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The ultimate retailer's guide to inventory management
Whether you like to make lists or organization is your obsession, one thing is for sure: unorganized inventory is a huge burden on your retail business. Whether you like it or not, you need to manage your inventory optimally and, most importantly, to make more money.
At Alfacybernetics, we are dealing in POS system with inventory management. That's why we've built our retail checkout software system with robust ordering and organization tools you can leverage to make your inventory work to your advantage. And that's why we're happy to share some of our knowledge with you so you can tidy up your inventory without stressing out.
What is inventory management?
Your stock is the products you store to sell to your customers. Inventory management is about keeping that inventory in order.
But inventory management is more than just a good organization. It also helps you manage the costs of ordering, warehousing and transporting your inventory, so you can get a better return on your investment.
Flawless inventory management gives you the information you need to:
Increase your profit margins
Decrease excess stock
Reduce your inventory costs
Work better and more efficiently
4 common types of inventory for retail businesses
Not all inventory is the same: Depending on whether you primarily resell products, manufacture your own products, or offer customers a mix of the two, you might find yourself facing a mix of the following that you will need to consider.
Raw materials
As the term explicitly indicates, it is simply a matter of raw materials. If you are involved in producing your inventory, you will likely have some of it on hand. However, not all retailers will deal with raw materials.
If you have raw materials in your inventory, you will want to separate them from the inventory hierarchy of your finished products. Goods that can be considered raw materials - timber, for example - that you have in stock because you intend to sell them to customers are technically finished products.
Work in progress
As with raw materials, you can have an inventory of tangible capital assets in production if you are involved in the production of the goods that you sell. In this case, your goal should be to ensure that these items do not stick around for long at this point.
They should also be separate from the inventory hierarchy of your finished goods. They are not intended to be sold to customers. If you have inventory in your store that you are working to update, repair, or prepare for customers, it should be classified separately from goods in process.
Finished products
Finished products include everything you have to sell in your traditional store or on your eCom site. These could be production goods or items you ordered from a seller.
This is the inventory you should focus on for your retail inventory management and can process through POS system with inventory management.
Maintenance and repair
Suppose you are a bicycle retailer. In addition to selling bicycles and parts, you repair and improve your customers' bikes.
The inventory discussed here is not about the bikes themselves, although you need a clearly defined process for handling and storing them to prevent damage to your customers' goods. These are the tools and manpower needed to work on the bikes your customers bring you.
For more details, please visit: alfacybernetics.com
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How to organize your warehouse to improve your results?
Inventory management has two fundamental elements: physical and digital. Develop a physically efficient system paired with digital technology that streamlines operations and improves sales. The main reason for investing in organizing your warehouse management system for small business is to save valuable time and effort. By organizing items so that they are in the right place, employees can locate items faster and more efficiently.
Study your orders
Evaluate which items in your inventory are sold the most often. Based on this analysis, you can better think about the best way to organize your warehouse to optimize the work of your employees. The organization of your shelving should not be left to chance. Just like the choice of your materials used.
The best-selling items should be easily accessible. By looking at your inventory from a sales volume perspective, you can then segment your warehouse back and forth by organizing items by volume and frequency. By keeping the most popular items close to the delivery area, you reduce the time and energy it takes for staff to get goods and for customers to leave with them.
Map and label everything
Think about a big box store and the way it's portrayed: There's a section for the kitchen, garden, sporting goods, kids, etc. Each section is usually designated by a large panel hanging from the top shelf. Each aisle has a number and the sections can be subdivided. For example, the children's section can be subdivided into nursing, strollers, car seats, and safety items.
Use this guide to map your own warehouse. Once you've placed the items in the correct area, tag them. Labeling includes a physical label and an item number corresponding to your digital inventory management program.
Inventory management programs
There are many inventory management system for small business that use barcode readers to scan items. When a person purchases a product, the software records the price and adjusts the total inventory, making it much easier to perform regular warehouse counts for quality control purposes.
These programs generate reports that allow you to order inventory from suppliers more efficiently. Inventory management systems not only accomplish these efficient tasks, they also allow warehouse staff to quickly determine if a product is in stock.
