What is inventory control?

Management/business owners want to keep inventory at sufficiently high level to ensure smooth sales activities but need to maintain inventory at minimum level to minimize investment, and therefore maximize company’s profitability. These two conflicting objective can be met by usage of inventory control software.

Objective of inventory control is

1. To minimise capital investment in inventory by preventing overstocks;
2. To ensure that needed inventory are available for uninterrupted production and for meeting customers need;
3. To provide for planning of inventory needs and
4. To reduce risk of loss due to obsolescence

It also means knowing where all your stock are and ensuring all stocks are accounted for at any given time.  IT is becoming common for businesses to use inventory control systems and typical features of stock control software include

Other detail information like what was sold, how quickly, at what price is good to know so that we can predict what and when to replenish stocks.  The trend in inventory management is to label inventory with barcode or QR code, and use of mobile devices to handle inventory count and track movement.

Different business has different type of stock items, special features may be essential to these business , eg tracking of serial number for electronics goods, batch number to track expiry dates for perishable items, multiple locations for business with multiple branches.  In some cases, inventory control can also be used in the simple assembly industry to create work order, bill of materials and other production-related documents. 

MadSoft solutions has stand-alone accounting solutions or inventory solutions only or integrated with accounting solutions tailored for small medium enterprise, which has enterprise level functions for such as multiple-level user rights access for authentication, scheduled backup to ensure regular backup and full audit trail. 

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