Stock and Inventory Management

Friday 20 April 2012, 1:08PM
By IRIS Exchequer Software

Earlier this year Australia’s ports rounded out the worst 18 months since 1998, causing stock and inventory management headaches for exporters and importers, according to Shipping Australia chief executive, Llew Russell. Similarly, back home, ongoing strikes between the Ports of Auckland and its workers has seen Fonterra, New Zealand’s’ biggest exporter, ceasing their operations at the port. Several other retailers and exporters have also experienced major disruption, especially over the festive season. For these businesses, ensuring optimal levels of stock is vitally important. Getting this mix wrong means either being under stocked and loosing sales, or being over stocked and needing to sell surplus off at a discount after the rush has passed. Both result in a loss of profit. However, by employing a modern stock management system , businesses dealing with large amounts of stock can operate far more efficiently.

It follows that it is vital to have a clear picture of what stock you have on hand, what is on order and how much you expect to sell. IRIS Exchequer’s Stock Forecasting module offers a range of functionality designed to ensure your business has the right products in stock at the right time. Our entry level offering predicts sales and usage thus enabling you to maintain your stock at optimum levels. Other add-ons include automated purchase order creation; production works orders and production resource planning.
With IRIS Exchequer accounting software you can view your stock in a logical layout and drill into the history of the item, allowing you to view all purchase and sales transactions. Multiple options for costing stock and the extensive reporting capabilities of IRIS Exchequer means you can always get an accurate picture of your stock at any time.
Equally, being able to search through your serial number history is a quick way of ascertaining if an item is still covered by your warranty – or if indeed you even supplied it. This is an increasingly common issue with people looking to get bargains online from overseas vendors but still expecting the local agents to support them when the product fails.

On the more standard day to day requirements, seeing what stock you have and where it is stored reduces the time it takes to answer customer queries while at the same time increasing the accuracy of your answers. Additionally, stock is easily located once a customer’s order is placed. When they do order, your invoice will be for the correct price for the customer and can take into account multiple discount options and price breaks.

About IRIS Exchequer:

IRIS Exchequer is a mid-market business and finance management solution that has received a number of awards over the years.  Awards success includes winning ‘Financial Software Provider of the Year’ in the Real Finance/CBI FDs’ Excellence Awards 2011, 2008, 2006 and 2005.

IRIS Exchequer was named the ‘Best rated accounting product catering for businesses in the medium range’ in an authoritative survey by the ICAEW (Institute of Chartered Accountants in England and Wales), the industry body which also accredits IRIS Exchequer.