Organize by zones
When new inventory is delivered, you must have a designated receiving area where the items are sorted and moved to the corresponding warehouse area. The designated receiving area is often at the rear of the warehouse or near a receiving door if there is none at the back.
Estimate the average shipment size to determine the space required. If your warehouse inventory includes items with a shelf life or expiration date, place the new inventory behind the old one to move products in an orderly fashion to avoid having expired or wasted items.
Train all storage workers to use this first-in-first-out method of inventory control, FIFO. A warehouse can benefit from color coded areas based on product type, which helps preparers locate general product proximity more quickly. For example, blue racks for the most profitable items, yellow racks for mid-range items, and orange racks for low turnover items.
For more details, please visit: alfacybernetics.com
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What to do after the inventory?
The likelihood that you will notice an excess or shortfall over your books using this inventory list is quite high. Particularly with low value items, it can happen that they are lost or broken without being properly registered by an employee. Rusty screws or oil leaks, for example, are not always correctly noted, especially in stressful daily work.
Additional quantities occur especially when goods receipts have not been entered correctly. You then correct the inventory difference in Accounting through inventory software for small business. The differences are included in the income statement and are reflected in the balance sheet.
Tips and tricks for your inventory
An inventory, especially for large stocks, is time consuming and labor intensive. However, good planning and structured execution are more than valuable in ensuring that counting, measuring and weighing does not end in chaos. It starts with scheduling, goes beyond staffing, and does not end with actual implementation.
Staff: allocate your human resources correctly
Remember to plan staff enough for this day. It may also mean that you are hiring additional temporary workers exclusively for inventory. This has advantages and disadvantages. Higher costs are not the only negative factor. The additional employees are unfamiliar with your business and may never have taken an inventory, so they may need training in the short term.
However, this time and costs can be offset by a faster inventory through inventory software for small business. The more staff work on the inventory at the same time, the faster it is completed.
Another advantage of outside employees is a lack of interest in the company and therefore a certain bias. Even if you don't decide to hire additional temporary staff, it makes sense not to deploy employees to your regular work area. The likelihood that they will repeat the same errors in the original record during the physical inventory is quite high. Also, as an entrepreneur, you cannot assume that employees who make a mistake or have even committed a fraudulent act will not try to cover it up. Without putting your employees in suspicion, inventory is also designed as a means of detecting theft.
Finally, you need to build teams and define areas of responsibility. This helps ensure that no job is overlooked because no one feels responsible for it. If you do not perform this task yourself, you must specify this inventory management. This coordinates the inventory process, assigns task areas, keeps calendars in mind, and allows spot checks to be carried out.
When it comes to labor, it can be helpful to form teams of two people. This has two advantages: first, one person can count and the other can write it. This speeds up the work. Second, employees can alternate between them to relieve head and joint relief. If you can afford it, it helps to have each item checked by two separate teams: This minimizes errors.
Preparation: quick inventory thanks to good preparatory work
Before even starting the actual inventory, you should create order in your warehouses and workplaces. When your employees spend inventory day tidying up and cleaning up, inventory takes a long time and the mood deteriorates. In the days leading up to the actual physical inventory, you not only insure the order, but also reconcile the items of a merchandise category at a given time and structure them. During this process you also have the option to verify the labeling: To avoid questions during inventory, it is important that all items are correctly marked.
It is also a good idea to mark work areas, for example with colored tape. Also make sure that all required work materials are available on the day of the physical inventory: notepads, knives, scales, calculators and, as mundane as it may sound, pens should be provided in abundance and sufficient for employees. In addition, inventory lists are one of the most important utensils: you can create them yourself, download them for free from the Internet, or buy them. If you can't stop the site during inventory, you also create lists for sales and goods receipts so your staff can enter them correctly.
For more details, please visit: alfacybernetics.com
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Test an online invoicing software before buying it
Why and how to test online invoicing software
Online invoicing software makes it easy to manage the accounting and financial management of your business. There are a lot of them on the market. Each has its own specificity. However, in order to make the right choice, it is quite possible to test software before purchasing it.
