Microguru Corporation
Overview
Why Inventory Control?
Inventory control is a process by which an organization keeps track of
its product counts and ensures physical product counts match what is recorded
in its books.
From a financial standpoint, inventory is the most valuable asset of
an organization engaged in buying, selling, manufacturing or otherwise
handling of tangible goods. For many organizations, proper management
of inventory is pivotal to customer satisfaction and long-term success.
The following are few of the challenges faced by organizations in the
realm of inventory control.
Challenges of Inventory Control
- Companies usually handle a large number of products.
Units of products move rapidly as new orders are received, products are
returned, products are drop-shipped, out of stock products are
backordered or products are earmarked for a delayed shipment.
The sheer volume of items makes the task of monitoring inventory
complicated.
- In order to minimize cash tied up in inventory and to reduce inventory handling costs, an
organization must know its current inventory count accurately at all times.
This information is essential in knowing when to re-order products that
are out of stock or are about to go out of stock.
There are significant costs associated with carrying too much inventory such as cash tied up in slow
moving inventory, inventory storage and handling costs, spoilage and
obsolescence. On the other hand, carrying too few units could result
in stock-outs and loss of sales or production stalls.
The ultimate goal is not to order too many or too few goods.
The more accurate the inventory count, the better an organization
is in a position to order an Economic Order Quantity (EOQ) that
minimizes inventory costs and helps negotiate best price discounts.
- Cost of goods sold is the largest expense for businesses that deal
with tangible products. Inventory control must track the number
of units and the monetary value of the inventory.
Companies need an accurate cost of goods sold in order to
calculate their profit margins per product or across products.
- Companies need to safeguard their inventory against pilferage, outright theft and loss.
A process needs to be in place that keeps track of inventory and helps ensure the physical count
matches product count recorded in company books.
Sound inventory control is an excellent deterrent against pilferage.
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Why Basic Inventory Control?
- Basic Inventory Control keeps an accurate count of products and generates list of products
that need to be reordered.
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Basic Inventory Control is a perpetual inventory control system. That is,
BIC provides up to date, accurate count of units in stock. Contrast a perpetual inventory
control system with a periodic inventory control system where inventory counts
are usually updated periodically at month, at quarter or at year end.
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Basic Inventory Control maintains a physical and available inventory count.
Physical units in stock refer to products physically present on premises.
Available units in stock includes physical units in stock as well as units
on order. Further, BIC allows allocation of units for shipment. Allocated
units are excluded from available units in stock but included in physical inventory.
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Basic Inventory Control automatically calculates the average unit cost of units as units
enter and leave inventory. Average Costing method removes
peaks and valleys in inventory cost as units acquired at high and low
price levels average out. Cost of goods is automatically calculated on product by product
basis as well as in aggregate.
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Basic Inventory Control provides customizable inventory and transactions report for
cross-checking physical inventory with inventory recorded by Basic Inventory Control.
Each inventory transaction is recorded providing a complete audit trail.
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Basic Inventory Control (BIC) tracks the orders, receipts, shrinkage, allocation, and shipment of products. BIC displays physical units in stock, allocated units, available units in stock, and units on order. It produces reports such as Current Inventory, Out of Stock Products, and Inventory Transactions for the criteria you specify. The look-up lists and column headings in BIC are customizable. BIC can export data to a Microsoft Excel comma-delimited file. BIC can import product list and beginning inventory from a Microsoft Excel comma-delimited file. The inventory database is multiuser capable. BIC features extensive online help, tip of the day, a tutorial, and a support Web site. BIC has an easy-to-use interface and requires very little disk space to install. No third-party software or drivers are needed.
BIC is currently being used by organizations in Asia, Europe, North America, South America and Australia in a variety of industries including banking, accounting, manufacturing, not-for-profit organizations, military, trading companies, retail shops and schools.
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Purchase Basic Inventory Control - Desktop Version
Online version now available!
Basic Inventory Control
Single-User License
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$99 - Email Registration Code Only |
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| $109 - Email Registration Code and Send Software on CD by Mail |
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Basic Inventory Control
Site License
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$299 - Email Registration Code Only |
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| $309 - Email Registration Code and Send Software on CD by Mail |
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