What Is The Main Difference Between Make-To-Order And Make-To-Stock Sytems 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. Order entry integration.

Do your processes involve recording your customers’ orders only to have someone else enter the information again to create an invoice? If so, you’re wasting more money and time than necessary by paying two people to do virtually the same job. You can save time and improve the accuracy of your orders by implementing order entry into your system. Using order entry allows one person to enter and save an order, and that same order can then be turned into an invoice when it’s ready. You’ll save money as well as reduce human error, increasing customer satisfaction.

2. Automate the sale of different units of measurement.

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 to “trick” your software to handle this scenario, or do you end up making an inventory adjustment? You can solve this expensive problem by setting up a single inventory item with multiple units of measure. By setting up the sales units required for each item, your system can calculate how much you have in stock per unit, and you can easily buy, sell, and store your items as you wish. This can save you a lot of time and also give you a better idea of ​​how many items you actually have in stock. Most importantly, you can quickly let your customer know how much you have available in their chosen unit of measurement.

3. Customize and use nodes to assemble or “set” items.

Do you collect multiple items and sell them as a set? Or are you making something that is made up of many raw materials? Are you enduring the painstaking process of entering each part of the end item separately into your accounting system? If this is the case, you can significantly reduce time and improve accuracy by installing these items as “builds”. Build Customization allows you to place a finished product to order and it will pull all of its components from the warehouse for you behind the scenes. This reduces data entry and ensures accuracy in inventory and costing.

4. Take inventory more often.

Accurately counting the items in your inventory can save your company money, and your customers will be happy to receive a quick and accurate answer about the availability of the item. You can make the physical inventory process easier by using a system that allows you to keep selling products while you do the count. The sales staff is satisfied that they can continue to sell, the warehouse manager is satisfied that the counts are accurate, and the customer is satisfied with receiving accurate information in a timely manner.

5. Track inventory by location.

Is this a back-stock item? At the mall? Or is it on one of the trucks? If you store items in multiple locations, you’ll quickly be able to see exactly where they are. You can achieve this by setting up more than one inventory location in your software. If you have the ability to set up unlimited inventory locations, you can even set up (for example) a delivery truck as your own location. Setting up multiple warehouses will save you time searching and can also reduce costly shrinkage.

6. Automate product tracking with serial numbers and lots.

Still tracking your bulk or batch items on paper or in a spreadsheet? Not only does this make it time-consuming to receive these items, but there is no trail linking your customers to the serial or lot numbers of the items they purchase. You can configure your system to collect and store serial or lot numbers for your inventory upon receipt. Then, when you enter customer orders, you can select the serial/lot numbers they purchased. Your company will save a lot of time by tracking these numbers in one system, and you’ll be a happy customer by having quick access to which serial numbers or lot numbers the products purchased. It will also help you easily track your warranty information.

7. Let your software system track customer prices.

Are you tired of flipping through files to find what your customer paid last time, just hoping the page at the top is the most current? You can get rid of this problem by setting up customer pricing in the software system. By customizing customer pricing in your software, you’ll ensure greater accuracy, keep customers happy, and save time and hassle.

8. Tracking profitability of inventory goods.

How easy is it for you to determine which items are the most profitable? How do you know that the products you promote or sell the most generate the most revenue? With the ability to generate reports that show profitability (gross profit) for each individual item, you can check back often to make sure you’re selling the right items. By easily accessing this information, you can focus your sales and marketing teams on selling and promoting the most profitable products, allowing you to improve your bottom line.

9. Enter purchase orders from the order record.

Have you ever run out of an item and forgotten to order it for a customer? Your system may prompt you to enter a purchase order directly from the order entry screen. By doing this, you will be sure to receive the items for your order and your customer will be satisfied. You will also save time by taking care of both functions at the same time.

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

Are you surprised when you run out of an item? Or how about when you discover a huge surplus? Configure your system to store a minimum and maximum amount for each item. Then you can easily generate a report at any time, showing what you’re running out of, so you can order more before you run out. You can be sure that you are not wasting valuable shelf space by stockpiling any items. It will also streamline the purchase order process, saving your company hours of time.

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