Tremendous benefits await you and your business when you embrace digital transformation. It requires investment on your part, but here are some among the countless benefits of a digital inventory management software:
- Maximize Profits. You can better decide which stocks to boost, to lessen or to stop selling so you can maximize your profits.
- Better Audit Trail. You can monitor movements of stocks: who sent, who approved and who received them.
- Avoid being out of stock. Be notified what branch/outlet is about to run out of supplies so you can supply early on and maintain high customer satisfaction.
- Partners around the world can monitor. Save a huge amount of time in reporting because your partners anywhere around the globe can see reports anytime from their device.
Managing a business inventory is a difficult and expensive task and it even makes it more difficult and expensive without a tool that can help you with accuracy and accountability. If you don’t have real-time knowledge of your stocks and their movement, you will have a difficult time selling them.
What is an Inventory Management Software?
An inventory software is a form of Enterprise Resource Planning (ERP) system that helps you effectively manage your inventory. It can help you see real-time stock quantities and sales performances of warehouses and outlets, giving you top-level oversight for well-informed decisions.
An inventory system gives you up-to-date data of your stocks so you can order your inventory before they run out, keeping your business supplies well and good.
Security features: For added layer ofsecurity, top-level admins should have the ability to determine which functions are visible to each user in the software. Each user can be assigned with a username and password allowing transactions to be traced for audit-trail purposes.
Who can use an Inventory Software?
The efficiency of monitoring the status and movement of your goods plays a big role in the success of any type of business. So, if you are:
- Sole Proprietor Business
- Small to Medium Enterprise
- Local Distributor
- Stocks Retailer
- Warehouse Manager
Increasing your customer satisfaction by investing in an inventory software.
Accounting Integration
that can also be integrated to an accounting system with the overall goal of enhancing the health and growth of a business through information management.
Among countless other advantages, an ERP system gives you the data oversight such as performances of branches, warehouse, sales reports, cash flow and inventory accountability so you can make well-informed decisions.
As a result, these two systems can help improve productivity, achieve greater accuracy, strengthen accountability and decrease operational costs.
Kindly see the list and description of functionalities in the following sections for the basic functionalities of a warehouse or inventory system.
Web-based or On-Premise
An inventory management software can be a web-based/cloud-based or an on-premise solution.
An on-premise inventory software is set-up within an office where the operations are just within the work area.
But if you are managing multiple outlets that are distant from each other, the most recommended way is to have it web-based so that outlets or warehouses, using the internet or the cloud as the means to transfer data, can smoothly communicate and give you real-time information of your inventory.
Warehouse Functionalities
- Warehouse Management – add and edit warehouses, put contact numbers and address, view the list in one glance.
- Ingredients Creation and Management – Name an ingredient, add details, assign conversions per stock units, select and assign to accounts. The system automatically computes and pulls data from inventory to show real time status of stocks quantity.
- Stocks Management – warehouses can request, transfer and receive stocks. A gate pass is automatically generated by the requesting warehouse and to be signed by the receiving warehouse.
- Warehouse Inventory – See the status of the warehouses in one glance at their dashboard. User can see available stocks and other details.
- Stock Counts – an inventory officer performs stock counts in a warehouse: here, he / she selects the warehouse, stock count date, ingredient / item name, quantity and publishes the stock count.
Purchases Functionalities
- Purchase Orders – select a supplier or source, select receiving warehouse, purchase order date and assign reference number. Select ingredients from the drop-down, determine quantity, user has capacity to edit unit price. Can also view the list of POs, Edit previous POs, move to received or delete PO.
- Receive Orders – view the list of received orders both unbilled and billed, view details of each order. Receiver assigns expiration date of the received order and quantity. Convert to bill, assign to account payable, select payment term.
- Bills – view list of unpaid bills, view details of unpaid bills such as supplier name, billed date, status and payment term (e.g. 30 days, 60 days).
Outlets Functionalities
- Outlets List – view list of outlets, view details of each, view their assigned official receipt number.
- Stocks
- Request Stocks- view list and details of requesting outlets, add stock requests: select requesting outlet, select names and type quantity of ingredients
- Approve Stock Request – the approving staff will determine quantity to be given to requesting outlet. Upon clicking ‘Next’ the next function is ‘transfer’.
- Transfer Stocks- view list and details of outlets that transferred stocks. Determine the source (warehouse or another outlet) of each stock request, determine quantity to be transferred. Create gate pass and approve dispatch
- Receive Stocks- received stocks will reflect in this list once the Gate Pass staff receives the stock.
- Gate Pass – a distinct/conspicuous button appears once there is an upcoming stock, gate pass holder will type number of items received.
- Outlet Inventory- select outlet and see available stocks, expiry dates and other item details for each outlet. Capacity to print outlet inventory.
- Stock Counts – an inventory officer performs stock counts (announced or unannounced) in an outlet: here, he / she selects the warehouse, stock count date, ingredient / item name, quantity and publishes the stock count.
Sales Functionalities
- Categories – has capacities to add new product category, edit category names
- Products – See list of products, view details, edit sales price, add new product
- Add New Product – Create a recipe: Enter product code, enter the product name, enter product description, select product category, select sales unit
- Select Recipe – Select ingredients, select type, determine quantity, Unit of Measurement (UOM)
- Financial Section – Select expense account, select sales account
- Sales Orders – See list of sales order, date, sales order #, official receipt #, outlet, prepared by, total amount, view details button.
Expense Functionalities
- Expense Reports – See list of expense reports, date, report #, status, outlet, prepared by, action button/functionality
Credit Notes Functionalities
- General Items – See list of general items, item #, name, description, account, edit button
- Credit Notes – See list of credit notes, date, credit note #, prepared by, supplier, view details, apply button
- Applied Credit Notes – See list of applied credit notes, reference #, status, applied by, supplier, applied amount, view details.
Reports Functionalities
- View Reports by Materials – Filter report by beginning date to end date, select by ingredient, by outlet, all outlet / ingredient.
- View Reports by Cups – filter date range, capacity to print sales report. Columns: Outlet, cup size, total size, view more button: product number, name, description, quantity, total number of cups sold
- View Detailed Report – filter date range, capacity to print sales report. Columns: outlet, date, gross sales, VAT, discounts, Net Sales
Inventory Worksheet Functionalities
- View List of Inventory Worksheet – Date, inventory worksheet #, warehouse / outlet, prepared by, view details button: displays list of ingredients, adjusted quantity, stock on hand, new quantity
- Add new inventory worksheet (Warehouse) – Select warehouse, add expiration date, name, quantity, add row button
- Add new inventory worksheet (Outlet) – Select outlet, add expiration date, name, quantity, add row button.
You can have us send you a price quotation of the software with functionalities above or you can have us come, assess, and create a scope for an accounting, warehouse, or inventory system suited for you.