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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.

http://stock.ezinemark.com/tips-to-manage-inventory-51458034460.html

Why Use Barcode Scanners

Why Use Barcode Scanners

Businesses that sell goods via a store will need to have the right equipment in order to successfully charge customers for their purchases. While it is essential to have a cash register it is also important to use barcode scanners as these can seriously speed up the purchasing process. When you are using these scanners in your business you will find that your employers on the cash registers are able to quickly scan items and charge the customer before moving onto the next. If you are thinking about introducing barcode scanners into your business here are some reasons why they are such a great idea.

-They can be inexpensive to buy, which is good news for smaller businesses who are looking to keep their costs down. The first scanners for barcodes that were introduced were quite expensive however today as technology has progressed it is easy to find scanners that are very reasonably priced.

-You can use them to keep a running total of how many items are purchased each day. This will assist you in terms of stock control which means that you will be able to save time when it comes to knowing how much new stock you need to purchase. They are also useful for seeing if any new line of products is selling well as all of the information can be quickly accessed at the touch of a button.

-They are easy to use. As the technology that is used in barcode scanners has been developed so much they are now so simple to operate. Simply slide the item that is being scanned under the scanner, with the barcode facing upwards and the scanner will do the rest.

-You can purchase portable or fixed scanners. The portable versions are great for doing spot checks on prices or for using away from the cash register for items that are quite large and which cannot fit through the fixed scanner. They are also very light and can be linked to your cash registers quickly and easily. The fixed scanners will work well at the cash register and having them in a fixed position is good for smaller items.

-If you own a warehouse a portable scanner can also be used to their in order to keep a total of your current stock inventory.

-Most of the barcode scanners that are around today are able to scan items from any angle which gives anyone who is using them even more convenience.

-It is possible to program these scanners so that they can read practically every kind of code that is available. With this in mind it is easy to integrate them into your existing business with the minimum of effort and fuss.

-When you are using barcode scanners you will find that your pricing is more accurate as all items will be listed at their correct price. This can often be a problem when people are using the old-fashioned method of entering a price manually.

Barcodes is a leading Australian supplier of Thermal Label Printers, Barcode Scanners, Mobile Terminals and Barcode Scanner Solutions. With over 20 years experience in the barcode labelling and printing business, we not only sell hardware, we provide our clients with solutions. Buy a barcode scanner from us and save today.

http://www.sooperarticles.com/shopping-articles/electronics-articles/why-use-barcode-scanners-932630.html

POS And Restaurant POS System

POS And Restaurant POS System

POS stands for ‘Point of Sale’ and this obviously refers to the physical point at which a sale is made. In a shop that’s normally at the counter, and often I a restaurant it’s at a counter too. Meanwhile on a website the POS is simply where the user fills out the forms and checks out.

If you browse the web for business articles then you’ll notice right away that a lot of attention is given to point of sale and for good reason. The point of sale is the point at which the customer has their card out or their money out and at which they are committed to pay. At this point you ‘have’ them right where you want them and that’s when it’s important to capitalize. If you handle your point of sale well then there is a good chance that you can turn this sale into a bigger sale or a sale for more items – as the person is already ready to pay. This is why you often get a lot of POS displays that offer discounted items and deals. The hope here is that the customer – already holding their payment method in their hand – is going to go ahead and just make a purchase of that one item.

However if you handle POS badly then you can end up losing a customer who was a guaranteed sale otherwise and this is of course a very serious way to lose money. If you have bad advertising then you might not attract as many customers but you won’t be physically turning away money – if you lose them at this stage then you will have lost a lot of money. At the same time this is the one part of the process that all customers must go through. Regardless of how they found your business or anything else, in order to buy your product they must go to the point of sale and pay. So if you have a problem here then you are going to lose all of your paying customers.

So what can you do about this? One solution is to improve your point of sale system. This is the system that the staff use in order to handle the transfer of cash and that will often display up on the till. By improving your point of sale system you can improve the speed at which your customers get served. This in turn then means that there is minimal waiting and no queue. That means that your customers are left standing in a line for ages during which time they might decide not to buy after all. Meanwhile it means fewer mistakes on your part and this means they won’t get over charged which can be a bad experience for them of course and prevent them from giving you their business in future, or which could result in their being under charged which conversely would be a good experience for them but would ultimately mean you lose profit.

