How To Get A Better Handle On Stock Management
Stock management may not be the most exciting thing in the world, but it can often prove to be the difference between staying in profit and shutting your business’ doors for good.
At Liquid Accounts, many of our clients are tasked with keeping tabs on the products they have to hand, and in our latest blog we offer some useful tips and tricks on how to master stock management.
One of the best ways to maintain tight control of your stock is by barcoding items. Putting these black and white labels onto your products ensures you keep consistent track of everything that comes in and out of the premises, all the while improving transaction processing speeds.
Categorising and grouping your inventory is another essential part of smart stock management. Itemised lists can become long, disorganised and wildly messy very quickly, so taking the time to segregate these catalogues can work wonders for improving processing.
When items are listed in the right places, you can focus on the product sales that bring in higher profits – giving you a greater chance of enhancing your overall turnover as a result.
Barcoding is great for analysing stock levels, but it’s also worth implementing additional tracking systems to ensure you know where items are at all times.
A multiple bin inventory system facilitates speedy localisation and pickup of goods for dispatch. Utilising serial number tracking within an inventory management module minimises data capture errors and provides a complete, accurate history of the stock item.
Stock Management Systems – The 8 Points Worth Keeping In Mind
You might have decided it’s finally time to invest in a brand new stock management system for your organisation, and if so, there are eight points worth keeping in mind before you start your shopping. From the moment you begin your search, keep the checklist below by your side to consult at all times. If these features are built in, this could be a stock management system worth considering.
- Multi locations
- Different costs per location
- Transfer stock between locations
- Record damaged stock on goods receipt
- Stock report by location
- Nominal coding per item
- Bills of material (BOM’s)
- Multi-level BOM’s
Liquid Accounts software is designed for businesses that process high stock turnover, offering them the perfect platform on which to maintain confident control of their inventory so they can concentrate on other pressing matters.
Give us a call on 0161 413 5050 to learn more about Liquid, or send a message to email@example.com. Our helpful customer service team will be delighted to help in any way they can.