How to manage your large Inventory?

September 25, 2019 in Inventory

How to manage your large Inventory?

HDPOS smart provides stock management system as one of its key features. Managing inventory or large number of items is a critical requirement of any retail business. This stock inventory management software provides many intuitive ways of Managing, tracking and correcting your stock. With this you can regularly track and correct your physical stock to match with your database. You can also take care of damages, spoilage happening in your stock. This retail stock management software solution not only keeps accurate track of your inventory but also maintains the physical location of your products in your stores / warehouse, so that it is very convenient for you to physically locate the product very quickly.

Stock Audits

HDPOS smart with its strong inventory management generates a complete audit trail of any stock change in the system. Any stock correction activity creates a document in the stock control system which can be used for inventory reporting. This feature provides you various ways to identify the mismatch if any between your physical stock and your stock in the database. Large data for inventory is usually handled by excel files, HDPOS supports stock validation using excel files. If your retail business is not validating your physical stock regularly, you are opening your business to many malpractices’ vulnerabilities. HDPOS as retail stock management system protects you from such malpractices by providing you an easy way to validate your stock on regular basis and by providing various access rights of stock management functionalities as well as limiting view of data based on user’s login ID.

Multiple Warehouses

This inventory management system allows you to specify the physical location of each item at each warehouse. This warehouse Inventory management software provides you with easy ways to move stock from one warehouse to another with complete audit trail. Moreover, if your warehouses are located at long physical distances from each other, HDPOS also provides you to keep your stock in transit before it reaches to the destination warehouse. Goods damage or loss during the transit can very easily be tracked in this stock tracking software. You can also create stock requisitions from one warehouse to another and based on this stock requests the central warehouse can initiates stock transfer.

Reorder Management

The success of your retail business depends upon the correct use of your funds and investments. If you purchase goods that are already in stock and you are not informed about the product that are running out of stock, you can lose business both ways.
HDPOS smart, allows you to maintain stock levels of required products based on your business needs. You can specify minimum stock you want to keep for each product at each warehouse. The system will show you a list of all the products that are running below the minimum required to stock and help you place purchase orders for them. You as an administrator, predefined quantities of each item per warehouse that should be reordered. This reordering process is automated and remains in pure control. HDPOS being best stock software helps you pick the correct vendor to place your purchase orders too. There are various ways in which you can pick the supplier for your next purchase order. You can either specify a preferred supplier for each item, or you can ask HDPOS to pick the best supplier for an item based on your past purchases. When you select multiple items to be reordered, this accounting software will create as many purchase orders as needed based on your choice of picking the supplier and create all those purchase orders in a single button click.

View Stock in different levels

When you are running a retail business you will always find yourself in the need of viewing your inventory in a various hierarchy. For example, You may want to know what is the consolidated stock of breakfast items in your retail shop or consolidated stock of kitchenware are, or consolidated stock of women’s clothing, etc. You will also want to breakdown this consolidated stock further at different levels. For example, You may want to find out how your breakfast item stock is distributed over various brands, etc. Unlike most classical stock and inventory management software HDPOS smart, will allow you to create many different views and many different hierarchies of your inventory. You can define as many views and labels of the hierarchy as you want and change them very easily at any point of time. You can also consolidate and print the quantities of products in your sales invoice for quick re-validation at the exit door. This stock control system software offers you high end analytical tools to view consolidation of your stock in many ways. Not only that you can view your stock at hand in the hierarchy you define, but also you can view your sales figures by these hierarchies as well. You can also consolidate and print the quantities of products in your sales invoice for quick re-validation at the exit door. This data analytical feature in stock database software provided to you can be used to increase the efficiency of your business. You can use these analytical tools to setup future offers and plan future purchases.

Inventory Management POS System

Associate warehouse to customer

In your business, you may need to keep your products at a third-party outlet for the purpose of display and possible sale without billing the third-party outlet. Since you have not actually sold the goods to the third-party outlet yet, the inventory still belongs to you and you need to keep track of it. Also, when something gets sold from that third-party outlet, and you are informed about it, you need to raise invoice to that third-party retail for only the quantity that is sold and also adjust your stock at that third-party retail’s location. HDPOS smart being the smart stock accounting software, offers a very rich feature of keeping track of your stock which you might have kept at a retail outlet only for display and possible sale. You can create a separate warehouse and associate the third-party retailer as your customer with that warehouse. This stock billing software will adjust the stock at this customer location rather than at your default location automatically whenever you raise invoice for this customer. Sometimes you must handle purchase returns in your business and exchange goods, though you accept it back, it may not be in condition to be sold back immediately. This store inventory and stock management software allows you to move returned goods into a warehouse or a location that is different from your default billing warehouse. This will allow you to put in place the workflow to examine returned goods and get them ready for resale. Once they are repackaged and ready for resale, you can move them into your default warehouse for billing.

Stock accounting with Multiple Companies

Accounting of your business is always very closely tied to your stock and stock values. This stock accounting management software allows you to specify opening stocks of each item at each warehouse along with its value at the start of a financial year or at any time. This inventory accounting system for retail store also offers you various ways to calculate the values of your stock in hand to be considered while preparing your balance sheet and profit and loss statements. You can calculate the value of your stock at hand either by first in first out (FIFO) method or you can choose to calculate the value of your stock by last purchase values that are, the current market value. This best stock management software for small business maintains consolidated and segregated stock for each item, for each company if you create more than one company in a single database. The stock figures and its values will be displayed in the stock software system to the logged in user based on the company access he/she has. Each warehouse can hold stock of the same item from more than one companies. You can view the consolidated stock and stock broken down by each company.