A good POS system can help your business run smoothly. Restaurant pos systems can be custom designed to suit any business. They will help keep everything on track and in order.

http://www.sooperarticles.com/business-articles/technology-articles/pos-restaurant-pos-system-723169.html

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.

http://inventory.ezinemark.com/inventory-management-software-for-warehouses-for-small-businesses-7d323931258e.html

A Simple Inventory Management System Using Excel

A Simple Inventory Management System Using Excel

Inventory management is important for any business – small or big. Because if you don’t have the goods customers are looking for, why did you start the business in the first pace and if you have too many of goods that no one wants to buy you will end up making a huge loss. So how do we ensure that we have the goods that the customer is looking for and avoid storing too much of the products. The magic word is inventory management and a few experts believe in ‘just in time’ inventory management. There are many software programs that have been created for the sole purpose of inventory management and they are either ‘over kill’ or very expensive. Small business can easily use Excel to manage their inventory and since most people use either MS-Office or Open Office in their offices, there are no additional investments required.

Let’s assume for a moment that you have a store and one of the items you sell or have been selling is red silk skirts. How many have you sold on an average in a period (day, week or month)? What is the maximum sales of this item that you can expect realistically? What is the time lag between placing the order and receipt of the goods? You also need to take into account a safety margin: the supplier doesn’t have the items in stock, the transport is on strike, there is an accident, etc.

Depending on the average sales per period and the maximum expected sales you can calculate the variance. The safety margin can be taken as twice the variance as a thumb rule. The sum of the safety margin and the time taken to deliver the goods gives us a good approximation of our re-order level. Now based on the quantity in hand and the calculated re-order we can easily calculate the re-order quantity.

You can use the Excel worksheet cells with the following headers to create an inventory management for each of your items: Item ID, Item Name, Description, Unit Price, Quantity in Stock, Reorder Level, Quantity on Reorder, Max sales per day, Average sales per day, Variance, Time to deliver goods. Based on the above discussion and using standard Excel formulas, you can calculate the variance, safety margin, reorder level and finally the reorder quantity!

With time and with a better understanding of your business including seasonal variations in sales you can tweak this simple inventory system to achieve a more comfortable handle on your inventory!

http://inventory.ezinemark.com/a-simple-inventory-management-system-using-excel-4eaa3b69013.html

POS Software for Inventory Management of your Business

POS Software for Inventory Management of your Business

Integrated web-based software package, with touchscreen interface and scanning device, speeds up checkout process at the cash counter. Every scanned item is automatically deducted from the database of inventory. It also allows you to take a printout of the inventory to keep and crosscheck its proper records. It is said that management and control of inventory form a major chunk of the POS system.

The selling price of the items is saved categorically in the computer and this helps the software system to automatically designate the price while scanning the item. This method helps in the quick and exact calculation of the items purchased by the customers. Secured data backup in this process also helps in the prevention of pilferage. Simultaneously, it also monitors employees and tracks the number of customers visiting a restaurant or retail shop within a particular timespan.

For the successful operation of the point-of-sale system, it is imperative that all its peripheral functions also work properly. Hence, it is always advisable to maintain a compatible set of hardware systems including barcode scanner, printer, magnetic card reader, data capturing unit, etc. for the proper functioning of the whole sales operations.

One important point worth mentioning is that you should always buy pos software from a recognized company that helps you give better customer service and trains your staff for gaining maximum benefits. Again, one should never get swayed by the open source POS products available online as most of them are just basic software and you will need to purchase extra-features to fulfill your business needs.

Apparently, it might seem that your point-of-sale system is only assisting in the sales operations of your business. However, once you implement the software in the functioning of your daily business affairs you will start realizing its other major functions including inventory control over fast and slow moving stock, proper gauging of inventory reorder level, easy checkouts and enhanced customer satisfaction. In fact such is the emphasis of POS software on the inventory control of the business that it has been given equal stature of that of inventory management software, the one with more or less similar functions.

Remember, if your business revenues are shrinking not one but multiple reasons could be held responsible. Stock pilferage, unrecorded sales, under/over pricing of the stock, selling stock at incorrect price, etc. are some of the major reasons that work as deterrent in increasing your business profits.

On the other hand, POS software tracks your inventory and accurately marks the items out of the inventory as soon they are sold. Thus, the whole process tracks the transaction loopholes to ensure that inventory matches the tallies year after year without any hindrances for increasing profits.

