In the expanding business world that implements new technologies and new methods of inventory management are being devised and required.
SIMMS Inventory Management software features a Main Window that incorporates the style of interface that suits any user’s preferences. Users who prefer the traditional dropdown menu and submenu interface can employ it with the ease of familiarity. Those who prefer to use an icon-based interface can drag icons from the left menu to the main window where they will remain sorted in their categories.
Version 8 of SIMMS Inventory Management software keeps its users just that much closer to what they need to do NOW, and makes the process simpler and swifter than the competition, and the Main Window interface is only one of many ways it succeeds.
With SIMMS Inventory Management software, users are provided with many sorts of analytical data from various reports and numerous displays that provide the material needed to make the most sound business decisions. Often as vendors change, and prices are adjusted either higher or lower, inventory and accounting personnel need to adjust the details of doing business. Perhaps more profits can be made by introducing an entirely new plan, or often a subtle adjustment can make all the difference. Such decisions require the information to be current and accurate.
When systems compile information from a database, they merely grab values that are needed for time-worm formulas. With SIMMS, built-in reports can be customized to link to information that may not be included in those standard formulas. These customized views often produce the best and most useful data.
Stock consumption, items that sell least or sell most, items that depreciate as they sit unsold on the warehouse shelves, pieces that seem to require more repairs or replacements than do others — all these concerns can lead to much-needed changes imparted by managers and department heads. Complete information is the answer to the challenge for those whose jobs require swift and easy adjustments to make profits maximized and overhead costs limited.
Decision making is made simple and complete when using SIMMS Inventory Management software.
By helping the organization to make better decisions, the accountants can help the public sector to change in a very positive way that delivers increased value for the taxpayer’s investment. It can also help to incentivise progress and to ensure that reforms are sustainable and effective in the long term, by ensuring that success is appropriately recognized in both the formal and informal reward systems of the organization.
Finance should also be providing the information, analysis and advice to enable the organizations’ service managers to operate effectively. This goes beyond the traditional preoccupation with budgets – how much have we spent so far, how much do we have left to spend? It is about helping the organization to better understand its own performance. That means making the connections and understanding the relationships between given inputs – the resources brought to bear – and the outputs and outcomes that they achieve. It is also about understanding and actively managing risks within the organization and its activities.
To say that they have a key role to play is an understatement. Finance is connected to most, if not all, of the key business processes within the organization. It should be steering the stewardship and accountability systems that ensure that the organization is conducting its business in an appropriate, ethical manner. It is critical that these foundations are firmly laid. So often they are the litmus test by which public confidence in the institution is either won or lost.
There are many benefits to every business for managing inventory properly. SIMMS Inventory Control Software makes controlling your inventory easy and can be customized for any type of business of any size. To stay on top of your business, your inventory data must be at your fingertips and be accurate at all times, helping you to reduce costly inventory write-offs. Both distribution centers and retail businesses can benefit from stock management.
Inventory control is useful in ensuring quality control in companies that process transactions involving consumer goods. Without proper inventory control, stock shortages can occur. A good inventory solution will alert you to when it is time to reorder. Manually counting each item in a large order is time intensive, therefore an automated control system helps minimize the chance of mistakes occurring. In addition, theft can be tracked in-house and can further provide important information about profits.
SIMMS Inventory Management software is an advanced inventory management, accounting and manufacturing system that offers flexibility and growth. It is ready to use and easy to adapt and customize, and is today’s choice for dynamic businesses, both large and small, with an eye toward increasing revenue and productivity.
SIMMS delivers the combined benefits of advanced productivity tools and state-of-the-art accounting and manufacturing capabilities that allows users to operate more efficiently and profitably. Some of these features include powerful drill-down capabilities, advanced reporting, phantom kitting and more. SIMMS Inventory Management software also includes a full suite of modules that are easily customizable to meet a virtually unlimited variety of business needs regardless of your business.
With SIMMS Inventory Software, you can choose the end-to-end business management applications you want from a comprehensive, integrated suite of accounting and manufacturing modules. In addition, SIMMS Inventory Software offers seamless integration, including customer relationship management (CRM), payroll, e-commerce and vertical solutions.
The holding costs for a item is the cost that comes from storing it. Whether it is in a bin, or a bay, on a shelf or a flat, stock must be moved in some manner by someone. In addition, a warehouse may need lighting, water and perhaps heat to maintian the condition of the materials stored within them.
