Historically a business’ purchasing process is very manual and highly administrative. To place an order with a supplier, a purchase order would be prepared which meant a document was prepared either using Word or Google Docs or through your accounting system (Xero, Quickbooks Online or MYOB). The document was then sent to the supplier who would have to rekey the order into their inventory or accounting system. The supplier would then send a series of emails to their customer advising of the status of the order.
With the level of business transactions increasing and the expectation that information is exchanged in real time, the purchasing processes of businesses had to be streamlined.
One development has been the introduction of a business to business (B2B) portal. The portal is basically a website which is connected to your inventory management system which allows for a secure way for businesses to request quotes and place orders with their suppliers.
A B2B portal provides significant benefits to both customers and suppliers. For customers, the B2B portal provides an easy way for orders to be placed with suppliers or for quotes to be requested. No more preparing purchase orders in Word or using their accounting system to produce purchase orders which need to be emailed to your supplier. Another benefit is that the customer is able to view the status of their order through the portal so that they no longer have to rely on receiving phone calls or emails.
For suppliers, the B2B portal streamlines the order processing process. As the B2B portal is connected to their inventory management system once the customer places the order they are advised of an order which is sitting as an open sales order for them to action. No more rekeying of customer purchase orders into your inventory management system.
As the B2B portal is connected to the business’ inventory management system it will always reflect the current products and pricing of the business. This provides a huge benefit to businesses who are constantly adding and removing products or updating pricing as they can always provide accurate product and pricing information rather than trying to maintain a constantly changing product catalogue.
As the customer’s purchase order is instantly converted into an open sales order it allows the business to implement a paperless online ordering system quickly and easily. This will eliminate data entry which can lead to errors when a purchase order is rekeyed as well as reducing business administration costs which will lead to improved margins.
Is your business looking to streamline their purchasing processes?
Contact us now for a free initial consultation and see how a B2B portal with an inventory management solution can streamline your business operations.
Earlier this month, Unleashed announced some important enhancements to their Xero integration. We have included details of each enhancement and how it may affect you.
Batch your journals for quick reconciling in Xero
Unleashed will now batch all transactions made within the day and post one journal to your Xero account split by accounting code. The journal will be posted at 2.00 AM the following day and will be ready for you when you log on in the morning. This is a really useful enhancement as the journals use to be posted individually at the time the transaction was completed in Unleashed which meant ensuring all the individual journals were approved in Xero so that Unleashed and Xero would reconcile.
Link to a transaction in Xero from Unleashed
With this improvement, you can view a transaction in Unleashed and click through to view the same transaction in Xero. This quick and easy transition makes it a breeze to compare transactions between both platforms. This is another really useful improvement as it replaces having to manually search for a transaction in Xero which was both time consuming and inefficient. Below is a screenshot of how the Xero link will appear in Unleashed
Choose the product information you send to Xero
This improvement allows the user to choose what product information Unleashed sends through to Xero for all transactions. Users can choose between Product Code, Product Name or both. This flexibility allows users to decide what product information their customers and suppliers will see on their documentation. This is another significant improvement as the information sent was not able to be adjusted which led to a manual correction in Xero.
Auto approve specific Unleashed transactions exported to Xero
With the ability to auto approve exports to Xero, you can select the specific types of Unleashed transactions that can be automatically approved. With a quicker impact on your P&L, you’ll gain real-time insight into your bottom line. This has been the most asked query which I am asked by customers as to why I have to approve the transactions in Xero even though they have been completed in Unleashed.
Prominent alerts for journal errors
If there’s an error in exporting journals through to Xero, you’ll now receive a prominent alert so you can quickly take action to ensure your items are sent through to Xero in a timely manner. This is another great enhancement as we often receive support calls from clients well after the error has occurred and this timely and prominent alert will allow for errors to be rectified in a far more timely manner.
Allow Sales Order & Purchase Order comments to be transferred to Xero
Ensure that comments on your sales and purchase documentation are not lost in Xero as you transfer documentation from Unleashed. This allows your customers and suppliers to receive better and more detailed information from you! Once again we get asked by customers if the line comments and sales order comments can be transferred to Xero and now they can.
Overall there are some awesome enhancements to the integration between Unleashed and Xero. If you require any assistance setting up these enhancements in your Unleashed account please do not hesitate to contact us
If you are looking for an inventory management solution for your business, check out Unleashed.
Are you struggling with inventory control? Are you finding it difficult to manage your supply chain efficiently? Unleashed is a great solution that enables you to manage your inventory and supply chain, all in the cloud.
Unleashed provides real-time information for all your products that can easily be updated across all of your sales and inventory channels. The Unleashed dashboard also allows you to see real-time profitability and sales information. Even more precise stock control can be gained with per warehouse controls. Per warehouse controls allows you to monitor the levels of a product across all warehouses.
TidyStock is a simple and easy to use online perpetual inventory control system which manages stock movement accurately – from purchase, storage and final sale. TidyStock is simple, easy to use and reasonably priced.
What can TidyStock do for me?
TidyStock is a cloud system that records your stock movements. Not only this, TidyStock reduces the complexity of your stock management as well as reducing the amount of time you spend in this area. Not only that, TidyStock is adapted to work with multiple currencies as well.
What are the features of the TidyStock software?
Businesses all around the world are reaping the benefits of DEAR Systems a revolutionary cloud based inventory system which is easy to use and highly affordable.
At the heart of inventory decisions is profit. DEAR Systems helps businesses increase profits through informed decisions and the ability to track sales from quote to shipment. In DEAR systems, your entire supplier purchasing history is recorded along with correct cost, allowing you to create the right pricing strategy for your products and make informed decisions about stock levels and discounts.
DEAR Systems integrates with many accounting systems such as Xero and Intuit, meaning that you can see who owes you money at the click of a button! What s more, its sophisticated manufacturing module helps you to easily keep track of your costs, so you re never lost. DEAR Systems also allows you to leave the days of manual double entry accounting in the past.
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.