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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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What Makes Wireless POS System Competent

What Makes Wireless POS System Competent

In older days, employees were working with clunky registers and handy calculators. That procedure was really very hectic and boring. Thanks to the advancement of technology, we all come out with most innovative and revolutionary wireless technology in all industries. In hospitality and retail industry, wireless technology is making customer to staff interactions with Bar Computer System more innovative and seamless. If you are looking for wireless POS system, then have a look on these points first.

How Does It Make Things Possible? In the restaurant industry, new-age technology is changing lives and the way what we look on it. Thanks to wireless technology, a handy tablet-like device took place of a long menu card in the hands of wait staff. These days, a waiter brings customer orders to the kitchen in digital form. The issues of hurried handwriting pitfalls and losing order slips are strictly eliminated. Wireless POS System bought 100% accuracy for the restaurants. It also helps busy customers by allowing them to make payments right from the table. Restaurateurs email receipts of the orders to their customers and add them in their mailing list alike. This streamlined system makes things a lot easier for the servers and make patrons appreciate their fast service.

The Rewards Apart from the added simplicity to make your business more efficient, the wireless point of sale system provides a large amount of prolific benefits that can boost your business success. It also helps you in making words-to-mouth publicity. If you continue using this technology, customers will be impressed and they are more likely to prefer a dinner in your restaurant to their near and dear ones. With exceptional service and mouth-watering food, wireless pos system also makes a huge buzz about your business in the market.

Bottom Line If you didn’t have a point of sale system, them it’s time to look for the best one. In order to get the best one, you have to consider some important things in mind. In the market, plenty of options are there to buy one. This is important to buy the one that is future perfect. It means you should have the one that can easily be upgraded when your business expands. You have to consider your training time and your employee’s efficiency to learn a particular system. Accordingly, you can match difficulty level with functionality. All these are some important facts that may help you in making right choice.

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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.

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An Overview of ERP Software Implementation

An Overview of ERP Software Implementation

ERP – Enterprise Resource Planning. The ERP software helps businesses in the complete business process. The ERP software has many advantages and the solutions are available for various industries whether it is retail, manufacturing, aerospace & defence, automotive, chemical, energy, hi tech electronics or textile. It help you in taking better decisions and increase the working efficiency.

With the help of using latest technologies and new procedures there are plenty of organizations who are working with this system in order to increase their growth rate. In order to get return on investments the companies need to achieve their targets within time. Thus, the information provided by the Enterprise Resource Planning actually helps the management to take better actions as well as decisions. To implement this software, careful planning must be done. When this is done, this system provides with business benefits and help in the improvement of the productivity. The business objectives need to be defined first so that an effective solution can be selected accordingly.

Defining the infrastructure is one of the most essential things which also required in order to prevent a misfit of the solution. As the solution has to create from scratch, thus it is highly important to select the right ERP vendor which perfectly fits your budget as well business needs. It is essential to go with the right vendor because the implementation is a complex procedure as it requires lot of planning. And in order to achieve all goals and objectives of this process, one has to establish the communication standards, timelines, budgets, etc.

You have to employ a dedicated team which will work at the development and implementation. And for monitoring the project one has to conduct stress and usability testing of this system with the team members. For the proper ERP software implementation you also need to appoint maintenance and support staff for security and backup procedures. The implementation has to be done in the correct manner in order to get all the benefits and prevent the wastage of resources allotted. A gradual approach is required with the right planning else it may result in a mess. Thus, Enterprise Resource Planning resolves the problems of the organizations by streamlining their internal business process and offering customized solutions as per the requirements.

Holding years of experience in IT sector the writer of this article is an expert of the industry and known the entire process of ERP software implementation .

http://www.sooperarticles.com/business-articles/erp-articles/overview-erp-software-implementation-1242639.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

How To Run A Profitable Retail Store With Pos Systems

How To Run A Profitable Retail Store With Pos Systems

If you are running a retail store, small or big, and want to see an immediate return on investment, a retail point of sale (POS) system could help you with more than just a way.

One of the biggest advantages of using such a system is that it would pay for itself, over and over again, primarily because of its functionalities. In addition to this, it even offers a simplified view of what items are selling and what are not so that it is easy for you to make informed purchasing decisions. A retail POS system is also helpful for the owners and the managers of retail stores when they are on the move and need to know about inventory, performance, sales, profits, and return on investment.

