25 Mar Sage 50 Accounting Software: Tips to Manage Your Company’s Inventory in the Philippines
One of the most vital aspects of running a retail business is inventory management. Automation eases up this task for the retail sector – both on online and offline platforms. Along this, Sage 50 Accounting software in the Philippines helps businesses manage their inventories better.
When you have command and control on your inventory management, you’re able to do more important things such as satisfying your customers, vendors, and employees with your fast and accurate fulfillment.
Don’t let too much–or too little–inventory affect your business.
Loss of sales and profit costs is what makes poor inventory management a huge problem for businesses in the Philippines.
Not having enough stock outcomes in stock-outs. Requests come in, you don’t have the things the client needs, and afterward a scramble results to expedite higher-priced renewal or, worse, you lose the deal to a competitor who has the ideal stock accessible.
Stock-outs convey opportunity costs: the chance to sell at the best cost, and the chance to sell at all.
However, holding excess stock conveys costs in light of the fact that the stock you have must be warehoused, insured, secured against shrinkage, devalued, and taxed as a asset.
Excess stock for the most part cost the business an extra 25% to 50% every year. Excess stock conveys opportunity costs also: the working capital tied up in unsold stock is inaccessible for different purposes.
Just-in-time inventory management.
Just-in-time stock management (JIT) is a methodology used to build company effectiveness by stocking items ony when it’s needed to be purchased. Diminishing the amount of stock stored in the warehouse permits you to prevent product waste due to damage or expiration while reducing the expenses brought about housing and maintaining unsold inventory.
How to improve inventory management with Sage 50 Accounting Software in the Philippines?
Improving your inventory management requires expanding order of your stockroom activities and the physical stock inside it. Here are four things you can take a shot at that will improve your inventory management with the help of Sage 50 Accounting software in the Philippines:
- Assess your current practices.
Before you can apply the improvements, evaluate your current inventory management practices. Efficient inventory management should be purpose-driven and aligned to your company goals.
Understanding what each connection in the chain does—and why—enables you to focus on the particular parts of your framework that needs improving. For instance, are you using the right accounting software? Does it suit your inventory needs and the numbers? Does it save you time and workforce?
To start, consult with the team (specifically with the accountants) to identify the issues and start from there.
- Perform routine stock audits.
A significant part inventory management is just knowing the amount of every thing you have available. Following what you purchased against what you sold won’t give you the full picture.
Things can get lost, taken, or damaged after they enter the distribution center—it’s inevitable. Furthermore, regularly, lost things go unreported until the right person pays heed.
Address this issue by performing routine auditing with the Sage 50 Accounting software to ensure that physical stock is accurate with your records.
- Systematize stock replenishment.
Having a system for inventory management, especially for restocking, guarantees that you’re never totally out of stock. This is especially essential during busy seasons, to make sure that the product flow is smooth.
In case you’re not using the just-in-time strategy, you ought to have a protocol to restock at set levels. Whenever supply falls beneath a specific number, get the request in. Systematizing the replenishment procedure abstains from having a slip by in item availability between the time you arrange and get the shipment.
- Learn customer behavior.
Begin monitoring how frequently you’re restocking certain items and attempt to recognize any trends. Contingent upon your industry, there might be occasional or other outside variables that influence your product flow.
Note the periods when clients are requesting more and when they’re requesting less. Having a strong handle on how your customers behave permits you to remain ahead of any troubles so you can work at keeping up the correct stock balance consistently.
Why do you need a better inventory management software?
As mentioned above, determine if you’re using a suitable accounting software. Taking charge with the Sage 50 accounting software in the Philippines addresses your inventory challenges so you could grow your business profits.
Here are some of the reasons why you need to choose Sage 50 Accounting software:
- Monitors costs.
Ensure that your company remains profitable even when you undergo an unusual working condition.
- Gets your stock as accurate.
Easily access live data so you can make better choices regarding the stock, pricing, and phased-out items.
- Takes charge of purchasing.
Automate key components of your buying procedure, including replenishment and records of all purchase requests, and develop precise data to settle on critical choices.
What are the features of Sage 50 Accounting software in the Philippines?
- Multi-channel selling: This one of the most essential features. Your business clients are able to access online retail sites from several types of devices. Sage 50 Accounting software will be able to accommodate them.
- Reduction of paper flow: Diminishing the use of paper saves you money, resources, and time, which enhances your warehouse productivity.
- Operation consolidation: Manages shipping integration, order management, and inventory optimization to maximize your control.
- Scheduling: Schedules repetitive tasks such as physical counting.
It’s safe to say that automation play a significant role for your business. Make a great choice by choosing the accounting software that comes with these features.
Today, everything is rapidly moving to the online platform. With that, businesses also need to develop better inventory management that supports virtual automation. Interested in the Sage 50 Accounting software in the Philippines? Contact us today!
Hundreds of inventory management software are out there. Selecting one is not easy at all. That’s why retailers need to zero in on selective features – features that can help them optimize their stocks and manage their inventories better.