Inventory is a valuable part of a firm; two key factors build or break the system of controlling your Inventory, the tracking software used and the internal procedures you put in place.
For a start, most but not all retail businesses generally do not take Inventory Tracking with the seriousness it deserves.
Not too long ago, I received this question regarding Inventory Tracking from a keen follower of this website, and I sort permission to share this extract from the letter.
“I am an Inventory controller, my company has just acquired Pastel Software inventory tracking module in a bid to solve the inventory tracking problems we had with the previous system. I have been searching for training materials on how to generate management inventory reports as well as detailed operational reports until I came across your website”
Well, I will leave my response, for another post, but the simple lesson I want you to draw from this extract is that, tracking of inventory matters not a little, but a great deal.
Secondly, not all Inventory tracking systems available on the market today have the same functionalities to meet you inventory tracking needs.
However, the very basic principle for any worthy inventory tracking software, no matter how basic it may be, is to indicate stock availability without the need to inspect the physical stock. In addition, it should help you to ascertain the stock position of a particular inventory item at a click of a button in response say to a telephone inquiry. It should as well be able to show you the need to re-order when stocks run low, act as a deterrent to pilferage (stock loss) and allow the stock movements to review easily.
Unfortunately, not all accounting software meets all the inventory trucking needs such as serial number tracking and lot tracking.
Frankly speaking, most businesses today are very slow in catching up with technology and innovation. Perhaps, this is to some extent, the reason why they don’t find success in retail business.
Supermarkets for example have taken full advantage to make use of cash registers to computerize their checkouts so that inventory records can be updated automatically.
About the Author:
Fixed Asset Consultant at Prosperity Agencies Limited with over 10 years practical experience in physical verification, bar-coding of assets and fixed asset software implementation +260 211 239859
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