Inventory tracking is a simple way to streamline inventory management & improve your business operations.. It helps in managing unlimited inventory for the business.
You’re a FMCG retailer who sells & delivers 1000s of products to 100s of customers . Or a pharmacy wholesaler, who sells medicines to multiple retailers. Or a salon owner who provides services and also sells beauty products.
But inventory management (even in small amounts) takes effort. You need to know how much you have on hand and how much you’ve sold. You need to know when to reorder materials, so you don’t oversell on items. And you even need to know which items aren’t selling so you can avoid them in the future. It’s a small chore, but the most important as without it no invoices or bills can be initiated.…
To help, PayO has added inventory tracking to its GST billing & Payments software. It is a simple inventory tracking system that will allow you to easily keep track of all the inventory you invoice for, all in one place.
Inventory tracking on PayO billing software allows you to add, edit, and review inventory for billable items within your PayO account. Keep track of items you have in stock, and the amount is automatically reduced when invoiced for.
There are other platforms that offer in-depth inventory tracking systems and inventory management, but PayO makes it simple. While most inventory tracking software requires constant oversight, the simple inventory tracking on PayO allows you to quickly update and view stock levels at-a-glance with its simple inventory dashboard.
Adding inventory to an item is easy:
When you add more items to an Invoice than is currently available in your stock, it means either your item is low stock or out of stock. Here is where PayO software helps in alerting the businessman so that they never lose sales due to out of stock items. This is highly critical in case of 1000s of products being sold daily, it is manually impossible to manage them, hence these billing softwares have built highly advanced notifications systems to alert the businesses and also automate this stock tracking as much as it is possible.
When you add 10000+ items on billing software, stock gets adjusted automatically when businesses create invoices, purchase bills and stay unaffected when estimates, sales order or delivery challan are created on the same platform. But when a business has to add some free samples without issuing any price to it or there has been some damage to some items, how can that be adjusted on billing software. So PayO billing & invoicing software gives you “Add stock” & “Reduce stock” to option so that merchants can do unlimited adjustments and also add remarks for the same. For these adjustments no invoices or bills are required, plus it also gives a current status over stock timeline for detailed analysis for that item.
In India, barcode scanners for items are the traditional way to do billing on a daily basis. Be it at supermarkets, clothing stores, pharmacy stores etc shopkeepers and merchants have been extensively using the device to do quick billing from their system. Most of the organizations adopt a whole POS billing system which provides a barcode scanner, billing system on desktop & thermal printer to share bills with customers. Now on PayO billing software, you can scan existing item barcodes, enter barcode numbers or generate new barcodes and print them on the items. Billing software also provides barcode scanning option at the time of billing to save time and give adopted way to merchants to integrate their process on one billing software.
As many small businesses deal with multiple brands, SKUs & mix of goods and services, it has become quite imperative for them to manage their inventory on billing software in a very systematic and consolidated manner. With an option to add new categories, move items to those categories and choose a category while adding items to bills & invoices, PayO billing has stood out in terms of providing convenience and a complete inventory management system on a single platform.
Keeping track of your inventory helps you stay on top of what you have in stock, so you can always be sure you are able to fulfill any upcoming orders. Also, using an Item report will help you keep an eye on which items are making you money, and which items aren’t, so you can decide what you want to continue selling in the future.
As discussed above, PayO billing software helps in managing inventory and also provides seamless features to avoid any loss of sales. There is one important thing to remember, without effectiveness and efficiency to follow the process of inventory management, no business can grow exponentially. Hence, here we have listed down what are requirements to build an effective inventory management system for your business fin the long run.
Every manufacturing business has dealers and distributors. The inventory data of these associates can be accessed to analyze their future requirements. Purchase orders can then be raised in advance, for a requirement of goods in the coming quarter. This helps in effective management of inventory at the dealer’s as well as the manufacturer’s end.
Inventory managers can be hired and trained to manage the appropriate levels of inventory at all times. They can be trained to understand the peak and slack seasons for the product and other such details. These people can coordinate with the sales teams and the production teams to understand the back-order requirements. They can use effective inventory management software like PayO to backorder inventory, on time. The staff needs to be trained to understand and manage inventory lead time. This is the time required for refilling of goods in the warehouse, from the time of back-order. Orders must be placed in advance with a thorough understanding of the lead time.
The inventory manager must ensure that he/she keeps a track of the stock on a daily basis. The inventory reports should be analyzed on a weekly and monthly basis. This helps in ensuring that the right amount of money is invested in keeping inventory. Delivery times should also be optimized by careful analysis and rectification. This helps in the on-time delivery of goods to clients besides analyzing the supply time for better inventory management.
A part of sales analysis that helps with effective inventory management is a product-wise analysis of sales. Products that sell faster require fast refilling and those that are slower go slow on the inventory front as well. Different products should be back-ordered separately for appropriate management of inventory for each product. The inventory should be back-ordered in such a manner, so as to optimize the transportation and other ordering costs as well. A re-ordering inventory level must also be decided upon at the beginning of every period. The average lead times and supply times must be carefully analyzed for deciding the appropriate inventory levels for back-ordering. A danger level of stock must also be decided upon. This is a situation when the stock levels are too low to meet the current demand. A situation like this may arise in a case of a demand spurt or a shortage or raw material or goods. This situation is avoided at best or should be rectified with the best possible efforts.
Inventory forecasting predicts the amount of inventory you’re going to keep to fulfill orders on time. This totally depends upon the adjustment for shipping times, customs and miscellaneous costs. The effective inventory management can tie up large working capital operations to the costs of operating your business. The basic stock control procedures assist in managing stock purchases and stock holding. It is important to reduce the levels of stock and turn into sales as soon as possible.
The businesses sell lakhs of items at multiple locations and to 1000s of customers daily, the manual updating and tracking low stock items on paper are not enough. With a cloud-based system like PayO, all information can be updated in real time. The online invoicing software helps in managing your inventory online. You can easily analyze your sale and check inventory status to order more. Using this software updates inventory amounts, purchase orders that result from no inventory shortage down the line.