity On Hand: How many articles do you presently have in stock?

• Quantity On Order: How many articles have you presently ordered for?

 

The above data can be stored on an Excel sheet and constantly updated. So, instead of clearing up items that you now consider as junk, it is better to be organized.

 

2. When to Order: Once you are aware of how many items you have in stock, and which items are running out, you need to know when to make a reorder. First, decide on the ordering period, that is, after how long you will make a reorder. It could be weekly, monthly, or bi-monthly. You should ensure that you maintain a minimum stock level at the end of the present ordering period, which is enough to carry you through till the next ordering period.

 

How do you know it is time to reorder?

Add the quantity of items that you already have (Quantity on Hand) to the amount that you have ordered for (Quantity on Order), which is temporarily called Quantity Available.

 

Now, you will still be selling until the fresh stock arrives, so subtract the Lead Time Sales from the Quantity Available. If this amount is less than the minimum stocking level (Time Lead Sales minus the Safety Quantity), it implies that you have to reorder. This final amount is termed as Quantity Available.

 

How do you know how much to order?

Subtract the Quantity Available from the minimum stock level.

 

Take a note of few terms related to stocking:

• Safety Quantity: Average Sales is subtracted from Maximum Sales. This quantity is the minimum quantity of items that you have when there is more sales than the usual amount.
• Time Lead Sales: The Average Sales multiplied by the Order Lead Time.

 

3. Quantity on Hand: It is always recommended that you physically check your inventory just to ensure that the data in your software matches up to what is really there. This allows you to make adjustments in the case of unexpected losses, which can happen owing to theft or breakage. If these losses are not accounted for, keeping track using your software will be futile.

 

Note that if your ordering period is long, you need to have enough inventory in stock. However, be sure that there is not too much inventory for fear of the products perishing or crossing their expiration date. Besides, you will be investing more capital and covering insurance and management costs.

 

4. Sell Junk: One way to get rid of inventory that you feel is junk is to sell it to a vendor. You will not only be clearing out unwanted stock, but you will also not suffer a complete loss.

 

5. First In, First Out: If you are selling products that have an expiration date, it is recommended that you clear the older stock first. In other words, put the items that have a later expiration date behind the ones that will expire shortly.

 

6. Security: Ensure to keep your inventory safe from staff members as well as outside intruders. Stock that is more valuable than others need extra security and should be delivered to a safe place. Make sure that your staff is trained to look out for thieves, who usually work in groups.

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Inventory Management Software(2)

Inventory Management Software

When searching for inventory management software which stands head and shoulders above all market competitors it is crucial that you ensure that it is affordable, resourceful and dependable. There are so many facets of inventory management software that it is really important to guarantee that all bases are covered and no stone is left unturned in your aim to secure inventory management software which is beneficial and productive. It is imperative that inventory management software does not break down and malfunction unexpectedly as this is so disappointing and frustrating. If you are in doubt as to where to go to in order to secure inventory management software which is second to none then there is no one better equipped than warehouse-management.co.uk.

Our fantastic inventory management software is ideal if you are looking for a simple solution to stock control problems. Inventory Management Software helps you stay on top of things and keep organised and well-prepared. You will overcome even the most insurmountable of objects with ease and carry out complex tasks with efficiency and competency with this inventory management software as it is so reliable and rewarding. We pride ourselves on our exceptional client services and committed, customer focused approach when it comes to inventory management software and are happy to share our wealth of knowledge and expertise with you if you have any reservations or queries regarding inventory management software that need answering straightaway.

If you need to tweak or adjust inventory management software then that is absolutely no problem at all; we are always on hand to help! Our team of seasoned specialists are so well versed in all aspects of inventory management software and really know what we are doing. Inventory management software does not get any better than this! You can take orders on the move and keep a note of where they are with inventory management software and it is so accurate, precise and exacting. Your working life has never been so smooth running. Profits will increase radically and your clientele will expand dramatically if you take advantage of our unbeatable inventory management software solutions. It doesn’t matter if you are a small, family run unit or a large, well known corporation; inventory management software is all encompassing and is a useful and valuable device no matter how large or small your office, warehouse or point of sale is.

