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.

Banking in SIMMS

Whether in the management of the user’s various accounts, or the tracking of balances due and payment history from customers or to vendors, their details are easily entered or amended within the program. This seamless combination of top-level stock management and leading-edge accounting practices make SIMMS’ Banking features the leading choice for small to medium sized businesses everywhere.

Users of SIMMS Inventory Management software can reconcile credit card, cash, and checking information, manage bank accounts and deposits and transferal of funds smoothly and easily with SIMMS’ Banking features. Accounting requirements can be a challenge to those who are not trained accountants, but SIMMS makes those structured and necessary steps easy to create, edit and manage using intuitive and easy-to-understand screens.

While other software packages require users to master complex accounting procedures and manually implement them, SIMMS has been created using the input of accountants, whose suggestions and focus on the most important information have contributed to the easy and practical steps included in the initial setup of SIMMS. This way, none of the most important settings are missed and none of the data requested during the setup is left as something confusing to the user. Addition of secondary data takes place during the secondary steps of setup, enabling users of SIMMS Banking features to realize which information is the most important.

Decision Making

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.

Accounting

Whether it is in the management of the user’s various accounts, or the tracking of balances due and payment history from customers or to vendors, their details are easily entered or amended within the program. This seamless combination of top-level stock management and leading-edge accounting practices make SIMMS’ Accounting features THE choice for small to medium sizes businesses everywhere.

Users of SIMMS Inventory Management software can reconcile credit card, cash, and checking information, manage bank accounts and deposits and transferal of funds smoothly and easily with SIMMS’ Banking features. Accounting requirements can be a challenge to those who are not trained accountants, but SIMMS makes those structured and necessary steps easy to create, edit and manage using intuitive and easy-to-understand screens.

While other software packages require users to master complex accounting procedures and manually implement them, SIMMS has been created using the input of accountants, whose suggestions and focus on the most important information have contributed to the easy and practical steps included in the initial setup of SIMMS. This way, none of the most important settings are missed and none of the data requested during the setup is left as something confusing to the user. Addition of secondary data takes place during the secondary steps of setup, enabling SIMMS Accounting users to realize which information is the most important.

Main Screen

SIMMS Inventory Management software features a Main Screen that incorporates the style of interface that suits any user’s preferences. Those 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 will find in the left panel the choice of quick icons that links to the most commonly-used features and modules. For those who like a categorized style, the right drilldown panel includes all the major modules and features listed as direct links.

SIMMS has included these choices as an advantage for its users so that SIMMS reacts to their needs as quickly as possible. The traditional dropdown menus remain the most popular choice for those users who wish to produce reports and add details since their structure is compartmentalized and easiest to reveal updates in the software.

In the expanding business world that implements new technologies and new methods of inventory management are being devised and required, 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 Screen interface is only one of many ways it succeeds.

Reporting Features

SIMMS Inventory Management software incorporates the very best features on the market regarding its dozens of built-in and customizable Reporting Features. Using the versatile Crystal Reports interface, SIMMS’ reports permit the adjustment of layout, insertion of logos and letterheads, and the display of fields from within the SIMMS database, making reports precisely the way that users need them to be. Choices of fonts, colors, section highlighting, word art and line art make the best choices available.

From accounting documents like quotes, sales orders and invoices to purchasing documents like purchase orders, transfers and stock item lists, SIMMS’ reports can be formatted to fit various sizes of printable media so that the materials users have can be employed easily. Sales slips from the Point-of-Sale module, item price labels and barcodes can all be formatted and printed to suit the user’s needs.

For the numerous analytical reports, headers, footers, section formats and more can be customized from within a standard version of Crystal Reports to have any company’s reports consistent with their own visual style and graphic image. Insertion of form data, managerial checklists or note areas can easily be incorporated into the design. Users merely export from SIMMS copies of the reports they wish to customize and then select a checkbox to tell SIMMS that they wish to use the exported and customized copies instead. Any reports that do not exist in exported form are ignored and the standardized built-in versions of those reports are used. SIMMS’ Reporting Features serve the needs of users whose needs are both big and small.

Inventory Management Software Solutions