This allows future users to simplify the choice of billing software for small businesses. We give you in this article 4 advantages of testing an online invoicing software before buying it. The entire Alfa Cybernetics team wishes you happy reading. Follow the guide!
Check if the software matches my needs
Every business has specific needs. Therefore, it is imperative that they choose online invoicing software that meets their needs. For example, an entrepreneur working only with professionals is required to issue invoices with many references. It will therefore be preferable for this type of business to choose invoicing software with all the necessary features.
But other criteria are to be considered. Indeed, a company may have specific needs and requirements in terms of monitoring payment of invoices or even editing dashboards, etc. In some cases, it may be worth choosing an “all-in-one” management solution that also offers accounting software. Therefore, it is important to test online invoicing software before purchasing it. This will allow the user to check whether it can truly meet their needs.
Evaluate the ergonomics of the invoicing software
Before purchasing billing software, it is important to appreciate its ergonomics before committing to it. Indeed, the entrepreneur uses this computer tool every day, so it is essential for the latter to be comfortable with it. To do this, he will have to answer 5 essential questions:
Is the software interface suitable for me?
How easy is it to prepare invoices?
Are the features easy to use?
How easy is it to contact customer service if there is a problem?
Is the visual rendering suitable for me?
Effectively compare invoicing software
The entrepreneur should not focus on a single management solution offered by the online invoicing software. It's usually best to test several before committing. In order to compare online invoicing software effectively, it may be worth competing against products that have similar functionality. By doing this, it will be easier for the user to identify the weaknesses and strengths of each of them.
This comparison will allow the user:
- to distinguish the competitors, thanks to the quality / price ratio of the software;
- To carry out arbitration, that is to say who can, if he wishes, increase his budget in order to benefit from a particular functionality
Knowing all the characteristics of the invoicing software
At any time, the user can change the billing software for small businesses if it does not suit him. However, it's always best to make the right choice early on so that you don't waste time. At Alfa Cybernetics, we offer you to test our online invoicing software for 15 days. The new version of our invoicing software is sure to win you over.
On your keyboards: testing online invoicing software before you buy it is a good idea. This will allow the user to make sure that it meets their needs. It is a tool that can really help grow a business because it saves valuable time. What about you, do you use online invoicing software? Have you tested it before buying it? Come and share your experiences and impressions in the comments.
For more details, please visit: alfacybernetics.com
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Inventory management software
Inventory management software is an essential aid for companies that want to innovate. Equipping this new computer system greatly facilitates stock management. Thanks to the real-time physical flow management solution through stock software for small business. Control your stock in real time and manage your business efficiently with this stock management software.
How it works?
Inventory management software enables simplified and personalized management of inventory. It takes care of the management of suppliers and products by managing the input and output quantities and by establishing a final stock at each period. The software calculates orders based on stock. With this system, stocks can be calculated by different methods: PUMP, FIFO, LIFO or PURCHASE method. For inventories, they can be full or rotating.
To manage your stocks simply and efficiently, equip yourself with stock management software. With this new computer system, you will have the traceability of the movements of your stocks in less time. Stocks will be managed in real time. Inventory management software tracks products from production to shipment.
No more papers and pencils! Enter the era of new technology with stock software for small business. It allows you to view the actual state of stocks, reliably perform entries and exits, easily sort and export to Excel, add features specific to your business and carry out inventories without risk. Advanced functions allow you to import or export data to Excel, sort and filter, search for information by SQL queries and work in multiple stations, even without a network connection.
This new computer system began in the 1970s. Over the years, it has improved with newer versions being easier to use. Thus, it has become the essential tool for managing all of the company's businesses, from commercial and administrative management to the management of production stocks. In recent years, the computer giants have continued to innovate and have created "Full Web" inventory software, accessible over the Internet. The software is no longer on the user's computer, but on a web server. So employees can connect securely anytime, anywhere.
The software runs on Windows and can be installed at over 500 sites. It is easy to configure and update. The software is simple and intuitive. Documents are provided to help you use it accurately and completely. If you have any problems, you can also consult the online help. Now, work faster and much more efficiently with stock management software.
With this powerful software, you can manage purchases, supplier payments and stocks.