Cost effective inventory management software from http://www.warehouse-management.co.uk is in such high demand at the moment as it makes time consuming duties so much quicker and is so structured and ordered. This Stock Control System keeps things ticking along nicely and you will reap the rewards straightaway.

Related Articles – Inventory Management Software, Stock Control System,

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Retail POS Software Solutions For A Retail Point of Sale System

Retail POS Software Solutions For A Retail Point of Sale System

Today there are a variety of choices for a retail point of sale system. Many larger stores use retail POS software on a daily basis. POS solutions allows for the associates working in the store to focus more on customer service and less on the actual act of making a sale.

In addition to providing the associates with more time to devote to the customers, retail point of sale system options also helps control inventory and avoid many of the hassles associated with prices not being marked and so on. In addition, retail POS software is more crucial in businesses today as many are doing away with the individual item prices on their inventory.

POS solutions can also help to set up ordering functions when inventory reaches a certain level. Of course, as the retail point of sale system is being set up there is likely to be some issues. However, when the retail POS software is fully installed and operational, the organization is likely to find there are less instances of no inventory and so on.

The use of computers today is very common in the retail setting. It makes the process of purchasing any item easier as the entire Retail POS software is set up to recognize individual bar codes found on each product. There of course will be a problem when the bar code is unreadable or missing. However there are generally other POS solutions available to deal with these circumstances.

In general, a retail point of sale system is set up using existing product information. The bar codes are recorded in the master retail POS software program and the scanners for these barcodes are installed at the check out lanes. As a person makes a purchase, the bar code is scanned by the retail POS software, the price is found and the inventory is adjusted at the end of the sale.

POS solutions help organizations keep inventory at the minimum level, thus reducing overhead costs. In addition, POS solutions also can help notify the purchasing department when the inventory needs to be reordered. Then when the inventory arrives, the retail POS software is used to check in the order, again updating the inventory levels of those products.

Today the use of a retail point of sale system is very common. While there can be issues with the POS solutions that are offered, many times the retail point of sale system provides customers with a faster, more efficient checkout experience that they can easily appreciate. POS solutions are available for a variety of different industries today.

About Us: In the ever-changing environment of the retail industry, customer service is rapidly becoming the largest focus of many companies. Because retail environments need a fast, efficient and accurate method for processing transactions and ordering inventory, many use a retail point of sale system that processes the sale as an inventory reduction and then sends notification when the product levels reach a certain point. Infinity RMS has the perfect solution for any retail business today. Visit them today at www.infinityrms.com to learn more about the programming solutions that they offer.

http://www.sooperarticles.com/technology-articles/software-articles/retail-pos-software-solutions-retail-point-sale-system-687923.html

The Benefits of Using MYOB RetailManager in Inventory Management

The Benefits of Using MYOB RetailManager in Inventory Management

Inventory management in small and medium size businesses, like grocery stores, pharmacies and convenience stores, is very challenging. Business owners will find it difficult to handle all aspects of inventory management by themselves. Delegating tasks to people is necessary but getting the right personnel to handle crucial business operations is costly and risky. There is a growing need to computerise and automate all aspects of inventory management and using customised software like MYOB RetailManager can make inventory management efficient and reliable.

The MYOB RetailManager is a part of MYOB’s custom solutions suite. Businesses have implemented this software to address the issues affecting inventory management such as asset management, inventory forecasting, valuation and price forecasting, quality management and supply-demand assessment.

This advanced retail management and point of sale system is designed specifically for companies who want to keep track of their performance and manage all aspects of their inventory. The benefits of implementing automated systems can make businesses increase productivity and efficiency.

Automation of Tasks

MYOB RetailManager allows the automation of key inventory management tasks from supply chain management to the delivery of products. Sales processing is fast and efficient since tasks are automated.

