Learn about the inventory application: definition, management and recommendations

Inventory app is very useful to avoid out of stock in warehouse.

Multifunctional merchandise inventory application. (Mcary)

hitekno.com – It’s time, in this technological age, businesses, whether small (start-up), medium or large-scale, are using inventory app. Inventory app is very useful to avoid out of stock in warehouse. Of course, not every company wants to get their loyal customers to turn to competitors just because they run out of stock.

On the other hand, in the world of inventory there is also the term oversupply of inventory. This is an obstacle related to the excess stock of goods which have the potential to cause spoilage, expiration, rust, etc.

Excessive supply of inventory will have a direct effect on dead stock. That is, the stock of goods in the warehouse is no longer suitable for sale or can no longer be used. This condition not only causes the accumulation of goods in the warehouse, but may also cause the company to go bankrupt.

Of course every company does not want to incur losses. This is why you must know how to manage inventory well. In addition, you should also know the recommendations for the best inventory applications to help manage the company’s warehouses. However, it is also important to know in advance what the stock is.

Definition of Inventory

In general, inventory is a list of inventory of goods already in their finished form or raw goods that will be processed into finished goods. Inventory is not only related to the goods in the company, but also to schools, offices, etc. However, when most people talk about inventory, it means that the main discussion is the inventory of merchandise in the company.

We can distinguish between the meaning of inventory in two sectors, namely, manufacturing and service companies. Here is a full explanation:

Understanding Manufacturing Company Inventory

The definition of inventory in manufacturing firms can “adopt” the general understanding described above. It is the inventory of goods already in their finished form and raw goods that will later be processed into finished goods.

For example, inventory in a company that produces sandals. Inventory in the form of finished goods is the sandals themselves. While the inventory is in the form of primary commodities, including glue, rubber, and others.

Understanding Service Company Inventory

Inventory in a service company is related to something immaterial. Given that service firms produce ‘products’ in the form of services, not goods like manufacturing firms. Thus, what is included in the inventory in the service company is the continuous service provision process until a transaction occurs between the service provider and the recipient of the service.

It should be noted that the discussion of this article is geared more to the inventory of manufacturing companies. Well, we continue the discussion below on how to properly manage inventory. Listen carefully Yes!

How to manage merchandise inventory

Good inventory management will have a direct impact on the financial “health” of the company. Yes, by doing this, the company will make a profit and avoid losses.

There are at least five ways to manage inventory well. Here we explain in detail.

1. Record all item information
The first step you should take is to record all the information of the business-related items. The respective merchandise information includes merchandise price, merchandise suppliers, QR code, SKU, etc.

You can use this item info record as a guide to see which items are out of stock or scarce and which are not. Well, this note is very important as a reference for the layout of inventory items.

2. Create a priority scale
The second step is to establish a priority scale for commodities. what does that mean? You should notice which items turn quickly and which ones don’t. Well, the goods with fast turnover should be made on the priority scale because the inventory should be more than the others.

On the other hand, by prioritizing, you will discover which items need less inventory or even stop. Goods that are out of stock means that they are not being sold in the market.

3. Take inventory
Inventory management is also inseparable from inventory counting. This periodic inventory activity is very necessary to find out if the records ‘recorded’ in the books are consistent with the truth.

As guidelines, inventory should be done regularly once a month. The reason is that the more inventory you take, the better it will have a good effect on the “health” of your storage. However, there is no time rule to be followed in taking inventories. Therefore, you have to adapt this activity to the work you are working in.

4. Supplier performance monitoring
The method of inventory management is not only internal to the company but also external to the company such as suppliers. Yes, supplier performance should be monitored regularly. This is so that the goods supply activities of your company are done well and smoothly.

Monitoring supplier performance is related to timeliness, quality of goods and services, process of returning damaged goods, etc. If (for example) the supply of goods is not carried out continuously in a timely manner, you should reprimand him because your business can be disrupted. Or, if the resource has been wrong several times or is fatal, you should switch to another resource with better performance.

5. Use the inventory app
We recommend using Goods Inventory Application Qualified to do warehouse management. This application can not only help you but also make it easier for you to manage your company’s warehouse affairs.

