Shipping Methods

Those managing inventory require as wide a degree of shipping methods as they have customers. Most software packages permit the entry of one default shipping method that the company uses most often. SIMMS Inventory Management software allows for the entry and editing of as many shipping methods as could ever be applied. Once entered into the system, these methods are easily selected as each new transaction is created, thus speeding up the processing the delivery of goods to all-important customers.

On the Shipping Methods screen, SIMMS prompts users for the accurate and complete data for each shipping contractor so that sales agents can check easily of the progress of shipments sent—or yet to be sent—to the client base. While it’s true that making a sale is at the forefront of every business’ success, making customers is more important yet. If any detail can be improved to satisfy your customers on each order, then future sales are almost guaranteed, and that’s where the real profits come from: repeat sales.

Customers’ preferences in shipping agents can be chosen and tracked smoothly and easily, and this is just one more level of service you can provide to your customer base. Make them happy every time by letting SIMMS manage your stock shipping needs. Confidence develops over time, and your customers deserve you best. Ship your stock with both confidence and competence by using SIMMS’ Shipping and Receiving Module.

Global Changes

SIMMS Inventory Management software permits users to quickly and easily implement pricing adjustments on a system-wide scale using five particular methods. Often administrators in inventory and accounting departments do not have the time to alter items’ prices one-at-a-time, and when their desired method of alteration is based upon a commonly-established system, SIMMS makes this seemingly daunting and time-consuming task as simple as a few clicks of the mouse.

The methods for global changes in SIMMS are as follows:
1) Dollar Markup – this method adds a specific dollar amount to the existing sales prices of the items.

2) Percent Markup – this method adds a specific percentage to the existing sales prices of the items.

3) Dollar Discount – this method subtracts a specific dollar amount from the existing sales prices of the items.

4) Percent Discount – this method subtracts a specific percentage from the existing sales prices of the items.

5) Percent Markup Pricing – this method increases the sales price for the items by adding a specific percentage onto the purchase cost of each item.

If users have one of the above methods in mind, a single entry on a single screen and a single mouse click will apply the change to every item in stock. This option is one of many streamlined features of SIMMS Inventory Management software that reduces usage time while increasing the business’ bottom line.

The Weighted Average Method

Many businesses may with to take advantage of tracking their total sales by implementing SIMMS Inventory Management software’s Weighted Average valuation method. When Weighted Average is used, the amount is calculated by finding the average value of the item.

For example, let’s say that we have placed numerous orders for an item at various times, as shown in the following order:

Starting Inventory of 30 items at 50.00 per item, for a total of $1500.00.
Order Two consisted of 70 items at $55.00 per item, for a total of $3850.00.
Order Three was for 20 items at $60.00 per item for a total of $1200.00.
The last order was for 30 items at $65.00 per item for a total of $1950.00.

These orders having been received, let’s posit that at the end of the inventory period we have 50 items left.

For our Ending Inventory using Weighted Average, we count the fifty units at their average value.

150 items that cost $8500 = $56.67 each.

Average Value of 50 remaining items = 50 * $56.67 = $2833.34

Our Cost of Goods Sold is equivalent to our Cost of Goods Sold Available for Sale minus our Ending Inventory.

COGAS = $1500 + $3850 + $1200 + $1950 = $8500

CGS = $8500 – $2833.34 = $5666.67

Thus, it cost us $5666.67 to sell the items.

The value of the items on the company’s balance sheet will be based on average expenses spread evenly across the inventory period. This method can be useful when compared to previous periods in previous years, and will more readily indicate growth or loss in total sales for the items. SIMMS Inventory Management software enables users to take advantage of the Weighted Average valuation method.

The LIFO Advantage

In today’s market where prices have increased, SIMMS Inventory Management software allows a company to choose the LIFO valuation method. When LIFO is used, the amounts must be calculated from amongst the items purchased first — a top-down method.

For example, let’s say that we have placed numerous orders for an item at various times, as shown in the following order:

Starting Inventory of 30 items at 50.00 per item, for a total of $1500.00.
Order Two consisted of 70 items at $55.00 per item, for a total of $3850.00.
Order Three was for 20 items at $60.00 per item for a total of $1200.00.
The last order was for 30 items at $65.00 per item for a total of $1950.00.

These orders having been received, let’s posit that at the end of the inventory period we have 50 items left.

For our Ending Inventory using LIFO, we count the fifty units first purchased.

First 30 purchased = $1500.00
30 from previous order = 20 * $55.00 = $1100.00
Total for most recent 50 items = $2600.00

Our Cost of Goods Sold is equivalent to our Cost of Goods Sold Available for Sale minus our Ending Inventory.

COGAS = $1500 + $3850 + $1200 + $1950 = $8500

CGS = $8500 – $2600 = $5900

Thus, it cost us $5900 to sell the items, but we made the most available money from the sales.

The value of the items on the company’s balance sheet will be lower using LIFO because the older and less costly items remain in stock while all the newer and more expensive items have been sold. This leads to the financial statements showing a lower inventory value and a higher cost of goods sold. SIMMS Inventory Management software enables users to take advantage of the LIFO valuation method.

