Good inventory management starts with a solid business understanding of inventory best practices and the relationship between this and day-to-day inventory operations. Step One is really knowing the types of inventory your business supplies.
For example, businesses with fast moving inventory will generally need to maintain a higher level of inventory than slower moving inventory. To identify this, businesses can use techniques like the ABC analysis (or Selective Inventory Control), which provides a mechanism for identifying items that will have a significant impact on overall inventory cost, while also providing a mechanism for identifying different categories of stock that will require different management and controls. Within best practice inventory management systems, it is possible to create custom product groups and categorise inventory in line with this ABC analysis.
After attending another Xero Roadshow I attended with interest the session on Exploring the Ecosystem. The session gave the audience a taste of four ecosystem partners:
With 500 ecosystem partners currently available within the Xero ecosystem, Xero clients are spoilt for choice in terms of the business solutions, which can integrate with Xero.
Is your business starting to prepare for an annual stocktake? Do you have a slight sense of panic? If so, here are some tips to help you survive and plan forward to make the experience as smooth as possible.
Would you like to increase your business productivity and profitability? Is it your businesses goal to deliver prompt, reliable service to customers every time? If so, simPRO Service is for you.
simPRO is highly practical service management software specifically designed for do and charge teams from five to five hundred providing quick and accurate quoting, invoicing and reporting.