HOW TO MANAGE INVENTORY

March 30th 2015 at 4:56pm Published by firstdownadmin

Inventory is an accounting term that refers to goods that are in various stages of being made ready for sale, including: Finished goods (that are available to be sold) Work-in-progress (meaning in the process of being made). Inventory control is important to maintaining the right balance of stock in your warehouses. … Too much inventory can trigger profit losses––whether a product expires, gets damaged, or goes out of season. Key to proper inventory control is a deeper understanding of customer demand for your products.

An inventory strategy is a day-to-day methodology to follow for ordering, maintaining and processing items in your warehouse. For a small operation, inventory management is a fairly straightforward job to handle, but as your volume increases, you need a more established plan.

How do you maintain your inventory level?

1. Check all stocks inwards. 
2. Store your stocks wisely. 
3. Create clear labels for each product. 
4. Keep track of expiry dates. 
5. Don’t compound problems. 
6. Set threshold stock levels. 
7. Manage returns effectively. 
8. Always keep an eye on stocks.

Most Popular Inventory Management Software

• NetSuite ERP. 
• Vend. 
• Zoho Inventory. 
• TradeGecko. 
• Cin7. 
• Katana. 
• QuickBooks Enterprise. Our Score 9.4.