Since every transaction processed by a point of sale system is time stamped, it becomes easy and rewarding for store managers and owners to identify peak selling hours, best products, and products that are not generally bought by customers. Furthermore, a good retail point of sale system helps in avoiding double entry of orders and no more guessing games when it comes to purchase orders and is extremely useful to automatically calculate and create restocking orders so that orders by the store are always placed well ahead in time with the vendors. In addition to these distinctive advantages, such a simplified system also proves useful to promote quicker and more accurate checkout experiences for the customers and less time behind the counter for the store staff. It would even help you avoid separate systems for mail order, retail, eCommerce, and wholesale divisions and automate all the process-oriented tasks at your store.

If you want to avail these and many more benefits of POS systems, it is highly recommended that you access the website of a trusted POS hardware and POS software supplier.

By contacting a successful, experienced, and customer-oriented POS hardware and POS software supplier, you can easily eliminate shrinkage at your store. This would also protect your store from theft, wastage, and employee misuse as employees would be aware that the inventory is being tracked carefully. Moreover, this would even help you reduce the time you may have spent on calculating inventory, sales figures, and profits to get benefited from time, effort, and resource savings besides getting the complete peace of mind. In short, using a smart POS system is all you need to increase the bottom-line of your retail store in no time.

POS Central provides detailed information on Cash Registers, Cash Registers for Sale, Electronic Cash Registers, Used Cash Registers and more. Check out our website for more information: http://www.poscentral.com.au/

http://www.sooperarticles.com/business-articles/retail-articles/how-run-profitable-retail-store-pos-systems-1097948.html

Free professional restaurant point of sale QuickOrder (POS)

Free professional restaurant point of sale QuickOrder (POS)

New version of restaurants software is launched by HGsystem: QuickOrder, the first professional freeware available to manage a restaurant.
This kind of program use as a support hardware: touch screen, wireless printer and handheld. The application operates on Mac and Linux (Ubuntu).
Simplicity and functionality are the features.The most important quality for the software is usability and intuitive graphics interface, whoever can use it easily. Functioning is simple: for example, the waiter picks up orders with handheld and system delivers data to the kitchen and counter at once. Ticket can be printed on a shared receipt printer or on a separate printer in the kitchen or bar.
Moreover with a pos you are able to recorder everything: order entry, track and how much food you have in the warehouse.
The point of sale can tracks customers, reservations, status of table, previous order history, stores restaurant’s entire product list and ordering menu. You can update also data, adding new plates, beverages, prices, etc.
The application enables to fill in new data, provides report.
Computerizing the business restaurant means to check automatically profit, sale and employers too.
QuickOrder is the only one point of sale turns natively on Mac.
The software is developed with C++ language, capable to improve data elaboration efficiency. Whereas the most of restaurants systems are developed with java language or base on web platform. So the tasks are carried out with a lower capability.
QuickOrder is used on PostgresSql database, with excellent features like strength and speed.
The application is developed on the same setting production used by Nokia to manage the awarded Mobile solution. In addition, the bookcases used KDE, the Linux’s graphics interface.
The program is open source application with license, that permits public access to source code and permission to freely modify the source code with no user fees.
So whoever vendors, software house, hardware manufacturer can get for free the software and develop their business as well.
For further information visit:
http://www.supereasyfree.com/

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Real Time Inventory Management

Real Time Inventory Management

A lot has been said about inventory management, but it still isn’t complete without a discussion on real time inventory management.

 

Inventory is often proclaimed to be a necessary evil especially in the retail business. Who would want to risk a customer loss arising out of product shortage? If they want it, you ought to have enough to sell. But the classic question has always been regarding how much is enough.

 

To understand its implications, the very first realization that one ought to have is that inventory costs are not only those that you see in everyday life. They extend much beyond the everyday costs in the form of additional money that you need to put in to keep the business running. Inventory is the number one cash eater.

 

What Is Real Time Inventory Management?

Real Time Inventory Management basically means managing inventory as and when it depletes. A large part of this strategy depends on technology, which is why its initial cost scares some skeptics.

