Inventory Management Secret Tools
Goods in Stock management is such an important aspect of a business’s profitability that active businesses need to apply the right Inventory system and learn how to use it beneficially.
Great thing is, ERPAG technology provides the integration for tracing immediate stock counts, aiming more on meeting customer needs by having the right inventory at the right time.
To give your business a booster; we have jotted down several of our secrets for successful inventory processing – that ERPAG of course delivers!
1. Shred the spreadsheet
Oversee items in your stock, shelves, or at a warehouse, keep up an accurate count as you deliver new stock, close deals in-store and online, everything takes a lot of dedication & attentiveness which can all be recorded and saved in our cloud-based ERP system.
Customers, Suppliers, Products, Bill of Materials, Kits, Variables, Images etc. can be conveniently imported / exported into ERPAG from XLS spreadsheets.
Advantageous real-time on-hand inventory – You can filter & track reports with how many items you have in stock, down to the SKU level and the value of your current stock in present time.
ERPAG as a solution, provides you to work through inventory simply and efficiently. If you do not have the items in your inventory, you can easily import the products and barcodes from XLS spreadsheets.
2. Increase Storage
Revise amount of stock, amend / correction, ERPAG can sort and prioritize items as they move around the stockroom.
First in, first out – commonly known as FIFO – as an effective solution.
FIFO option ensures that the oldest stock presents itself at the front of the rack or shelf, ready to be put on view, retrieved or disposed – if it is no longer usable.
Resource link: https://www.erpag.com/news/fifo-vs-weighted-average-inventory-costing-method
3. Inventory Tracking
Is important for recognizing inconsistencies, whether it is errors, escalation & decline in sales or unforeseen expenses. If you can see this in advance you will be able to prevent or rectify any issues which may cause in your business!
In ERPAG, products are tracked by Serial & Lot numbers. The differentiation between Lot from a Serial number, is the expiry- as each Lot number has its own expiry date.
SKU Stock Keeping Unit – that is the product code that we use to search & identify stock on-hand from your list, invoices and order forms.
Resource link: https://www.erpag.com/news/serial-lot-batch-number-tracking
4. Low stock notification
ERPAG offers a smart Snippet tool for Quantity below minimum on all products, avoiding unexpected stock shortages. When a product hits the Minimum stock quantity, you can order the products that are out of stock, & all required / missing items will end up in Purchasing – Fulfillment
Purchasing module > Fulfillment list, displays the minimum stock quantity along with the quantity of items that needs to be ordered.
Resource link: https://learn.erpag.com/project/create-new-product-1/untitled-4/basic-definition/quantity-below-minimum
5. Bar coding & scanning
Best part is, you don’t need to invest in a scanner- your smartphone does the magic!
On ERPAG Mobile App you can do stock adjustments, look up documents, make stocktaking, receive, pack items..!
Resource link: https://www.erpag.com/news/mobile-erp
6. Shipping Carrier service (Postmen)
By connecting ERPAG and Postman, Users get the following benefits:
1) Shipping rate calculation, receive available service types, and expected delivery time
2) Generate labels in PDF format with tracking number. Easily print labels from our system with thermal or laser printers
Resource link: https://www.erpag.com/news/postmen
7. Multi Warehouse management
What does the management of a warehouse do for your company?
In a straightforward perspective, management warehouse can help your company by preventing spending a lot of time looking for a product and making quicker deliveries, controlling of production and not overloading the warehouse.
You’re in control of all movements of items in the warehouse avoiding damage, theft or expiration of your stocks.
8. Accounting service
Based on the mass of your business from cash flow statements to balance sheets, bookkeeping should be regularly kept up-to-date.
If your accountancy is not current, it will be ineffective to you as a tool for financial forecasting. Not only must your financial data be up to date it also has to be error-free & specific. If not; any conclusions drawn from financial forecasting will be inaccurate.
As your business develops you will need to use more accounting options, such as variable products, Lot and Serial number tracking, special accounting reports. ERPAG automatically generates the Chart of Accounts (COA), maintains your accounting books and automatizes posting procedures, e.g. depreciation, currency differences, revenue and other customizing accounting plans.
Quickbooks Integration/info: https://www.erpag.com/news/quickbooks-online-and-erpag-integration
Xero Integration/info: https://www.erpag.com/news/xero-erpag-integration