The FIFO Advantage

In today’s market where prices have increased, SIMMS Inventory Management software allows a company to choose the FIFO valuation method. When FIFO is used, the amounts must be calculated from amongst the most newly-purchased items — a bottom-up method.

For example, let’s say that we have placed numerous orders for an item at various times, as shown in the following order:

Starting Inventory of 30 items at 50.00 per item, for a total of $1500.00.
Order Two consisted of 70 items at $55.00 per item, for a total of $3850.00.
Order Three was for 20 items at $60.00 per item for a total of $1200.00.
The last order was for 30 items at $65.00 per item for a total of $1950.00.

These orders having been received, let’s posit that at the end of the inventory period we have 50 items left.

For our Ending Inventory using FIFO, we count the fifty most recently purchased units.

Last order of 20 = $1950.00
30 from previous order = 30 * $60.00 = $1800.00
Total for most recent 50 items = $3750.00

Our Cost of Goods Sold is equivalent to our Cost of Goods Sold Available for Sale minus our Ending Inventory.

COGAS = $1500 + $3850 + $1200 + $1950 = $8500

CGS = $8500 – $3750 = $4750

Thus, it cost us $4750 to sell the items.

The value of the items on the company’s balance sheet will be higher using FIFO because the newer and more costly items remain in stock while all the older and less expensive items have been sold. This leads to the financial statements showing a lower cost of goods sold and a higher inventory value. SIMMS Inventory Management software enables users to take advantage of the FIFO valuation method.

Accounts Receivable

SIMMS’ Accounts Receivable module provides a total solution for processing payments and discounts, managing finance charge processes, setting parameter controls and receivables aging. The Accounts Receivable module gives you the data and reporting ability to make sound business decisions for the future, by efficiently managing cash flow today. Additionally, it allows users to process payments for customers, enabling them to pay by cash, check or credit card or using existing credits on the straightforward Easy Payment Screen.

Users can easily edit documents any time prior to interfacing with the General Ledger. Additonally, users can employ extensive reporting, process advanced sales taxes, print on customized or standard forms, automatically process repetitive billing procedures, use multiple bank accounts, easily follow audit trails, and add new customers and codes ‘on the fly’. Further, users can write ‘on-the-fly’ checks instantly, thus enabling the repayment of your customers back credits when such requirements arise.

Accounts Receivable is a critical area of any company and its details cannot be left to chance in the busy world where companies fight for supremacy in their chosen markets. As the accounting strength continues to grow in SIMMS as years go by, additional features will be added regularly to provide users the advantage they need to process all their financial needs, both large and small. Take your best first step today and gain the leading edge to keep you ahead of your competition — SIMMS Inventory Management software, THE solution to fulfill your requirements in Accounts Receivable.

Accounts Payable

SIMMS’ Accounts Payable module provides a total solution for processing payments and vendor discounts, managing expenditures, tracking future cash requirements and payables aging. Balancing the need to meet commitments on a timely manner and not threaten day-to-day cash flow requires more than an understanding family member with a checkbook. Additionally, it offers versatile check writing capabilities, either manually or in batches, as well as encompassing currency trading. Obligations to vendors and creditors and recording transactions are the backbone of this module.

Users can easily edit documents any time prior to interfacing with the General Ledger, keep notes on individual suppliers, and access all documents associated with transactions directly on-screen. All transactions for a selected supplier are available, such as purchases in the year to date and their current balances. There is unlimited support for foreign currencies, which can be updated immediately as they change. Checks can be issued in a single moment from a single screen, and their approval can occur on-screen before actually printing them.

Accounts Payable is a critical area of any company and its details should not be left where they cannot be seen and mastered. As the accounting strength continues to grow in SIMMS as years go by, additional features will be added regularly to provide users the advantage they need to process all their financial needs, both large and small. Take your best first step today and gain the leading edge to keep you ahead of your competition — SIMMS Inventory Management software, THE solution to fulfill your requirements in Accounts Payable.

Warranty Tracking

SIMMS’ Warranty Tracking allows for easy access to warranteed items and the smooth access to warranty information so that the replacement or repair processes can be begun or their progress can be followed. Warranties can be assigned upon an item’s manufacture or receipt into the system.

Using SIMMS’ extensive Return Merchandise Authorization (RMA) and Return to Vendor (RTV) features, your customers should never have to wait long for their replacement or repair of items under warranty. Drop-ships of items directly from an item’s vendors is yet another feature to streamline this process. Settings in SIMMS allow for easy access to items that may have passed their warranty dates so that users can avoid beginning the replacement or repair process as any RMAs come into the system.

Accuracy and immediate tracking of items is one of the strengths of the SIMMS system, and new users can quickly add the warranty data to items that are received on invoices in combination with other stock. Once received with assigned data, stock in the system carries trhat data permanently, which allows for your customer’s satisfaction and provides valuable data about those items that may have a consistent record of required repairs and/or replacements. All these features add to SIMMS’ ability to provide its users with THE info they need right when they need it.