- Purchases include the management and monitoring of purchases of raw materials, supplies, overheads and consumables. It also takes into account the follow-up of the receipts, the schedules of the provisional payments according to the conditions of payment of the supplier invoices and the control of the invoices.
- Supplier payment management concerns the selection by supplier of the payments to be issued, the possibility of setting up transfer files linked to a bank, the issuance of payment letters and the payment schedule and history.
- We speak of inventory management when it comes to an update of stocks during the entry of goods receipt slips, the management of barcode monitoring, the automated minimum stock alert threshold and consumption analysis.
Software adapted to the size of the company
Small and medium-sized businesses are not left behind because they have a tailor-made solution to keep them running smoothly. Inventory management software for SMEs and SMIs aims to better control the management of purchases and stocks. Depending on their field of activity, SMEs and SMIs can benefit from custom software built from free standard software.
Some software is suitable for large as well as small and medium-sized enterprises, as well as industrial enterprises and communities.
For more details, please visit: alfacybernetics.com
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6 tips to improve inventory accuracy
Although there have been huge advances in technology and "field" procedures in recent years, many manufacturers and distributors still cannot perform basic warehousing operations with confidence. This is mainly due to the lack of proper inventory management processes and procedures including software like cloud based inventory management software, and such as basic inventory maintenance and properly documented inventory procedures.
Some organizations don't measure their inventory accurately or even don't have real measurement systems. But every organization should know that there are multiple benefits to having proper inventory management processes in place, including the ability to provide excellent customer service, meet specific delivery deadlines, reduce operating costs and to provide accurate data for financial records, as well as the ability to anticipate future purchases or, for manufacturers, what needs to be prioritized at the production site.
The key: inventory management processes
Inventory accuracy is one of the key performance factors in any warehouse or distribution center. Indeed, having the right amount of merchandise in stock (not having too much, but just what you need) is a major success factor for organizations.
Stock can only be effectively maintained with the right processes and with proper stock management procedures. Most inventory problems stem from poor inventory control measures and the lack of proper processes to report real-time movements in the warehouse. When an inventory problem arises, many organizations choose to act when the damage is done rather than trying to fix the problem at the root.
Reduce stocks to a minimum to achieve maximum performance
The smartest way to run your warehouse is to have documented processes in place that reduce inventory issues before they happen.
Only then can a company's warehouse operate efficiently and achieve the goal of having the minimum amount of inventory on the shelves to meet customer demand quickly and efficiently and not having too much full of stock, expensive and unnecessary.
Compared to their counterparts who do not focus on optimizing inventory management, warehousing operations that perform well in cloud based inventory management software and can accurately maintain inventory records will have better order management and demands, less manpower, more on-time deliveries, more efficient space and better use of equipment.
These organizations are better equipped to achieve excellent results and succeed in today's global business competition.
If this interests you and your inventory management team, read on. Here are six tips to help ensure your business is running its warehousing and inventory management procedures in the most accurate and efficient manner.
Keep the warehouse well organized
Make sure your warehouse is organized in a systematic and orderly manner. This is doubly important, both so that items can be easily identified for customer orders (sales orders) and also so that material heading to the warehouse can be received and stored efficiently.
If your warehouse staff cannot find what they are looking for to fill an order or if a new shipment of material / parts cannot be stored properly because the warehouse is not organized in a systematic and well-planned manner, your employees (and customers) are wasting precious time.
Multiply the time lost by the number of times it happens in a day, then over a year, and the costs of lost productivity quickly add up.
A key parameter in having a well-organized warehouse is to have clear and easy-to-read plans in the warehouse, located in easily accessible and well-signposted areas, with clear signage and item descriptions. .
For more details, please visit: alfacybernetics.com
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Everything you need to know about warehouse management
Warehouse management system for small business greatly contributes to customer satisfaction. In fact, PwC research shows that while most consumers view free shipping as a standard feature in online shopping, 77% of consumers are generally willing to pay for same or next day delivery.
Any business that handles large volumes of inventory needs a place to store these items. In most cases, this is a distribution center, distribution center, or warehouse - a place to hold stock before it is transferred to their final destination.
