An accurate real time inventory of the stock levels of your products is a vital tool in running a successful business. Your profit depends on the sale of the products you have and if you don’t know how many you are selling then you may be missing an opportunity to maximise sales.
Follow these steps to ensure an accurate inventory and you will be on the path to success:
•Accurate stock level reporting means that potential sales won’t be lost from running out of products. Keep your stock level up to date on a real time basis and you can reorder as soon as the product hits the minimum stock level.
•Valuable resources may be tied up by slow moving or non-selling items. An accurate inventory will highlight these products and allow you to be proactive by putting them on sale and not automatically reordering redundant products.
•Responsive customer service when responding to queries over product shortfall is vital for good customer relationships. If you know your stock levels down to the last item, you can easily identify where the shortfall has occurred and rectify it.
•Improve overall warehouse efficiency by knowing where and how much of your product you have, avoiding employees or you, looking for products that have already been sold.
•Make your accounting process a bi-product of stock inventory efficiency. If you have accurate knowledge of how many and what products you have bought and sold this will populate your balance sheets and purchase and sales ledgers.
•Make your quarterly or annual stock take a formality. If you have a real time picture of your sales, purchases and current stock levels. The snapshot of stock at the end of the period will equate to your real time stock inventory, without the need for additional work, saving staff time which can be utilised elsewhere for no extra cost.
Knowing your stock inventory makes sound business sense and it’s well worth investing in the information software that will make it a reality.