 

The technology involved is basically RFID chips and barcodes. They keep a track of all of the inventory that is coming in and out of the store. The benefits of being able to do so can be many. All you need to do is to ensure that you get a few things in place. You will need to know:

  -How many units do I order? -How much time does the supplier need to fulfill this order? -What point am I going to order?

 

Most retailers order in a time bound manner. They always seem to have enough of what is not in demand in the market.

 

It is important to understand the value real time information adds to a supply chain. You are not forecasting anything or relying on any guesses.

Rather, you are reading the mind of the market and acting accordingly. At the same time apart from inventory costs you would cut down on a lot of storage and administrative costs also since you wouldn’t need a huge warehouse or a stock clerk.

 

How It Works

Reduces fixed costs: Fixed costs are a burden on a retailer’s shoulder. They drain profits. With the help of a real time inventory management system, you can bring them down to the minimal level. You could make your organization much leaner by virtually eliminating the purchase department. They won’t need to forecast the demand or place orders. All you need to have your suppliers ready; the system will do the rest. Also, since it is largely automated, the chances of error are much less. Machines are not as forgetful as humans are.

 

It is not uncommon to be stuck with products that your customers no longer want. Demands change faster than you can imagine. Now imagine selling multiple variants of multiple products, you are bound to be left stuck with some unsold inventory. With real time inventory management, you can gauge the pulse of the market by keeping a track of what is sold and when it needs to be ordered, thereby reducing these costs to a bare minimum.

 

Eliminates Stock Outs: Stock outs and shortages are results of errors in forecasting demand. While most of the earlier discussion was about reforming the methods of forecasting, real time inventory management has bought a new perspective. It eliminates the need to forecast and thereby eliminates all the errors associated with it. If the demand runs fast, so does you’re ordering cycle. This is called flexibility of the supply chain.

 

Improves Customer Relations: A recent study has exposed that there are some “Universal Customer Expectations” that the customer expects from every seller they deal with. These are maximum choice, maximum value at lowest price. With the help of real time inventory management, you can easily offer all three.

 

Simplifies Work Processes: Real time inventory management significantly reduces the error rate. Since a lot of work is automated, there is less chance of error. Moreover all your processes run on facts rather than on forecasted projections.

 

How to Choose?

There are many options available in the market today. Each business is different and therefore by extension the inventory needs of each of them are also unique. Real time inventory management helps any business.

 

Modularity: It is essential that the real time inventory management solution that you look out for is modular. Modularity basically means the ability to choose the specific features that you may desire rather than taking the whole package.

 

Modularity is so important because these inventory management systems are means to serve the interests of many organizations that have diverse business interests. You may not require half of their solution but the other half maybe invaluable to you. So modularity allows you to choose the solution that you think is best.

 

Ease of Implementation: Inventory management systems are easier to procure than to implement. A lot of these systems are complex and require training the staff, or sometimes you may have to hire new staff skilled enough to take care of this. So, the choice is, whether the system will save you enough money to offset the increased training costs and still be valuable. Do not forget to consider the time value of money.

 

Integration: The ability to measure the changes gives the manager the knowledge of what’s working and what is not, and it is this ability which must be harnessed to evaluate the efficiency of the inventory management system.

 

So it is essential that the system integrates with accounting, human resources and other such systems, which are generally used in an organization.

 

A very common mistake is to draw inventory reports from the new system and continue with financials and other reports in the previous way. This gives an inaccurate position of how effectively the materials, staff, money and other resources are employed.

 

In the End

Big businesses and small businesses generally have an efficiency gap between them with the bigger players being better. It is imperative that a small business grows and thrives by adapting to gain a competitive edge over smaller competitors.

 

Real time inventory management is still a relatively unknown commodity. So unleash the potential of this powerful tool and gain competitive advantage.

http://inventory.ezinemark.com/real-time-inventory-management-16abec6ab23.html

Best Inventory Management Software

Best Inventory Management Software

The development of software for keeping records of inventory can greatly benefit a person or an organization. This is crucial because of the highly competitive business environment in which we need to survive. Some software/application development companies have great experience as far as Inventory management Software is concerned. Therefore, utilizing software/application development ideas and solutions offered by program developers help a lot in saving time and money. Moreover, inventory management software greatly helps in maintaining vital documents such as bill and invoices in a manner that follows the stated guidelines by respective Government authorities.

