Motivation and Background A sales and inventory system is a software-based business solution used to simultaneously track sales activity and inventory. Manufacturers and trade resellers can both benefit from a thorough solution, where single transaction entry records necessary details on the customer, products purchased, price and date while also updating inventory levels.
With bar codes, point-of-sale software and warehouse tracking, computerized inventory management systems make it easy for businesses to stay updated consistently. As with any new system implementation, business owners should consider the advantages and disadvantages of using a computerized inventory system.
Automated Reordering and In-Stock Information Computerized inventory informs employees and customers within seconds whether an item is in stock. This helps flag reordering needs and provides better service to customers. As inventory drops below a specific threshold, new orders are placed with vendors and tracked to let customers know when the new products will arrive.
Integration With Accounting Many of the computerized inventory platforms integrate with accounting software to track cash flow.
This makes the process of transferring inventory costs and assets between programs seamless and reduces the need for additional bookkeeping costs. Financial statements are more easily generated with shared data between inventory and bookkeeping.
Forecasting and Planning Inventory management software does more than track where inventory is located and when to reorder it.
A data collection system is used to create needed forecasting and strategic planning reports. Business owners review trends regarding which products do well in certain months or during specific cyclical seasons. Business owners use this data to plan for growth and order inventory intelligently to best utilize cash flow resources.
System Crash One of the biggest problems with any computerized system is the potential for a system crash. A corrupt hard drive, power outages and other technical issues can result in the loss of needed data.
At the least, businesses are interrupted when they are unable to access data they need. Business owners should back up data regularly to protect against data loss. Malicious Hacks Hackers look for any way to get company or consumer information. An inventory system connected to point-of-sale devices and accounting is a valuable resource to hack into in search of potential financial information or personal details of owners, vendors or clients.
Updating firewalls and anti-virus software can mitigate this potential issue. Reduced Physical Audits When everything is automated, it is easy to forego time-consuming physical inventory audits. They may no longer seem necessary when the computers are doing their work.
However, it is important to continue to do regular audits to identify loss such as spoilage or breakage. Audits also help business owners identify potential internal theft and manipulation of the computerized inventory system.Methodology _____ Computerized Sales and Inventory System of 2M Trading I-6 The researchers conduct a step by step process in order to come up with an inventory system which will meet the objectives previously stated and to provide a program which will of great help to the 2M TRADING inventory management.
Sales and Inventory System Chapter 3 Inventory. Chapter 3 METHODOLOGY OF STUDY AND SOURCES OF DATA Methods of Research The researchers will be using a Descriptive Type of Research Method, and implement a Computerized Sales and Inventory System in Bossings General Premium • Sales And Inventory System Of a Pharmacy to maintain.
Computerized sales help provide better insight into which products are most popular. It also allows for enhanced marketing, stocking and oversight of critical sales objectives. Computerized sales and inventory systems save time for businesses by speeding up transactions while raising accuracy.
Inventory Pro OnLine (IPOL) is a customizable cloud Inventory Management System which includes barcoding, multiple warehouses, POs, Sales orders, mobile application, and more.
The POS terminal is a computer used as a cash register, and it is also what makes perpetual inventory control systems possible. Advantages A point of sale inventory management system is a step up from the use of a cash register.
Accounting inventory methods October 20, / Steven Bragg. This requires a considerable amount of tracking in a database, so both methods work best if inventory is tracked in a computer system. Related Courses. Accounting for Inventory How to Audit Inventory.
October 20, / Steven Bragg / Inventory Accounting.