Inventory Control to Boost Cash Flow and Sales
Inventory Control can save you big bucks if you are an Importer, Wholesaler or Retailer. Here are 5 Points which can make a difference.
1. Using Barcodes – With Peach Software Inventory Control, you can Receive, Count, Move and Sell Products and identify stock quickly and positively
a. Peach Inventory Control Software enables Scanning goods directly into the Goods receipting screen, therefore ensuring accuracy and speed. Avoid mistakes and the need for experienced staff booking goods in. Peach will identify and increments Qty’s as they are scanned.
b. Negative stock is bad stock control caused by products being identified, sold or received incorrectly. Scan goods at Point of Sale to ensure accurate inventory control and speed.
c. When dispatching stock, scan products directly into the invoice screen. Thus providing more accuracy. This will also avoid frustration caused by your customers receiving the wrong goods.
d. During Stocktake have staff count and mark Qty's while one operator walks around and simply scans and enters the Qty counted. Fast and accurate when time is critical
2. Lost Sales Reports – When generating Reorder levels based on sales history, Lost sales must be considered as well. In V12 there have been some refinements in the recording of lost sales. This feature has always been available in Peach however now there are two levels of lost sales you can report on to improve stock control.
a. Lost Sales Short Supply – This is an automated record of any sales transaction where the Supplied Qty is less than the Ordered Qty
b. Lost Sales – Triggered by an operator with a reason recorded.
3. Continue to Fine Tune your Reorder Levels. As trends, Products and seasons change, so should your inventory.
For a mix of reasons, some products will be ramping up while others are slowing down. To improve Inventory Control, V12 now offers the ability to pre-set reorder criteria for One or Thousands of products across various Suppliers, Groups and so on. Once set up it literally takes moments to regenerate re-order levels before generating a supplier order.
4. Explore Seasonal or Replace Sales Re-ordering methods to Improve your stock control
a. Seasonal Reordering is especially important for Rural Businesses where periods such as pre-harvest can spike sales activity. Make sure stock levels of Add-on Sale products are boosted also.
b. Range is critical for items such as Batteries and Tools, but very expensive. “Replace Sales” orders will only re-order what's been sold since your last purchase.
5. Identify slow movers and write down their value before Tax Time –
Use your Inventory Control software to move Slow moving stock to a specials area to turn them back into cash. Invest the money into new inventory that will sell.
Use our Custom report writer in V12 to identify Slow movers in your business. Write the Value down to avoid paying more tax than you should be and get them into a Specials area in your shop. $500.00 in the bank to invest in fast movers is better than $5,000 worth of Paper weights unless you're in the stationery business. Advertise the Slow movers for ridiculously low prices on Trade connect to grow your audience and your bank.
Here are some links to various features in Peach Software V12 which may help you with your inventory control. We hope you find these reminders helpful and would invite your feedback and perhaps additional ideas that can help some of our other Peach Software Operators.