Possible additions to holding (also known as carrying) costs might be taxes owing as well as the on the inventory, and the cost of having the item sit without anticipated turnover producing revenue that has been factered in. Further, items that become obsolete, or revert in size, as well as stock disappearance because of theft and potential damage from proximity to other items and spoilage either physically or expiration are also factors that can add to increased holding costs.
Stock turnover, of course, helps a great deal in keeping its carrying cost low. Calculating the holding cost can be done at the annual level once the annual order amount is known. Take the cost of holding the item for a year and multiply it by half of the amount that is ordered every time (the average inventory). Controlling the factors of this formula can help you keep your holding costs low.
The ultimate goal is to turnover the item as much as possible as often as possible, but don’t forget to factor your holding costs into your landed costs for the item — it will show a far more accurate representation of your best and worst-selling items.
Often your customers have a name or number for items that they require for them to do what they do. Equally, your own vendors have an in-house reference for stock pieces that they sell to you. In both cases, these names and references are often different than the ones you use. SIMMS Inventory Management software takes these into consideration by allowing you to assign aliases — in unlimited amounts — to the items you stock and designate these aliases to specific vendors and/or customers.
Therefore, when your order arrives at a vendor, they see not only your names and numbers, but they also can see their own, which leads to greater accuracy from their shipping department.
Likewise, your shipments to your customers arrive with invoices and packing slips bearing item references instantly familiar to their receiving departments. Contact KCSI today to learn more about the use of aliases to contribute to greater accuracy and satisfaction at all steps of your stock management.
When planning to expand your company and take it into areas in which you can expand your success, it is invaluable to have available others who have been successful themselves. Get to know people who have taken their businesses into areas that you want to go. A social exchange of ideas can be immensely helpful and can bring focus to your own plans by keeping the steps of your plan simple and to the point.
The insight of successful clients goes a long way towards your own success as well as opening up the field of new customers to you. A great many smaller businesses have grown in parallel with the growth of their own clients’ success. In addition, having someone else to bounce ideas off of can build your own confidence as well as keeping communication flowing. Phone calls, e-mails and business lunches may lead to the discovery of a mutual campaign that will benefit both parties.
Executives that have such friendly resources no further away than a phone call are far more likely to be headed in the right direction than others who drift from point to point of their plans and never devote the adequate time and resources to each structured phase.
Relationships with people who are already entrepreneurs lead potentially to back-channel conversations with every client they have. Advice on budget cycles can be the difference between success and failure. Learn to build your stable of smart people. It will go a long way towards saving time and money and will earn you nothing but the improvement of your business and increased revenue.
Based on your business plan, your company is likely to have limited funds available to purchase inventory. To produce the cash necessary to pay your bills and return a profit, you must sell the material you’ve bought. Your inventory turnover rate indicates the rate at which you are processing stock through your warehouse.
If your business has a 20 to 30% gross margin, your goal should be an overall average turnover rate of six per year. If your margin is lower than 30%, you’ll need a higher rate than six turnovers. If your margin is above 30%, you can afford to turn your inventory five times or fewer.
Your inventory system needs to calculate inventory turnover individually for every product line in every warehouse. This way, you can identify situations in which your inventory is not giving an adequate return on your investment. To improve inventory turnover, reduce the quantity you have been buying from the supplier. Inventory turns improve when you buy items in smaller quantities more often.
The standard turnover rate of six turns per year does not mean that every item will turn six times. The amount of popular, steady-selling items should turn more often (up to 12 times per year). Slow moving items may turn only once, or not at all.
Combined with other measurements such as customer service level and return on investment, inventory turnover can indicate an accurate gauge of your success.
The more specific your product is, the more limited the number of your potential customers are. You need to build upon a precise plan by doing the following:
– Know what your competitors are doing and be on the lookout for potential competitors.
– Identify the needs of your customers and meet them more effectively than the competition.
– Price your product strategically by knowing your break-even point. You must know the per unit cost of your production versus the price you need to charge to recover that cost. Keeping your production cost as low as possible will result in your lower price attracting customers to your product.
– Have a well-defined market that you know well, and build your niche within it.
– Pursue marketing efforts only toward the exact people you are targeting as customers. Having a narrowly defined group of customers is how you will build your business.
– Promotion of your business must be an ongoing process. Tell everyone.