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Presented BySimon [email protected] The Courtyard, Harris Business Park, Bromsgrove, B60 4DJ+44 - 844-870-7873http://stock.insight360.co.uk/
How to Handle Stocks and Manage Inventory using insightstock360
Presented By:-
What is Inventory Control
The inventory a business owns represents money tied up in products until the inventory is sold. Since inventory is a large part of the total investment of a business, well-managed and controlled inventories increase the profits of a business.
Importance of Inventory
Inventory Control
Key Terms
•Inventory
•Inventory Management
•Just-in-time Inventory system
•Perpetual Inventory System
•Physical Inventory System
•Tickler Control
Inventory Control
Inventory refers to an amount of goods stored, including raw materials, purchased components, manufactured sub assemblies, works in process, packaging materials, and finished goods.
Inventory management is the process of buying and storing products for sale while controlling costs for ordering, shipping, handling, and storage.
Inventory Management
Advantages of Order Processing Software
A just-in-time inventory system is an arrangement in which suppliers deliver parts and raw materials just before they are needed for production. Plants keep only small stocks on hand to avoid tying up money and inventory space.
Inventory Management
Advantages of Order Processing Software
All merchandise bought and sold must be tracked to gain the information needed for effective inventory management. Two methods of tracking inventory are:• The perpetual inventory system• The physical inventory system
Inventory Systems
How Advantages of Order Processing Software
A perpetual inventory system tracks the number of items in inventory on a constant basis, as sales occur. There are two strategies:• Manual Systems Employees gather
paper records of sales and enter the information into the inventory system.• Computer Based Systems A point-of-
sale terminal automatically feeds sales transaction data directly into a computer.
Perpetual Inventory System
Advantages of Order Processing Software
Under a physical inventory system, stock is visually inspected or actually counted to determine the quantity on hand. • Visual Control Used to monitor
physical inventory levels. Stock cards specify the number of each item to be kept on hand.
Physical Inventory System
Advantages of Order Processing Software
• Tickler Control A small portion of the inventory is physically counted each day so that the entire inventory is accounted for on a regular basis.
• Annual Inventory Count Inventory is physically counted once a year. Most businesses do this.
Physical Inventory System
Advantages of Order Processing Software
Many businesses use both inventory systems.
The perpetual system gives an up-to-date inventory record throughout the year.
The physical system gives an accurate count that can be compared to the perpetual records to identify errors or problems.
Using Both Systems
1. Insight STOCK is one of a suite of
software packages created by Tec-ID
designed to make your business more
productive.
2. With our Inventory Barcode scanner you
can save your time and money.
3. Insightstock360 is flexible Web based
Inventory Control system that suits
every kind of business.
4. Gain full control of your supply chain
and increase warehouse efficiency with
Insightstock360 Inventory Management
Why Choose Us?
https://www.facebook.com/InsightStock360/
https://twitter.com/360insightstock
https://plus.google.com/u/1/114639550306560562883
Contact US
[email protected] The Courtyard, Harris Business Park,
Bromsgrove, B60 4DJ
+44 - 844-870-7873
http://stock.insight360.co.uk/