Effective warehouse management ensures that these supply chain and logistics processes run as smoothly as possible. This efficiency is the key to providing fast delivery times and ensuring that customers get the items they ordered on time.
What is warehouse management?
Warehouse management is the process of managing operations in a warehouse. As an aspect of supply chain management, it covers a wide range of tasks and processes that occur in a warehouse. These activities include
Warehouse inventory control and management, which includes receiving and storing inventory in the facility
Planning of warehouse layout
Order management, packaging and shipping of orders
Acquisition and maintenance of warehouse equipment
Transport management
Monitoring and improving warehouse performance
The idea is that the more efficient a company's warehouse operations through warehouse management system for small business, the more likely it is to ship goods quickly and at the lowest possible cost.
According to a McKinsey study, companies around the world spend about $ 350 billion a year on warehousing. And that number continues to increase each year, putting pressure on profit margins and service levels. This same report also found that companies that invest in warehouse upgrades can reduce their costs by 15-20%.
Process
Primary warehouse management processes
Key Warehouse Management
The company's approach to warehouse management is ultimately driven by its objectives. For example, a large retailer will naturally prioritize shipping and last mile delivery. In contrast, a food and beverage business can focus on proper storage to protect perishable and temperature-sensitive foods and beverages.
Having said that, most businesses will have these warehouse management processes in their facilities.
Inventory tracking
Inventory tracking involves monitoring the inventory level of goods and products, often using bar code reading tools. This allows warehouse managers to know the SKUs (storage units) that are in the warehouse, the exact storage location of these SKUs in the facility, as well as their transit status (for example, in storage. or shipped to the customer).
It sounds simple enough, but inventory control and management is the third major challenge in the supply chain. This is a task that only gets more complicated as the business grows and turns inventory faster, expands to new locations and diversifies its product lines.
Reception and storage
Each warehouse must have a clear and logical system for receiving stocks or goods from delivery trucks and routing them to the appropriate storage locations. A Warehouse Management System (WMS) can simplify this process, allowing warehouse workers to quickly scan each new box received. This information is then recorded in the inventory management system in real time.
The new box will then be moved to its short or long term storage location, where it will be scanned again. This creates a real-time record of the location of each SKU in the warehouse and the overall supply chain.
Collection and packaging
Picking is the process of using a pick list to retrieve certain quantities of product from within the warehouse. The selection list contains all the items that a staff member should find and bring to packers; the list also contains information regarding the name and SKU of each product.
Packaging, on the other hand, is the process of placing items in the appropriate box for shipment. When a customer orders an item, the WMS provides a packing list of all orders in a corresponding shipping lot.
For more details, please visit: alfacybernetics.com
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Optimize your inventory using Barcode
The barcode inventory system for small business makes it possible to identify in a detailed, orderly and precise manner all the goods and materials that a company has. For many professional sectors, it is therefore an essential process for managing all types of physical goods, whether manufactured, stored or distributed.
An inventory can list raw materials, products in process, and products available for sale.
Inventory is essential because it allows you to:
- Precisely monitor stock movements: stock entries and exits, but also store availability.
- Reduce costs, speed up order delivery and prevent fraud.
- Evaluate company assets, balance accounts and provide financial reports.
- Maintain inventory balance in warehouses.
By controlling your inventory, you can provide better service to your customers and understand what is selling best and what is not.
There are many ways to maintain control of an inventory. One of the most effective is the use of barcode because of the benefits they can bring.
Inventory management and barcodes: what are the advantages?
Less human error and more time. By not entering any data manually, the risk of error is reduced. In addition, you will save time as no employee has to enter data or correct any errors.
Easy to use. Even though company personnel are familiar with other methods of inventory management, setting up a solution using barcode inventory system for small business is very simple, as it does not require advanced technological knowledge. In addition, it involves little training, knowing that the process, which is more automated, requires less human intervention.
An economic system. Indeed, its implementation does not require a large investment. Barcode are easy to design and implement, and represent a minimal investment compared to the benefits they bring, such as cost reduction and time saving, which translates into increased productivity for the business.
A versatile process. Barcodes can contain all types of data and can be applied to any surface.
