Accountability First

SIMMS Accounting features include numerous details of accounting management.  It contains many advanced management features for financial success and tracking, all with an ease of use and with the richness of a complete solution that works seamlessly with the inventory side of your business management.

SIMMS Accounting contains advanced budgeting and allocations, currency trader and multicurrency management, as well as cash and fixed asset management. These tools permit users to proceed and succeed smoothly as your business continues to grow.

Both flexible and fully customizable, it can meet any of your company’s requirements, and works smoothly in combination with existing software. Balance between accounting and inventory processes has never been tighter than within SIMMS, the comprehensive accounting and inventory solution.

Stock — Pluses and Minuses

When making up sales orders, sometimes users may want to create them while not having the necessary quantitiy on hand. Negative stock enables users to create those sales orders, save them, and then enventually through the use of backordering, to receive the stock into their warehouses and replace the negative stock with actual items at some future date.

While companies should always fear the over-investment in stock that just sits in the warehouse that will eventually be used one day, a larger concern is that stock that is required immediately has yet to be ordered for projects with medium-length deadlines for completion. If the stock is there when it is needed, this leads to greater customer satisfaction and less interruptions to throughput — choose SIMMS Inventory Management software to help you stay ahead of what is needed.

The need for order flow keeps those involved in warehouse management aware of precisely how many orders have been created and how many units of inventory stock items they will need. In such cases, the purchase orders placed with their company’s various vendors. This streamlines the process by reducing the number of purchase orders created in the system, and enables the items placed on negative stock to be added to existing purchase orders before they go out. SIMMS Inventory Management software incorporates the concept of negative stock, which can be one of the most useful concepts for many businesses to coordinate their stock orders.

To Print Or Not To Print

Each company has its own requirements in regard to the number of trees that it will use each year. Some require everything to be printed, some everything in triplicate, and some only need analytical reports to be in hard copy form. Many firms run as close to a paperless system as they can. SIMMS Inventory Management software permits a company to set its own defaults in regard to what they actually print out and what they don’t.

From SIMMS’ Global Settings screen, users can select which transactional docoments they want automatically, which ones they want to be prompted to print, and which ones they never want as hard copies. These options for quotes, picking sheets, sales orders, purchase orders, receipts of goods, invoices, invoice packing slips, bills of lading, barcodes on receipt, item transfers and depreciation reports can each be set in the system to observe the above criteria — automatically, every time.

Further options for inclusion on printouts are serial numbers, item details, extended descriptions, valued backorder items and components of kits (BOM). These printout options are yet another group of features easily set and easily used within SIMMS Inventory Management solution. Contact KCSI today for more information on how SIMMS can move you ahead of your competition and stay there.

Automatic Lot Selection

SIMMS Inventory Management software permits a default setting for how your instance of the program will use manufacturer’s lots. From the Global Settings screen, users may select from three methods of lot selection: By Entry Order, By Expiration Date, or By Manual Selection.

If your system holds stock that has been in storage for a long period of time, then the By Entry Order method is for you. Thus if you get an order for 50 widgets from a customer, received fifty of them a month ago, and another fifty last week, SIMMS will select the widgets on the sales order/invoice that entered the system first — establishing a FIFO (first-in, first-out) system of selection.

If your system contains stock items with expiration dates, then the By Expiration Date method is for you. SIMMS will automatically choose the number of items you need from amongst those with the earliest expiration dates first.

The By Manual Selection method is available for users who want to manually select the items they need at the time, based upon no particular criteria.

Contact KCSI today to learn more about how SIMMS can help you automatically select items with manufacturer’s lots and expiration dates.

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.

Inventory Management Software Solutions