SALES AND INVENTORY MANAGEMENT SYSTEM
DEFINITION
WHAT IS SALES AND INVENTORY MANAGEMENT SYSTEM
With a sales and inventory management solution,The term ‘sales and inventory management system’ is a software-based business solution which is utilised to simultaneously track sales activity in addition to inventory. Manufacturers as well as trade resellers can both gain advantages from a thorough solution. Where a single transaction entry records required details on the customer, products bought, price, date while revising inventory levels.
Also recording each factor which is involved in the exchange is main objective to optimise efficiency. In days gone by, companies would have to conclude separate record-keeping processes for the income. So each factor is coordinated with a single entry in the software program.
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BENEFITS
WHY SALES AND INVENTORY MANAGEMENT SYSTEM
EFFICIENCY & PRODUCTIVITY
IN OPERATIONS
Keeping stock will results in tying up money in them. Therefore, you can’t spend this money. Meanwhile, you want efficiency in managing your stock levels so that your business is cash flow positive.
Besides, analytics and reports can help you see what products are selling fast through your multiple sales channels. This helps you make smarter purchasing decisions and you might be able to spot a trend or two!
MINIMIZE COSTS, MAXIMIZE SALES
Inventory control is also critical if you want to minimise the carrying costs of holding stock. Therefore, keeping stock in warehouses is expensive!
Moreover, arrying costs such as storage fees, insurance, taxes, theft, natural disasters and passing fads can all potentially eat into your profits.
Unfortunately, it affects all of us despite your best intentions at analyzing your past sales and purchasing patterns. Technological and fashion obsolescences are part and parcel of your business if you’re dealing with these.
SALES AND INVENTORY MANAGEMENT HELPS AUTOMATION OF MANUAL TASKS
Nobody wants to be sitting around doing manual data entry tasks or complex manual calculations with every purchase order. It’s best to leave it to software to automate these common tasks for you.
Therefore, create sales orders straight away by scanning the items in the shipment. Or dispatch goods in a shipment by scanning them too.
In short, inventory management software should automatically split landed costs by the proportion of the purchase cost of the product, saving you time, effort and mistakes.
IMPROVED BUSINESS NEGOTIATIONS
By using sales and inventory management software with batch tracking capabilities, you will have far better product traceability. In addition, subsequently be able to access valuable information allowing for potential negotiations with suppliers.
More specifically, you will be able to obtain a far better understanding. Besides, suppliers are benefiting your business the most and which require improvements.
In nutshell, you will be better equipped to negotiate more favourable trading terms and even exclusivity deals.
ATTRACT CUSTOMERS
A good inventory management strategy keeps your customers coming back for more. Thus, it’s a fact that good inventory management leads to repeat customers.
So, if you want your hard-earned customers to come back for your products and services, you need to be able to meet customer demand quickly.
Therefore, inventory management helps you meet this demand by allowing you to have the right products on-hand as soon as your customers need them.
FEATURES
WHAT IS INCLUDED IN SALES AND INVENTORY MANAGEMENT SYSTEM
SALES
You can enter, view, and update sales orders using the Sales Orders window. Besides, you can also enter returns using the Sales Orders window.
In addition, you can order standard items, both shippable and non-shippable, and configurations using this window.
Moreover, you can also adjust pricing, assign sales credits and record payment information.
Not only that but also attach notes, schedule shipments, query item availability, and make reservations, including selection of subinventories.
PURCHASING
Sending a purchase order to your supplier is a legal offer to make a purchase. So if the supplier accepts the order, it forms a legal document between you and the supplier. Thus, until the supplier accepts the order, there is no contract.
In particular, using purchase orders provides accurate documentation of what has been ordered, in the event of a dispute. The PO lists the quantities, item descriptions, price, discounts, delivery date and instructions, so there is reduced potential for error compared to a verbal order.
However, ensuring the details on the PO are correct will also make paying the associated invoice much easier.
INVENTORY
Inventory management system reduces time-consuming and error-prone excel sheet and paper record keeping. Furthermore, the system auto generates all relevant records once a transaction done updating stocks. Also manage customer or supplier accounts, and receivables or payables.
This is a real time system that updates your stock immediately after an entry. It also performs as an invoicing system whereby you can print invoice and delivery order.
Next, this software lets you generate reports to help to take business decisions on purchasing, suppliers, customers and distribution. Usually, this help businesses to increase the level of productivity in managing stocks, distribution and customer management.
REPORTS AND CONTROLS
Generate monthly sales, purchasing, item movement, payable and receivable reports.
Moreover, reports can be generated based on desired specifications like 1 day report, monthly report or yearly report. Besdies, filter function is used to produce report for desired duration of time or for any single department.
In short, this reports ease the work of accounting, inventory and sales department by generating all in one report as how they want it to be.
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