One such Inventory Management Software is being developed by Goods Order Inventory System. As per the company – “Goods Order Inventory is a free, inventory management system for the small business users and individuals willing to manage Orders, Inventory, and Sales on a mobile platform. It provides the flexibility to manage the products, orders, sales & inventory seamlessly on iPhone, Android & Blackberry devices. Features like report, sales tracking with/without inventory, and simple user interface provide the user to manage and track all the business data at any time & any where easily”.

www.goodsorderinventory.com The best inventory management softwarealways goes hand in hand with proper inventory control. In fact you cannot separate both, they are inseparable. You cannot just opt to have one and then ignore the other. If you are wise as a business person, you must desire to have these stuffs as one.

One may ask what the difference between the two is. Well, the latter is the result; while on the other hand, the former is the cause. There will be no total control of your stock inventory if you or your staff is doing things manually because of the lack of an advanced accounting and management tool. It will be too much of a tough job.

The best solution for the inventory needs of your retailing business is to have the upgraded point of sale system POS. The business tool for a proficient inventory must be incorporated into the whole system in order to secure accuracy of the job.

Without such tool as the inventory software, you or your staff would be doing the job in the most traditional and outdated manner. It would take so long for a transaction to finish. You will employ a lot of people to do the tedious task. You would spend big bucks for their compensation and allowances. In addition, you cannot guarantee correctness and complete inventory control of everything.

As an entrepreneur who is on fire with high idealism, admit that you are powerless over a lot of things. Either you are new in this venture, or somebody who has rooted deep down in this particular business, it is never too late to realize you need help. There are areas that you want to have a good grasp but sadly, you can’t do all that you want to do with your limited capacity and resource. You need to make some valuable use of technology.

Even if you need to spend dollars on POS upgrade, do not worry about it. If your concern is success in business, then be willing to sacrifice. Purchase the latest inventory software so you can have total control over your stock.

http://www.sooperarticles.com/technology-articles/software-articles/best-inventory-management-software-935956.html

Online Purchase Order Cloud- Integrating POs with a Business

Online Purchase Order Cloud- Integrating POs with a Business

It will always be difficult to manage purchase requests put across by employees in case a company is not using purchase orders. That goes a long way in underlining how important they are. If your company has not been using them to make purchases, it is the right time you started integrating that and online purchase order cloud will be a good platform to start with. There are many ways through which purchase orders are integrated with a business and you should consider at least one for your company. You will come to embrace its benefits in the long-run.

Purchase requisition happens in a business environment more often and it is one way of making purchase orders relevant. This comes in action when employees have requested for some things to be purchased and that can be an avenue for corruption. However, the company will stand no chance of losing money if there are purchase orders in place. To make it even more effective, you should consider cloud computing for accuracy in all requisitions. A business that embraces this will have good management of the spending spree by employees as well as enjoy discounted offers from suppliers where bulk purchase is done.

You can integrate purchase orders to your business through budgeting. This comes in handy when planning out total spending for the company in a month and the purchase orders will make it possible to track down how that money was spent. There will be no requisitions approved by the company if employees go beyond the estimations and that is an opportunity to make huge savings. Online purchase order cloud will help a company know the right purchasing patterns providing the chance for bulk purchases and processing time is lowered down since it’s done on a digital platform. Volume discounts is a great way to integrate purchase orders to a company which any company will be proud to consider. The suppliers offer discounts for goods purchased in bulk while delivery is well-timed. You don’t need to ask about the benefits that a business stands to enjoy by using purchase orders regardless of its size. There is improved control over how ordering of products by employees is done. It’s easy to regulate the number of people who can place purchase orders in a certain period and what is to be ordered. Also, spending by employees and company in general is well monitored when online purchase order cloud is in use. All records on what has been spent in buying what will be well documented for accountability purposes.

Above all, there is good planning which touches on finances which is a key pillar to the success of any business.

You can have purchase orders integrated to a business in very many ways and online purchase order cloud will be an ideal platform for achieving that. The use of e-requisition software http://bellwethercorp.com/inventory/ is more of a mandatory requirement for companies these days considering the fact that modern technology is taking roots very fast.

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