The article is written by Prakash Singh Chauhan who is an Executive Director of Swadesh Softwares Pvt. Ltd. He holds a Bachelor’s degree from Jai Prakash University and has vast knowledge in POS software .

http://www.sooperarticles.com/technology-articles/software-articles/pos-software-inventory-management-your-business-1328872.html

How To Boost Your Sales With Effective POS System

How To Boost Your Sales With Effective POS System

Point of sale system can be an influential marketing instrument for a company. With suitable system, it is possible to swiftly and effortlessly develop consumer brand awareness and enhance future sales. In addition, this system can be very helpful way to collect data from clients. POS know-how has evolved in a lot of exhilarating ways over the past years. Despite the fact that early systems were merely cash registers, current systems can provide an assortment of roles. In addition to accepting credit card, cash, debit card payments, this system can be used to extract information of clients.

Near the beginning cash registers could not get any kind of information about the customer purchases. While early cash register can only record about the products that had been sold, it was not feasible to bind certain purchases to an exact person. With the help of modern POS systems, nevertheless this is possible now. Unluckily, there is no method for a business to trail cash purchases. It can be very costly to develop a facial recognition technology to identify customers and moreover this will be an illegal work and may lead to arrest also. So you can use the POS system to identify the customer and collect his information on his likes and dislikes and also you can also collect what he likes to shop things like these. For example, purchase made through debit or credit card creates a history that can tie some purchases to a person. By learning about the shopping habits of people a business can easily understand the shopping habits of people and these businesses can strategies according to the habit of customers.

With a dedicated POS system with implanted research capabilities, you can swiftly and with no trouble decide the preference of your customers. For example if a woman starts to purchase pre maternal items from your store then you can know that the woman is expecting. If the woman is expecting then based on her procurement history you can offer her discounts or deals on products that she needs. Based on this information, your store can offer coupons for motherhood stuffs like baby clothing, diapers, baby food and a lot of other products. By making a marketing promotion that is made for an individual or group of people it is feasible for businesses to improve and increase sales and develop consumer brand awareness.

This system can also track the change paid to the customer. Billing stuff has turn out to be so simple by means of the bar code reader to enter the value of the item. By the use of this system you can easily trace an item in your stock list either by group, producer or retailer. Items can be positioned by the name of the manufactured goods. Another very helpful attribute is to shut the program following a shift with a complete review of payments.

The Ricky Wuori has been in the field of retail service for a lot of years now and has been writing articles and blogs about the retail industry. The Ricky Wuori has a vast knowledge about the working of pos system and shares his knowledge with the world through articles and blogs.For more information please visit here POS System.

http://www.sooperarticles.com/technology-articles/software-articles/how-boost-your-sales-effective-pos-system-1216829.html

Understanding Retail Inventory Management Software

Understanding Retail Inventory Management Software

What is Retail Inventory Management Software?

Retail inventory management software is a program designed for retailers and other business units. This inventory management system guarantees that the count on stock levels is on track and accurate. When items are almost sold-out, the retailers order for the products. It is important not to order too much items as they may not be sold in future. This is also to show if the money you invested have returned as sales. The primary features of retail inventory management software include product information sorting, establishing quantities of orders and tracking items.

What are the Benefits of Retail Inventory Management Software?

Retail inventory management software, if properly used, will boost the inventory control of retailers. Eliminating hassles of tracking inventory levels, the software will allow employees to work for other tasks in the business. Retailers determine the stock of each item. Through reviewing your historical sales, one can improve sales forecasts. In every transaction, the retail inventory software system automatically updates itself. For this reason, this gets rid of profit loss, theft incidences and improper sales recording. As mentioned, retail inventory management software facilitates transaction across tens of networks, viewing the stock levels of other locations.

Are there Risks on Choosing Retail Inventory Management Software?

Choosing the off-target retail inventory management software will bring a lot of headaches and frustrations. One can’t properly use the software and not reaping the benefits at all. For some retailers, they perceive the system as complex, not to mention those who are not trained well. Likewise, when the software is not used, it becomes outdated while some encounters difficulty in integrating the inventory management system to other networks or system such as when accessing data.

How About the Price?

