Inventory management for small business
Keeping track of supply and demand is critical when it comes time to placing orders with your vendors. Only then can you take steps to prevent the issue from repeating itself.
Inventory management for small business software#
By making inventory more accurate in the background, and allowing inventory reconciliation tasks to be completed faster, smart inventory management software gives you more time to determine the cause of discrepancies. Too many businesses simply make the stock count revisions and move on without any further investigation as to why the count was off to begin with. For a small business owner, the most important things to do with inventory discrepancies is to try and figure out what happened, then make a record of the losses for tax write-offs.ĭiagnosing inventory inaccuracies is as important as it is undervalued. No matter how detailed your inventory tracking solution is, discrepancies will happen from time to time.
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More frequent and accurate counting procedures, such as cycle counting with ABC or location sorting, as well as automated shipment and purchase adjustments, can keep any stock inaccuracies to a minimum. With a strong inventory management solution, you can stop shrinkage before it happens by tracking what comes in and what goes out in detail.
Inventory management for small business manual#
These inaccuracies are made worse by workflows involving manual counting of stock, sales receipts, and packing slips from suppliers. Losses, damage, theft, and other forms of shrinkage will naturally occur over time. Inventory counts become more and more inaccurate the longer you wait to perform counts. As businesses grow and scale, their inventory needs grow as well, so it's important to integrate inventory management into your workflow as early as possible. Any retail business can save time and money by getting a clearer picture of their inventory ins and outs.
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However, you don't need to be an international ecommerce giant to benefit from smart inventory management solutions.
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When many people hear the term "inventory management," they picture giant warehouses with automated conveyer belts, staff members wearing hard hats and driving forklifts, and electronic lights and displays blinking all along the aisles.