Customised MYOB Add On Solutions

Inventory management is much easier with the inclusion of MYOB add on solutions such as software installation, comprehensive on-site training, integration of MYOB RetailManager to other applications, and technical support.

MYOB Certified Consultant

Hiring a certified IT professional with high level of knowledge, skill and experience with MYOB RetailManager is a very important. A MYOB certified consultant trains key business personnel that will handle the company’s inventory management system. They can also help customise the company’s retail management system according to its requirements and needs.

IT Integration

Integration of information technology features makes inventory management more efficient. These features include database systems and electronic funds transfer at point of sale.

Reliable Customer Marketing Functions

MYOB RetailManager allows you to target customers with special offers, promotions and newsletters. In this way, the software allows you to build relationships and encourage customers to buy your products.

Point of Sales Hardware Compatibility

Using the point of sales hardware and peripherals is easy because the MYOB retail manager system is compatible with most barcode scanners, laser and docket printers, electronic cash drawer, customer pole displays and scales.

Detailed Reporting and Tracking

MYOB RetailManager provides customised reporting and detailed tracking functions that allow you to assess, examine and evaluate stocks, sales, profit, GST, suppliers, customers and staff.

Quick Sales Processing

Processing sales takes less time as it allows you to handle types of sales and payment options. It handles discounts, gift vouchers, quotes, special orders, and record sales using multiple tender types.

Small and medium businesses are looking for efficient systems that provide them business management capabilities such as inventory management, resource allocation and sales processing. However, there is a need to hire a MYOB certified consultant that provides the best MYOB training Sydney has to offer.

One prominent MYOB Sydney provider that services business quickly and professionally is Computer Technology Matters. They offer premium services such as free initial consultation, software installation and continued training and technical support from its qualified personnel.

Computer Technology Matters helps small and medium businesses in Australia achieve optimum sales, inventory and resources management capabilities by providing MYOB RetailManager and customised MYOB Accounting software and solutions.

http://www.sooperarticles.com/business-articles/management-articles/benefits-using-myob-retailmanager-inventory-management-131404.html

Audit Tool – Essential Part Of Inventory Management Audit

Audit Tool – Essential Part Of Inventory Management Audit

Inventory management audit is an important and crucial part of any organization. Staff and officials of any organization work relentlessly so that such an inventory management audit is carried on successfully. To make this possible every part of inventory management is taken care of – through inspection, investigation, surprise checks, recording, analyzing and by other means. In order to keep up with the change in technology several tools are now being used to make the inventory management audit even simpler.

If you too face problems related to inventory management audit, you probably are in need of software audit tool. With the help of such audit tool, your inventory management audit becomes much easy. One of the primary tasks of this tool is to inventory all your network assets and software. Such a tool works towards checking for software patches, services and views software which is related to each device. You do not have to worry about missing out on any software in your inventory management, because your audit tool is going to perform such a task for you. It also helps you by locating data related to any software, so that it can collect and analyze information which is related to its purchase price and licensing requirements. You will not have to worry as there won’t be any sudden stoppage of work on a realization that your license has expired and you had completely forgotten about it.

Imagine a situation when you find that your employees or someone else has installed some software without your permission or knowledge? This is a common problem in many organizations where employees often install software for their needs without having the authority to do so. Such software might be detrimental to the working of your company and you wouldn’t at all like your employees to use such software. This unpleasant situation will not arise when you use an audit tool. As soon as any software is installed in your network, you will get an alert. If it is known to you, you do not have to worry otherwise, you can immediately check it out. This audit tool also works to audit all your software licenses.

This is not all – your audit tool does more work for you! Managing all your product keys can be a real tough task. Each one of us have sometime or the other faced a situation when we became tired of tracking down notes and CD cases, in search of a product key. It is a common occurrence not to find the key, just when you are in need of it. With the help of this solution from Spiceworks, managing your product keys is simplified. You have all information related to any of your product keys or licenses just in one single place.

Last but not the least, it is now possible to generate any report on any of your software. If you need to provide information for inventory management audit, you will have a quick list in your hand with the help of this audit tool.

