Keeping track of a company’s stocked goods at various locations comes under inventory management. It is a systematic approach to maintaining the right stock at the right levels in the right place at the right time with the right cost. As businesses are getting more complicated each day, and there is so much do be dealt with, Inventory Management is one key aspect from various functions. Maintaining inventory at optimum levels is a critical for ensuring seamless business transactions, reducing costs and maximising profits.
Accounts ERP Inventory Management is designed for traders and manufacturers. It supports production register and Bill-of-Material / Standard consumption for Manufacturers. It tracks stocks at each branch / godown and effortlessly transfers stock between locations. With our well-researched Inventory Management system integrated with our cloud-based accounting software, you can avoid wastage of financial resources.
Business analytics help you track seasonal movements, party-wise sale/purchase, location-wise sale/purchase. Cloud based technology helps you track real-time inventory levels at various locations along with material requisitions / indents, pending purchase and sales orders to help you take informed decisions. Stock Aging Analysis helps you identify old stocks so you can take timely action to avoid dead inventory.
Accounts ERP also supports serial number tracking, which is especially useful for electronic industry. This helps users track serial number in stock and history of each serial number purchased, sold, returned or transferred.
With Order Management, business owners can check their pending orders and unbilled challans to ensure timely actions. They can monitor stock levels, create purchase orders, monitor sales orders and quickly create invoices based on availability of stock. A manufacturer can plan production, monitor consumption, track variance and control wastage. All the documents are linked to the invoicing and financial accounting system of Accounts ERP.
Features of the Inventory Management in Accounting Software:
- Maintain optimum inventory levels
- Stock query to access to real-time stock at each location
- Inventory Aging Analysis
- Business analytics for each Inventory Item
- Minimum Stock/Reorder level with automatic alerts
- Production register with BOM for Manufacturers
- One-Click PO based on stock levels, SO, Indents and ROL
- One-Click Invoicing from SO based on availability of stocks
- Stock transfer register for moving goods between branches/godowns
- Closing stock value by Last Price, Average Price, FIFO & LIFO system
REAL-TIME CLIENT BASED EXPERIENCE:
Here is an example of how an automated inventory management feature in your accounting software, can save you time and losses. One of our client, who is into carpets, shared his experience about the losses he was facing loss due to the excessive inventory in his warehouse. They were maintaining inventory in excel sheets, which was then manually entered in their traditional software. Now it was happening more than often that the employee making these entries kept losing manual stock Inward/Outward challans and would enter them in bulk at the end of the quarter or semester. So if they would receive an order of an item that was existing in stock, but the excel sheet or traditional software was not updated, they would reorder the same item again if it were an urgent job. Else, they would have to send someone to physically check the stock in their warehouse depending upon the availability of the workforce. But with Accounts ERP, our client has managed to streamline his inventory to a large extent. Now, entries are made in our software at the time of the physical count, and with integrated systems of sales and purchases, stocks are updated real-time. With alerts in place, the business owner gets an update every morning, and he is in control of his products or goods which are required urgently for the completion of any project. Due to regular updates, there is no excessive loading of stock leading to losses, or there is no unproductive time spent by any workforce to physically head to the warehouse for impromptu stock checking when an order is received.