Prices of any retailing system have never been lower; so too the retail inventory software which is quite pricey. What more for those large-scale companies who need more advanced inventory management system. Meanwhile, those businesses that have adequate size for the system must be able to meet a positive return of income. Like POS softwares, retail inventory management softwares are available in hundreds of kind, so choosing the right one that fits your business needs may be very difficult. Therefore, it is indispensable to know the needs of your company first. Retail inventory software needs to achieve scalability, customer satisfaction and effective costs. Scalability is an important feature of inventory management system. When you start the business in small-scale and it turns to a large body over time, your inventory system must adapt to change as well. While cost is a factor to consider in buying the software, it shouldn’t be the only element in choosing a retail inventory software system. Look for the software that suits your budget and, at the same time, apt the needs of your business. Some software offers training and support for the first-time user personnel.

http://inventory.ezinemark.com/understanding-retail-inventory-management-software-7d31fb48e7a5.html

The Sharepoint Business Intelligence Provides Web Parts Feature

The Sharepoint Business Intelligence Provides Web Parts Feature

The SharePoint web parts are totally five. The five SharePoint parts are default webparts which are given by the SharePoint Server 2007. They are Business Data Item Data List Data Related List Data Item Builder Data Actions

The SharePoint web parts offer a lot of benefits. The main advantages of these parts are as follows.
With the help of these web one can exhibit all the data that is related to the SharePoint business intelligence in the site without doing any type of coding. These parts can be reused and they are also general. This means that any kind of data can be showed in the site. This data must however be registered in the business data catalog.

Web part connections are supported by these parts which means one can make a master application in detail without doing any kind of coding. Let us take for instance the list of customers and the details relating top those customers can be displayed with the help of the Biz Data List and the web by connecting the data list with the particular data item web part. It is possible to integrate these webparts in dashboard.

The webparts that are there in the share point server that offers support to WYSIWYG editing in the Microsoft Office Share Point Designer 2007 and it can also be modified with the help of XSLT transformations.

The SharePoint business intelligence provides this webparts feature. SharePoint Business intelligence is an amazing component of the Share point server 2007.

Kinds of Web Parts

Business Data List – display the total list of the instances of the entity which are registered in the data catalog. Say for instance you need the list of the customers of the organization you can get it easily get it with the help of the business data list part.

Biz data Item web part – this shows the detailed of the instances of the entity from applications of the business. Say when you want more details about a particular customer or details about any particular order instead of just the list then you need to get the aid from the Business data Item web.

Business Data Related List web part – this shows instance which are related to the business application. Say for instance if one needs to know all the orders which are placed by a particular client they can use this part which is called the Business data related list.

Business Data Actions – this shows the list of actions that are associated with the entity as registers in the Biz data catalog. Data Actions webpart shows what all actions can be performed by the users who are using the portal. Say for instance a customer entity will be able to perform actions like send mails to the customers, edit their mailing information etc.

Business Data Item Builder web part – this will create the data item keeping in mind the various parameters and will supply such information to the other SharePoint web parts. Data Item Builder webpart can be used only in the profile pages.

http://data.ezinemark.com/the-sharepoint-business-intelligence-provides-web-parts-feature-7d330037ec94.html

Importance of Wide Availability And Use of Cash Register Miami

Importance of Wide Availability And Use of Cash Register Miami

A cash register is a device that is widely used in almost all sales establishments and is operated by a sales clerk. It is generally used to evaluate the total amount that a customer has to pay in order to complete a purchase, and even is able to offer the customer with the left over sum or change and the relevant receipt of the entire list of the items that have been bought. A cash drawer is even attached to the cash register and the drawer opens automatically whenever a new transaction takes place. Cash register Miami is a very common device that is used in every department store or even other stores to offer the fastest services to all the customers.

The cash registers are used to give a new way of shopping instead of making use of manual calculators and to offer the speediest way to shop so that the customers don’t have to waste time standing in the billing queue for a long period of time that used to happen before when cash register was not introduced. In order to begin the procedure by means of a cash register, the transactions clerk will just scan the item by showing its bar code in correspond to the scanner. By just placing the bar code in no time the actual price of the item will be displayed on the screen provided. After scanning all the items, the total amount will display that has to be paid by the customer and the money box will open to put the total payment. At the same time, the leftover sum or the change will be given back to the customer along with the receipt containing the entire details in regard to the items purchased, discount offered and all other detail in regard to the transaction.

In addition, the cash register will even maintain the complete transactions made through the entire day to help the shop owner to get a check of the business done by him/her. Thus, the cash register Miami is the most effective device to help the department stores any other shops to carry out the billing, being the most important part of a business with accuracy and speed that is the biggest part to achieve success in the whole business. This is the reason why the cash registers are becoming most widely accepted in all shops in not only Miami but all over the world.

To get more detail about cash register Miami Please check out following link :- cash register Miami or http://www.miamipossystems.com

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