If you too face problems related to inventory management audit, you probably are in need of software audit tool. With the help of such audit tool, your inventory management audit becomes much easy.

http://www.sooperarticles.com/technology-articles/software-articles/audit-tool-essential-part-inventory-management-audit-96850.html

The Contributions and Limitations of Automated Retail Inventory Management Systems

The Contributions and Limitations of Automated Retail Inventory Management Systems

Some industry experts agree that it is often the retail sector that faces complicated issues in terms of accounting and inventory management. These departments are in charge of overseeing cash flow as well as the inventory required to determine periodic revenues. Without an efficient system that can aid these tasks, a company can never achieve utmost customer satisfaction and the highest possible position in the market.

With that, experts recommend the use of advanced retail inventory management systems. Preferably, businesses can use an automated accounting system that does not only give accurate results, but also makes inventories and computations a whole lot easier. With such an electronic database, companies can monitor and process the entire retail costs, product types, as well as suggested retail prices. This can also aid managers in viewing and keeping track of all important aspects of the trading process. Upon having an efficient management system, businesses can analyze sales trends and gear up to secure their place in the industry.

Automated inventory programs usually have uniquely-designed database that can display inputted data in a tabular form. The tables are divided into various parts that can allow easier and more methodic categorization of the company’s departments, available or stored goods, and their costs. There are some databases that enable modification to input remarks or descriptions of demand status and other important sales details. Because of that, businesses can efficiently deliver to their customers and accordingly earn their patronage.

For many years, the significance of database system in retail inventory control has already been evident. In contrast to the tedious paper-based method, automating the processes reduces the burden of coming up with accurate computations and managing complicated formulas. The tasks that normally take hours can be completed in no time.

Most types of modern retail inventory control databases are integrated with point-of-sale systems to further ease up the tasks of clerks in recording items at the end of specific periods. With this particular feature, each product that runs through the POS scanner can be automatically encoded or enlisted together with their respective costs and other inventory information.

However, in spite of the rapid development in retail inventory management and the increase in use of automated systems, manual counting is still necessary for most stores. This is to double check the occurrence of unmonitored losses probably caused by theft and other factors. In the future, these databases and POS are expected to have features that can finally address these problems for improved efficiency and greater trading success.

http://inventory.ezinemark.com/the-contributions-and-limitations-of-automated-retail-inventory-management-systems-7d325d6549c2.html

Restaurant POS For a Successful Restaurant Business

Restaurant POS For a Successful Restaurant Business

Point of sales software help in running the restaurant more efficiently to gain larger profits and earn maximum customer satisfaction. It allows the business owners to take control of every transaction. Ever order given by the customer is given through the POS system, and thereby, nothing goes out of the kitchen uncharged. After an in-depth research on the significant considerations of this business, the software development companies developed this software that ensures smooth running of the restaurant operations. Below are mentioned the benefits of this software that explains how the system can turn the business into a much profitable one.

1. Self-Ordering – No one likes standing in long queues or waiting for the servers to take the orders. The software’s provides the customers the service of self-ordering. They can browse through the menu, select the items they crave for and order them through the tablets or phones. This order goes directly to the kitchen. Thus, it saves the time of the customers, the restaurant staff and increases the levels of customer’s satisfaction opening the door for return business. It also increases the speed and accuracy, increasing productivity and minimizing and food or money loss due to order errors.

2. Digital Payment – Time is money and the cash only payment method slow down the checkout process. With a POS, the customers can make payments through a digital payment processor. This makes the payment process a swift procedure that pleases the customers and increase the staff productivity.

3. Inventory Control – A POS system allows the tracking of the food stock. It sends alerts to the staff if, an item in the menu is sold out or unavailable. As seen, the losses faced by the business are largely due to the spoilage of inventory due to excessive stocking. The POS software, calculates and assists in taking informed decisions on inventory purchase. Thus, such wastage issues can be avoided which, saves money. Also, a web development company includes, the tracking system in the software to track the incidences of inventory theft, or fraud with the software data.

