Formula To Calculate Time Difference Between Two Dates In Excel Inventory Management – Ten Ways to Use Accounting Software to Improve Efficiency

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Inventory Management – Ten Ways to Use Accounting Software to Improve Efficiency

1. Integration of order entry.

Do your processes include writing down customer orders for someone else to re-enter the information for invoicing? If so, you’re spending more money and time than necessary by paying two people to do practically the same job. You can save time and increase the accuracy of your orders by implementing order entry in your system. Using order entry allows one person to enter and save an order, and the same order can then be converted to an invoice when complete. You’ll save money and also reduce human error, increasing customer satisfaction.

2. Automate the sale of different units of measure.

Some customers want a case, others want an entire pallet, and still others want just one of the same item. Sound familiar? Do you need your software to handle this scenario or do you need to make inventory adjustments? You can solve this costly problem by setting up a single inventory item with multiple units of measure. By setting up the required sales units for each item, you can have your system calculate how much you have in stock per unit, and easily buy, sell, and stock your items as you choose. This can save you a lot of time and also gives you a more accurate picture of how many items you actually have in stock. Most importantly, you can quickly tell your customer how much you have available in their chosen unit of measure.

3. Set up and use to build or assemble nodes.

Do you put several items together and sell as a set? Or are you making something that consists of many raw materials? Can you stand the tedious process of entering each final entry separately into your accounting system? If so, you can significantly reduce time and increase accuracy by setting up these elements as “assemblies”. Setting up an assembly allows you to order a finished product and it removes all of its components for you behind the scenes. This reduces data entry and keeps your inventory and costs accurate.

4. Do a physical inventory more often.

Having an accurate number of items in stock can save your business money, and your customers will be happy to receive a quick and accurate answer on whether a product is available. You can simplify your physical inventory process by using a system that allows you to sell products while you count. The sales force is happy because they can sell, the warehouse manager is happy because the counts are accurate, and the customer is happy when they get accurate information at the right time.

5. Track inventory by location.

Is this item in stock? On the retail floor? Or is it out on some delivery trucks? If you store items in more than one location, you should be able to quickly see exactly where it is by location. You can do this by setting up more than one warehouse in your software. If you have the ability to set up an unlimited number of warehouse locations, you can even set (for example) a delivery truck as your location. Setting up multiple warehouses saves you time searching and can also reduce costly shrinkage.

6. Automate the tracking of items with serial and lot numbers.

Still tracking your serial or lot numbered items on paper or in a spreadsheet? Not only does this make it time-consuming to receive these items, but your customers are not associated with the serial or lot numbers of the items they purchased. You can set up your system to capture and store inventory serial or lot numbers upon receipt. Then, when entering your customers’ orders, you can select which series/lot numbers they have purchased. Your business will save significant time by tracking these numbers in one system, and you’ll keep your customer happy by quickly accessing serial or lot numbers for purchased items. It also helps you track warranty information easily.

7. Have your software system track customer prices.

Tired of sifting through files to find what your customer last paid, just hoping the page at the top is the most up-to-date? You can eliminate this problem by setting up customer pricing in your software system. By setting up customer pricing in software, you’ll ensure better accuracy, keep your customers happy, and save wasted time and hassle.

8. Monitor the profitability of stock items.

How easy is it for you to see which items are the most profitable? How do you know the most advertised or selling items are generating the most revenue? With the ability to generate reports that show profitability (gross profit margin) for each individual item, you can often check that you are selling the right items. With easy access to this information, you can focus your sales and marketing departments on selling and promoting the most profitable items, allowing you to improve your bottom line.

9. Enter purchase orders from order entry.

Have you ever run out of an item and forgot to order it for your customer? You can have the system prompt you to enter a purchase order directly from the order entry screen. By doing this, you will be sure to receive the goods that match your order, which will keep your customer happy. You also save time by taking care of both functions at the same time.

10. Know what items you have so you can stock just the right amount.

Surprised when an item runs out? Or how about when you find a huge surplus? Set up your system to have a minimum and maximum amount for each item. You can then easily create a report at any time showing what you’re running low on so you can order more before you run out. You can be sure that you are not wasting valuable shelf space by overstocking items. It also streamlines the purchase order process, saving your company hours.

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