Many people think inventory control is something that just concerns the warehouse, but the truth is, inventory control affects the entire business and your customers.
Having the correct inventory, in the right quantities, and keeping it under control, can be the differentiator in customer satisfaction and is a key driver for increased productivity and profitability.
The importance of inventory control
Inventory control involves many areas of a business including…
Purchasing. Inventory control begins with acquiring raw materials, components and/or finished goods in appropriate quantities and at the correct time.
An inventory control system helps with predicting demand, evaluating and managing the vendors who provide the products, and keeping products on the shelves to maximize sales and customer satisfaction.
Sales. Sales management and order fulfillment tools integrated with an inventory control system can be the sales team’s secret weapon in an ever-increasingly competitive environment.
Real-time access to accurate inventory and product information keeps orders flowing and customers happy & away from competitors.
Learn more about Acctivate’s sales and customer management »
Growing your business. To grow your business you need real-time access to information and the tools to assist with analysis and decision making.
From controlling costs, to expanding into other channels or countries, to identifying slow moving products that can be converted to higher performing inventory, inventory control sits at the center of a business and decision making.
Learn more about Acctivate’s tools for
understanding & growing your business »
Once Acctivate came into play that really allowed us to increase production and profit on the inventory side of the parts business by keeping track of what we had.”
– Robert Archuleta, Controller, MCT Industries
Inventory control with Acctivate
Acctivate has the features & flexibility needed for your business to operate with ease and control.
- What you need to see most often is on one screen. If you need more detail, you can explore on that topic.
- Since products have more than one name, you can associate multiple product ID codes to each product
- Two product descriptions keep things flexible and can be used for alternate languages
- Ever purchase products in single units and sell them in multiple quantities or vice versa? Multiple units of measure has you covered.
- From purchase order to sale, each product’s history is tracked.
- Costing and valuation options keep things flexible and ensures you know your costs and profit.
That’s just a sample of how Acctivate can power up inventory control in your business.
Get into the inventory control details below or learn more about the many features of Acctivate.
Easy to use with one screen access to all things product related
Since many people in a company need access to inventory information, the Acctivate inventory product page allows real-time monitoring of all aspects of inventory from one screen.
Simple & effective, Acctivate enables users to view quantities, reorder information, pricing and more all from one spot – if it has to do with product inventory information, it can be viewed & managed from the product screen including:
- Recommended reorder quantity
- Bill of materials
- Reorder management
- Detailed specifications
- Product pictures
- Multi-tiered pricing
- Infinite ability to include notes & description information
- Current inventory on hand in each location
- Inventory available (not committed for a particular use)
- Inventory on order from suppliers
- Inventory committed to production work order
- Inventory committed to customers
- Inventory reserve
- Minimum inventory level
- Maximum inventory level
- Minimum reorder quantity
With Acctivate, we know our inventory and we have control of it. We are able to predict future demand accurately, so that we don’t overstock or under stock our inventory. That’s a huge plus for any inventory-based business — not only does that maintain satisfied customers, but it maximizes our profitability as well.”
– Ann Kerenyi, Controller, Bird Watcher’s Digest
Multiple ID codes for each product
Products can have many ID codes, so it would be difficult to control inventory using just one.
With Acctivate, multiple product ID codes (internal part numbers, SKUs, UPC/GDSN, vendor part numbers, etc.) can be associated with each product.
Alternate product IDs may be used as an alternate lookup key or may be printed on the sales and/or purchase documents. Each product ID code may contain numbers, letters, special characters and embedded spaces.
Examples of product ID codes include:
- Vendor part numbers
- Customer specific part numbers
- Internal part number
- Manufacturers’ part numbers
- Industry-specific codes, such as NRF codes or NAPA codes
Alternate product descriptions
Sales may describe a product one way and purchasing another. Or, if you are global, an office in another country may use a different language.
With Acctivate, items in inventory can be described with two descriptions to accommodate different user groups and needs. The alternate description can be used to further identify and clarify specific products beyond the general description.
Usage examples include:
- Alternate languages (English, Spanish, Chinese, Russian and more)
- Customer type (commercial, government)
- Department needs (sales, purchasing)
- Usage (marketing, engineering)
- Description length (brief and extended, more detailed description)
We needed something that would be able to manage our large inventory and still be able to talk to QuickBooks.”
– Jennifer Dowling, Network administrator, Orient Express
Multiple units of measure
Acctivate’s flexible multiple units of measure functionality allows for primary and alternate units of measure for order-taking, purchasing and packaging to be used for each product in the inventory.
The selling price may be stated in either the primary unit of measure, alternate unit of measure or any other unit of measure for which there is a universal relationship (i.e. inches to feet).
Acctivate maintains a comprehensive history of buying and selling activities from the original request to the completion of the order with visibility into current status, progress and activity completion status.
History can be used to:
- Track lot or serial numbers
- Locate customers
- Identify customers who have ordered or purchased a particular product
- Predict demand
We have to really keep track – good track – of these items that are sitting in our warehouse, so Acctivate has been excellent at helping us keep control of that inventory.”
– Don Olson, Chief Financial Officer, Matthew: 25 Ministries
Flexible inventory valuation methods & costing
Acctivate has the most reliable valuation and costing methodology of any small & mid-sized business software.
Average: The weighted average cost of inventory on hand. As new stock is received, the total value of the received inventory items is added to the value of the existing inventory items. The resulting value is divided by the resulting quantity on hand to form a true weighted average cost.
Standard: All inventory on hand is valued at the standard cost established for the product. Standard cost may be changed at any time by entering a balance adjustment transaction.
LIFO (Last In First Out): When inventory is received, a cost-layer is established which identifies the quantity, unit cost and total value of goods received into inventory in this transaction. As inventory is sold, the layers are costed and depleted beginning with the most recent layers.
FIFO (First in First Out): When inventory is received, a cost-layer is established which identifies the quantity, unit cost and total value of goods received into inventory in this transaction. As inventory is sold, the layers are costed and depleted to the oldest remaining layer.
Specific Identity (actual): When inventory is serial-numbered, the option exists to cost each item sold at the actual cost for which it was purchased. When inventory is lot-numbered, the actual cost is the weighted average of all purchases for that lot.
Landed Cost: Landed cost includes additional costs beyond the purchase price of a product such as duties, taxes, VAT, government fees, customs, freight, insurance and other charges in product valuation. Learn more about landed cost »
Added cost: Costs incurred after receipt of product in inventory may be included in product valuation. For example: refurbishing costs, outsourced handling or 3PL costs.
Management cost: Maintain a management or budgeted cost for each item in inventory.
Vendor cost: For each vendor, a published vendor cost and the actual last vendor cost may be maintained.
Acctivate is packed with features for your entire business. We invite you to explore more or, if you’d like to get started, simply complete the form below or give us a call at 866-877-1311.
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