Better inventory management. Once a barcode is scanned and added to a precise database, valuable information is obtained on the state of the stock (shipping, reception, quantities, etc.).
Decision-making made easy. Thanks to the speed and reliability of the data provided by this system on the state of the inventory, decision-making can be done in a faster and more precise manner, which translates into long-term savings.
How to set up a barcode inventory system?
Choose the label and barcode printing solution that best suits your business needs: the first step in integrating this new inventory management system is to ensure the quality of the barcode. It is advisable to choose the most suitable label in order to meet the usage requirements in terms of durability and readability, as well as to select the label printer with the speed that best suits the needs of the business. .
Choose a material suitable for your work environment: although barcode labels are the most economical element of the system, they are sensitive to variations in the environment in which they are exposed for a longer or shorter period. . Choose a material that does not degrade, regardless of the conditions under which the labels are exposed. For example, if you work in a warehouse or a company handling corrosive products, you should choose a durable medium suitable for this type of environment.
Test barcodes before system implementation: In addition to verifying that the labels contain the relevant information for your need, a thorough test should be performed at the storage location, for a specified period. This test period must be long enough to assess their use in real storage conditions.
Examine and evaluate the fundamental points of the new management mode: it is recommended to carry out a thorough examination of all the components of the inventory control system, such as software, scanners to be used, labels or any other equipment concerned in order to choose the options that best suit in terms of functionality and cost.
For more details, please visit: alfacybernetics.com
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How to choose accounting software?
Billing software is democratizing, the use is intensifying for businesses. How to choose billing software for small businesses? What are the features to take into account? This will mainly depend on your use, your specificity and your industry. Indeed, the choice will be different taking into account many parameters. We help you in this essential task.
Why choose an accounting software?
Choosing billing software has an impact on your business organization. Indeed, it will become essential in daily management. Editing of quotes, invoices, bank reconciliation, accounting portal. All these time-consuming tasks can be automated to become only distant memories.
Each entrepreneur wishes to relieve himself of the administrative actions incumbent upon him. Optimizing your account is one of them. This is why it is important to choose the right accounting software. Indeed, its implementation, its adoption, its understanding are the premises of its success within your structure.
Once this is done, your accounting will be optimized. It will allow you to make informed decisions and will no longer be a trying task, which is dreaded every year. Financial data will be centralized and tracked. There is also a decrease in the risk of human error. Manual entry is replaced by automation.
Meetings with the accountant are not the most popular with business leaders. They often mean a bad time. Choosing the right billing software will make the work of a chartered accountant easier!
Indeed, giving him free access to your operational data is possible thanks to new technologies. No need to worry about forgotten receipts, unsaved invoices ... All the information will end up in your software. Your accountant will be able to download your data to use them and produce the appropriate documents: balance sheet, income statement.
You must already know that France is world champion when it comes to administration and rules. And this in many areas. Accounting is one of them. Knowing how to comply with the law by using French accounting software is very important.
Quotes and invoices have strict rules, mandatory information to be observed. Accounting also has its own rules which will vary depending on your sector, your sales ... With accounting software, everything is automated. You don't have to ask yourself these questions anymore. In the end, you focus on the essentials: your business, your turnover!
Accounting, although having a poor vision by entrepreneurs is essential. It allows the only thing that will make you successful: anticipation! Having a clear vision on future finances will allow you to invest, reduce expenses depending on your situation. To negotiate loans, to discover unprofitable expense items.
Thus decision-making will be enlightened, facilitated and more likely to succeed! Choosing the right billing software for small businesses is a step towards this anticipation and success!
What criteria should you take into account when choosing your accounting software?
As we have just seen, choosing a billing software is essential for the day-to-day management of your business. But there remains an important question to choose: What criteria to take into account when choosing your accounting software? Indeed, there are many factors that should not be overlooked when choosing. Let's take a quick tour to help you with this choice.
First, let's clarify an important point. A large majority of entrepreneurs consider accounting software = software for quotes and invoices. Be careful because this is not always the case! In our examples and criteria, we will assume that the two are related.
For more details, please visit: alfacybernetics.com
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