Yes, stock apps are generally already supported by features that are able to tell when items are restocked, how many items are being sold, which items are still in bulk etc. By simply staring at the screen of your smartphone or PC/Laptop, you are guaranteed to complete your work quickly and accurately.

Benefits of using the inventory app

There are at least five benefits to using an inventory app for small, medium, and large businesses. Including the following:

1. Efficient and effective management of goods
Manage merchandise using inventory applications more effective and efficient. The inventory application is supported by an automated system.

You no longer need piles of paper that can be confusing because there are so many. Yes, all things related to inventory management can be done easily, quickly and accurately through the inventory application.

On the other hand, to make reports related to the company’s inventory, if you use the manual method, it can take a long time, even if there is a possibility of errors or human errors. On the other hand, if you are using the Inventory app, the report generation within a few moments and all the recorded data will not be wrong because the system is complex.

2. Goods inventory control is easier
In addition to management, the inventory application can also help and facilitate companies in controlling inventory. This is because the goods inventory app has powerful features to display data and information regarding the entry and exit of goods and other matters related to them.

In this way, the inventory of goods in your company becomes a well-controlled “healthy” pseudonym. On the other hand, customers can also get the goods in fast time.

3. Easy balance settings
You need to know that the inventory app also (in general) has a feature that accurately uploads the company’s financial reports. Therefore, the company can easily check and adjust the current balance.

For example, to adjust the balance to increase the amount of inventory in line with the increase in sales figures. Well, the financial data stored in the inventory app helps you with that.

4. Accurate report
Inventory application is able to provide accurate reports. Interestingly, this application also integrates with recording financial statements. So (for example) matters related to expenses and goods entry will be recorded automatically and the system will update the data (also automatically).

Just imagine doing it manually! Not only is it a waste of time and energy, but you may feel dizzy from the huge amount of data. Not to mention human error is very likely to happen.

5. Companies are recovering
In the end, using the inventory application, the company will be more correct in terms of supplying goods. In other words, the company is very likely to avoid bankruptcy. How is that?

You probably already know that inventory is the “key” to sales and business continuity. If the inventory of merchandise is not organized or managed properly, the company will be in trouble or in disarray in meeting the market demand.

And market demand is changing. Therefore, it is necessary to have a professional inventory management via digital applications in order to know the changing market demands, so that companies are not in a hurry to meet them.

Best Inventory Application Recommendations

Jurnal by Mekari is an application with an ERP system that can be integrated with other business functions such as accounting, sales, manufacturing, inventory and distribution.

Jurnal by Mekari has a bank reconciliation feature, which you can reconcile automatically by linking the Jurnal by Mekari app to your BCA business account. Your banking transactions can be automatically matched with invoices, bill payments and purchases that have been recorded in Jurnal by Mekari.

You can also group similar transactions with bulk imports so you can match them all at once. This is especially useful if you are going to Jurnal by Mekari and importing past transactions. With the Report Center feature in Jurnal by Mekari, you can record and create financial reports including profit and loss, balance sheet, sales and more.

Manual recording and reporting of course will take a lot of time and have a high chance of human error. This will hamper the efficiency and productivity of your company.

Jurnal by Mekari offers a hybrid cloud service, where you can install applications on your office server or in the cloud. The application can still be used even if the Internet connection is interrupted.

Journal by Mekari can be used for more than one corporate entity at no additional cost. With a SQL server database, Jurnal by Mekari is powerful enough to hold millions of transactions and won’t crash.

Journal by Mekari has an Auto Number Tax feature that can make it easy for you to automatically record the tax numbering of tax invoices without having to type manually.

You can also export your company’s tax data from the Jurnal by Mekari app which can be imported directly into the E-Faktur app. Your e-invoice can be created directly in the journal by Mekari because it is integrated with OnlinePajak that can calculate, deposit and report taxes in one app. Very practical, isn’t it?

Journal by Mekari offers a good user interface that can be used on different devices like desktops and smartphones, simple screen and clear navigation, color scheme that does not contrast so as not to hurt your eyes and every feature has the functions required by business owners in various fields.

Journal by Mekari provides applications that can be customized according to your company’s business flow. Immediately consult your company’s needs with an expert advisor in the magazine by visiting the following link .

We hope this article was helpful and don’t forget to share it, okay!

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