Each restaurant has several goals to accomplish, which, can be achieved with the streamlined operations due to the right POS system. Other than the above benefits, the following errors can be avoided. -Incorrect orders -Confusion in kitchen -Pricing errors -Inventory shrinkage -Employee time keeping errors -Theft or fraud -Unknown sales breakdown of each item

The bottom line is, Restaurant POS system controls each operation and makes room for higher sales and customer satisfaction rate.

SmartBUZZ Inc., is software Development Company in Canada, dedicated to offer IT consulting services and products to simplify the IT concerns of various industries.

http://www.sooperarticles.com/technology-articles/programming-articles/restaurant-pos-successful-restaurant-business-1361814.html

Using POS Software Retail Options Retail POS System

Using POS Software Retail Options Retail POS System

Today many businesses are using POS software retail choices as a way to increase the available time for their associates to devote to customers. By increasing customer service, the retail POS system helps improve sales while helping to keep better track of inventory and things of that nature.

When you first begin the process of setting up POS software retail choices, you will find that it can be very time consuming. Because of this, many organizations choose to implement the retail POS system gradually, maintaining the inventory through the previous method until the retail POS system is fully operational.

By improving the POS software retail choices that has been in used for many years, many businesses are finding that they are better able to track inventory and order it in a more timely fashion to prevent the customers going elsewhere due to lack of products. A retail POS system can help with controlling inventory levels as well as tracking purchases and returns.

When the POS software retail choices are first installed, it will require an enormous amount of data entry to be done. In addition to loading the various products that the organization offers, additional entries including current inventory levels, reorder points and other key pieces of information must be added to the retail POS system.

Using the POS software retail choices will require some training of course. In addition there are various processes that must be used to ensure that your inventory is being properly updated through the retail POS system. Many times they will use both systems for a period of time as the training the testing phases are completed.

By selecting a system that is set up for your type of business, you will find that you can quickly load the information and begin using the system. However, it is important to bear in mind that there will be some problems with the system when you are first beginning to use it. As with any system, it will take a bit of time to work out any issues that you might have and have it working properly all of the time.

Today using a retail POS system is crucial to having the ability to provide customers with the service that they expect. In addition the POS software retail choices can help you to maintain the inventory levels as a point where the cost is not too high yet the inventory is available for purchases. POS software retail choices are available today for many different industries and can be customized to fit your needs.

About Us: In the ever-changing environment of the retail industry, customer service is rapidly becoming the largest focus of many companies. Because retail environments need a fast, efficient and accurate method for processing transactions and ordering inventory, many use a POS system that processes the sale as an inventory reduction and then sends notification when the product levels reach a certain point. Infinity RMS has the perfect solution for any retail business today. Visit them today at www.infinityrms.com to learn more about the programming solutions that they offer.

http://www.sooperarticles.com/technology-articles/software-articles/using-pos-software-retail-options-retail-pos-system-725148.html

Various IT tools for retail management like barcode scanners and receipt printers(2)

Various IT tools for retail management like barcode scanners and receipt printers

Inventory and Cash Management are very important parts of any retail chain management and proper inventory and cash management helps retail businesses to reach global competency levels. Businesses having large amount and varieties of inputs as inventory may find it difficult to manually manage all the inventory. In earlier time all the inventory used to be maintained on registers and any inventory status related information can not be prepared instantly. Modern retail chains can not afford that delay as most of retail chains now operate real time supply chain management. Use of modern information technology tools, like Bar code Scanners, Label Printer, Receipt Printers and Cash Drawer, to maintain inventory and cash is proven best method.

