Unleashed is based on effectively managing the “ins and out’s” of inventory for your business. We want you and your team to know what needs ordering, what has been ordered, what is on hand to sell and just as importantly, what value your stock owes you.
Knowing the accurate cost of your stock is just as vital as accurate quantities as this allows Unleashed to provide margin reporting and or course, real-time cost updates for your Balance Sheet and Profit and Loss.
So post a glorious go-live one of the first things to master is how to obtain stock from your suppliers for you to then sell to your customers. Unleashed had been built primarily to look after the needs of the global business-to-business trader. The importer, the exporter, the local distributor, the business with stock in a warehouse. Based on this, the acquisition of stock is usually made via purchase orders.
Here is some great advice to help with getting stock in to your business efficiently with Unleashed:
- Be aware of what you need in advance. As a customer I want stock when I want it, not when it arrives in next to my supplier. Generally a part supplied sale means you have let your customer down therefore having the right stock on hand, in the right place should be a goal, of course without being overstocked. This can be a tricky ongoing process but Unleashed can help with low stock alerts for action.
- Always make sure Unleashed knows what is on purchase order. This means loading purchase orders as soon as you know what you need and emailing it to your supplier from Unleashed for supply. If possible don’t phone or email suppliers for stock as this means no-one else in your business knows, let alone your inventory software.
- Build effective processes around your purchasing to ensure accurate and timely receipts. Don’t catch up on loading your purchases at the end of the month as this defeats the purpose of a perpetual system, causes havoc with sales processing and hurts both your transparency and accuracy.
- Keep Unleashed updated in real-time during the supply process. Changes to quantities, prices and supply dates are essential as are accurate costings for exchange rates and additional costs associated with acquiring your assets. This may mean ensuring timely supply of documentation and updates from your suppliers and customs agents.
- Always make sure quantities and values are correct when receipting stock. This requires the physical check of received stock quantities and condition plus the check of values and quantities in Unleashed. The correction of mistakes post receipt can be hard so wrapping robust processes around getting stock in to your business is strongly advisable.
In many ways the accurate acquisition of your inventory can be the hardest process to master, based on all the potential steps involved. However if it is done well all the other transactions completed in Unleashed become much easier and your business enjoys the enormous benefits of being accurate and transparency.
Give it love!
Greg Murphy, Unleashed Founder
Article by Melanie Chan in collaboration with our team of Unleashed Software inventory and business specialists. Melanie has been writing about inventory management for the past three years. When not writing about inventory management, you can find her eating her way through Auckland.