7 Inventory Reports that can control your stock efficiently in your Retail business.
As a retailer, your inventory is one of your biggest investments. To maximize the ROI of your investment, retail businesses need proper inventory management. Without it, you can quickly lose control of the stock and which in turn leads to losing out on both customers and profits. Reports in business tell you how your business is performing. It gives you an insight of what is sold and what is left on your shelf.
In this article, we will go through some of the beneficial inventory reports that can help your business decisions in managing inventory by going through various aspects of the business.
Warehouse Wise Reorder Quantity
There are certain cases where you have some of the products that are of high demands all the time or on a certain occasion (seasonal) and you may want to maintain stock of such products without losing your sales. Products that are selling well should be stocked in time. With reorder management, you can set your maximum and minimum limit stock of your products.
Re-order quantity report will help you to know which of your products have reached the minimum stock limit and needs to be reordered for the purchase. This report becomes important when you are managing a large product line in your business.
Category Wise Stock
Every business has a different set of products categorized in groups for inventory. It becomes important for you to know which category of items are performing well in business and then decide on increasing its stock.
This report will give you a stock summary of all the product in different categories belonging to a warehouse or for all the warehouses in your business.
Dump Stock Report By Warehouse
When you maintain inventory, it is obvious that some of your stock gets damaged or expired. These are perishable items like vegetables, bakery items that you cannot return back to your supplier. You will then have to dump such stock considering it as a loss for your business.
This report shows the dump stock valuation by a warehouse that will give you an insight into the damaged product sitting in each warehouse.
Stock Purchase And Sales Report
In order to make a better decision on the purchase, you will have to know the product stock and its sales performance. This will help in deciding the products that are doing well in your business and you should stock them.
This report will give you details of products that are purchased and sold over the selected date range. This gives you the data that is required in planning your purchase for the business.
Stock Correction Report By Warehouse
Every business that manages Inventory has to perform a stock audit to know its actual stock and system stock value. This gives them an idea of how their inventory is performing. The stock audit will lead to adjust your stock in the inventory. It can either reduce or increase your product stock if there is any discrepancy found.
In such cases, this report will help you in identifying the list of products whose stock was adjusted in order to tally with your physical stock. This report gives you details of stock count and its equivalent purchase value of the corrected stock.
Stock Value As Per Warehouse With FIFO And Unit Price
Inventory valuation is a process through which businesses get their monetary value for their inventories and generate financial statements. It is important to measure inventories for matching your expenses and revenue and make good business decisions for the long-term. The accounting method used to determine its inventory costs can have a direct impact on its financial statements such as balance sheet, profit and loss, and statement of cash flows.
In cases where purchase prices tend to rise over more frequently, it becomes crucial that your inventory should record its valuation as per the purchase cost.
FIFO (First-in, first-out) method is generally used which works based on the perception that the first purchased stock is the first one to be sold.
This report will give you the stock value of your product movement in the first-served mechanism that will apply the correct math in calculating the current stock value position.
Warehouse Wise Stock Movement
When you are having a large inventory, it becomes important to know the movement of your stock across your warehouse. You may want to know how much of your stock was purchased, sold, dumped and corrected over a period of time.
This report will help you in monitoring your product movements cycle to give you an insight into the product flow in your business and to improvise the business decisions.
One of the most time-consuming tasks you will face in operating a business is keeping up with your stock. With HDPOS, managing your inventory becomes easy and effective with the above-mentioned reports and the process. HDPOS will make it easier to meet the needs of your customers which is the key to growing a successful business.