Use of bar codes have made inventory management and billing process fast and convenient. Also chances of error with bar codes are almost nil. Lets have a bird eyes view on the use of bar codes in inventory and cash management. Barcode is unique number normally having more then 10 digits with unique lines printed over a product. Normally bar code is printed over the product at manufacturer level but in case there is no barcode printed on the product one can use label printer to print one. A label printer is a computer printer that prints on self-adhesive label material and/or card-stock (tags). Some label printers with built-in keyboards and displays are also in market, for stand-alone use. Label printers have a wide variety of applications, including supply chain management, retail price marking, packaging labels, blood and laboratory specimen marking, and fixed assets management. There are many types of label printers in the market like Desktop label printers, Commercial label printers, Industrial label printers and Industrial portable label printers. After getting all the products barcode in your store next step is to register all the required information in the system like bar code range for a particular product, Prices of the products etc. Once done various POS (point of sale) software will do all the other tasks for you.

Once your customer has chosen all the products and he is ready for billing one needs to scan just the barcodes with the help of a barcode scanner. Barcode scanner is an electronic device for reading printed bar codes. Like a flatbed scanner, it consists of a light source, a lens and a light sensor translating optical impulses into electrical ones. Additionally, nearly all bar code readers contain decoder circuitry analyzing the barcode’s image data provided by the sensor and sending the barcode’s content to the scanner’s output port. Barcode scanner is quite fast device and it can scan thousands of product in a day without a delay. Scanned data of products get matched with already available data and price and other information of the product gets in to invoice automatically.

After scanning barcode with the help of barcode scanner invoice can be prepared using pos software. Receipt printers are being widely used to print invoice data for customers record. Modern cash drawer comes with separate section for each denomination of the currency notes. Cash drawer have some special features like after printing of bill cash drawer automatically opens and once the transaction is done cash drawer gets locked automatically.

Online Cash Registers sales have attained popularity as only the reputed online cash sellers offer better services. Find the best deal on Label Printer and a long established company with a strong background in label printer.

Related Articles – Label Printers, Zebra Label Printers, Cash Register, Cash Registers, POS software, Receipt Printers, Barcode Scanners, Cash Drawer,

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Point of Sale Software – For Speedier and Smoother Retail Transactions

Point of Sale Software – For Speedier and Smoother Retail Transactions

Point of sale is the place where a transaction takes place. A retail point of sales system usually includes a computer, monitor, cash drawer, receipt printer, customer display and barcode scanner. Point of sale software is used to calculate sales and operate the cash drawer. It sums up the sales total, figures the official sales tax, calculates the change back from the amount tendered and automatically adjusts the store inventory levels to debit the amount of inventory sold.

The POS software is also programmed to handle functions such as pre-planned promotional sales, manufacturer coupon validation, foreign handling and multiple payment types. They are certainly cruicial for large department stores that handle hundreds of customers everyday. However, their importance cannot be undermined even for small retails as they help to streamline the daily transactions and make it simple for the business owners to keep a regular tab on their revenues. By extracting the up-to-date data from a POS software, the calculation of profits is made simpler and precise.

ERP software, Accounting software and Distribution software are also quite useful for retail stores. Along with the POS software, these additional units help to consolidate the complete business transactions and enable the retailers to record their staff salary, their inventory levels, their vendor payments and the over all maintenance of their store operations. A brief description of these software may be put as:

-ERP Software: ERP stands for Enterprise Resource Planning. The software is used to take care of important aspects of retail operations including estimation, order entry, scheduling, purchasing (from wholesalers), inventory management and maintenance of financial records.
-Accounting Software: This software records and processes accounting transaction such as accounts payable, accounts receivable, payroll and trial balance. A record of all vouchers, financial statements and the business balance sheet are controlled through accounting software.
-Distribution Software: This is an integrated software to manage order purchasing and inventory control as well as accounting, purchasing, sales and financial management.

An integrated retail software system can be customized with all or any of the products described here and help retailers in accessing crucial business information at any point of time.

Esuite is a Sydney (Australia) based company that provides business software solutions to different local and international companies. A fashion software for retail stores in garments trade, a franchise software for a restaurant or any other kind of business software can be programmed to suit your needs by esuite. You do not have to import and export data between different sections of your business activities as these are incorporated into one system. They provide totally flexible solutions to ensure that you have real time access to your business information at anytime, from anywhere!

Related Articles – Point of sale software, accounting software, payroll software,

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