It’s more than likely you have seen plenty of information about real-time technologies and how they are bringing immediate results to companies. These can include metrics, marketing, and communications — it all brings immediacy to customers. This helps companies make better decisions while working in a fast-paced environment.
Real-time information is crucial to your inventory/supply chain. Here are 5 tips for keeping inventory accurate in real-time.
What is Real-Time Inventory Management?
This is the process of recording purchases and/or sales in “real time” or immediately by using software. This allows your business to have a complete and thorough view of what is happening to your inventory. This will let your company respond faster to supply needs.
QuickBooks — when correctly used — can be invaluable to tracking inventory. However, you must understand the inventory activity from the most basic levels.
• Tip 1 – Correct setup for item/product — Your first temptation may be to begin recording your sales in QuickBooks and then just watch your revenue rise. However, to get the most reliable, and correct reports, your inventory must be set up correctly.
• Tip 2 — Accurate Start Counts — You should start with accurate item/product counts from the very beginning. It can be challenging; however, you can start with a high estimate and adjust accordingly — just make sure to note the date you arrive at a final count.
• Tip 3 — Inventory Workflow — Once your inventory is set up and accurate, you will need to implement the proper workflow to maintain this accuracy. The following QuickBooks documents should be used:
- Credit card charges
- Item receipt
Pay strict attention to two very critical fields on these transactions: Date and Cost.
• Tip 4 — No overselling — Ocne you have your accurate inventory recorded in QuickBooks, take steps to keep it that way. Don’t allow negative inventory counts that can lead to:
- Consequences to the cost of goods sold
- Unreliable quantities required for order fulfillment
- Data corruption
• Tip 5 — Understand your reports — With your inventory properly flowing through QuickBooks, use these key reports to maintain consistency:
- Sales by Item/Product Summary
- Inventory Valuation Summary
- Inventory Stock Status by Item
- Negative Inventory Listing
- Item QuickReport
As you can see, it is imperative to start out correctly to eliminate headaches that can arise from an improperly set up inventory system. As you can see, it is very important that inventory be maintained in near real-time status. With QuickBooks inventory setup correctly, you can then use InfinitySync to start syncing your online orders with your WooCommerce store. This added agility will ensure that you stay on top of your online orders and maintain the proper inventory.