Persuite ERP SOLUTIONS
Inventory and Stock Management
Streamline, Optimize, and Manage Your Ultimate Inventory and Stock Solution for Success!
Payroll management and HR departments work closely together, so when these two systems don’t communicate, you wind up spending a lot of time entering the same data into several systems. With Persuite, you can streamline your company’s payroll procedure with both an impressive payroll administration system and an equally potent HR management solution.
What is Inventory and Stock Management ?
The products and materials that a company keeps with the ultimate intention of reselling, producing, or using them are referred to as inventory, or stock.
The process of ordering, storing, monitoring, and managing goods is known as stock management. From raw materials to completed items, every item a firm utilizes to manufacture its goods or services is subject to stock management.
Inventory management with Persuite ERP Software
At any stage of the process, Persuite Inventory Management provides you with instant access to inventory balances, open purchase orders, work orders, and open sales orders. It also offers you the freedom to manage inventory, cost inventory by warehouse, and monitor items in transit.
With Persuite ERP, you can better manage your inventory by having more accurate and visible inventory data throughout your whole company.
The advantages of managing inventories with Persuite ERP include:
- Reach the ideal stock levels at the appropriate places.
Address the problems of obsolescence and inventory losses. - Diminish the issue of surplus inventory.
- Boost the visibility of inventory information
- Avoid production lags brought on by stock shortages.
- Boost purchasing and stock replacement
- Allow for fine-grained inventory control and support frequent, effective stock takes.
Sales
Inventory management and sales are two of a company’s most crucial operations. There is also a strong interdependence between these roles. To stay on top of inventory products, anticipate future sales, and prevent losses, you need an effective stock management system.
Purchase Order
One essential business document in the process of buying inventory is a purchase order, sometimes denoted by the initials PO. In essence, it generates a fresh “order” with a supplier, specifying all the products, amounts, and rates that have been agreed upon for either finished goods or raw materials for production.
Purchase
Effective inventory management relies heavily on purchasing systems since they track current inventory and assist businesses in making decisions about what to buy, how much to buy, and when to acquire it. Economic order quantity models may serve as the foundation for purchasing systems.
Opening Stock
The quantity and worth of materials that a business has on hand at the start of an accounting period are known as opening stock. The opening stock for the current accounting period is the closing stock from the prior one.
Stock Transfer
The process of moving goods from one link in a distribution chain to another in a warehouse is called a stock transfer. Stock transfers are intended to maximize storage capacity, which will expedite the inventory handling process during periods of heavy activity.
Purchase Return
A purchase return is an item that has been purchased and is being returned. You can return goods to the Supplier by using the Buy Return functionality. Numerous factors, such as product flaws, inconsistent quality, the buyer’s lack of demand for the stock, etc., could be to blame for this.
Sales Order
A company’s multiple departments work together to process an order’s lifecycle through a set of procedures known as sales order management. This procedure ensures a smooth transition from placing the order to processing it, managing the inventory, managing the warehouse, processing payments, managing invoices, and sending the goods.
Quotation
Managing client quotes that are associated with sales prospects is known as quote management. Creating and distributing sales quotations, tracking down unfulfilled quotes, and haggling over conditions and prices are all examples of this process.
Customer Wise Product Mapping
Product mapping facilitates more efficient inventory management. You can see where your stock levels are and how much of each product you need to maintain on hand at any one time by creating a map of every product you sell.
Issue out
When inventory is needed for production, it is often issued from a warehouse. “Issue” describes the action of removing an item from a warehouse. Issue is carried out using either used or unused issue slips.
Sales Return
A sales return occurs when a client or customer returns an item to the vendor. A buyer may return an item for a number of reasons, such as Overabundance.A client might have placed an order for more goods than they require, or a business might have inadvertently sent extra goods.
Stock Conversion
Conversion of stocks or inventory is a crucial aspect of warehouse management. The effectiveness with which a business completes this task may determine its level of financial success or failure. The process of converting unsold inventories into sold goods is known as stock conversion.
Product Enquiry
Customers can utilize the Product Inquiry feature to ask inquiries about products, request quotes for products, or offer the store manager a deal on the best possible pricing.
Stock Transfer Request
A stock transfer form is used to move stock from one account to another without having to sell and buy back the original shares. This guarantees that the holding is never out of market while also making the procedure quick and simple for the clients.
Scrap Sale
Items or commodities that are no longer marketable or useful in their current state are referred to as scrap inventory and are usually meant for recycling or disposal. Defective items, broken commodities, and surplus materials that are no longer required for manufacturing are examples of this kind of inventory.
Cost Center
A cost center is a department or function inside an organization that incurs costs for running the business even while it does not immediately produce income or profits for the organization. The cost centers’ indirect contributions to profitability are what they make.
Get the Finest Inventory and Stock Management System Today
With Persuite ERP, you can better manage your inventory by having more accurate and visible inventory data throughout your whole company. Get in contact with us to learn how Persuite ERP Software can help you with your digital transition.
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