Do you want to save money on your inventory management?

Written by : Content Development Team – Kalpak Solutions | Posted On: Thursday, April 23, 2020

Inventory_Management

You can save a significant amount of money and time with a professional inventory management software.

Spreadsheets for inventory? Not a good idea.

There are multiple issues in using spreadsheets for inventory calculations. When you use spreadsheets, there are a lot of manual steps involved, like creating a formula, creating dashboards using selected ranges. All the efforts you put in can go waste with a small mistake, hard to detect means hours of efforts on your part again to check the source of the error.

More than 68% of spreadsheets have errors, which are carried forward, and there are numerous studies showing thousands of dollars going waste due to these mistakes. You also need to maintain many such files, leading to issues of data not reflected correctly or incorrect data getting in the system. A simple inventory system for small business can save you all the troubles mentioned above. You can spend your valuable time on creating profits rather than solving spreadsheet issues.

That is why Kalpak solutions provide intelligent inventory management systems which are widely successful in preventing human errors and calculation mistakes.

“More than 30 installations and in-depth knowledge of inventory systems”

One of the reasons we are considered top inventory management software company is because of the accurate and smart inventory management system, your customer orders can be delivered on time, earning you a good name in the market.

Your cost-cutting is even simpler to manage, with few settings, you can avoid unnecessary pile up of stock. Order just-in-time to save your costs! Also if you are looking for ecommerce inventory management software, you are at the right place! We have more than 500+ clients who are successfully using our software, and they are delighted with our service.

How we calculate inventory workflow and calculations

We have worked with many clients and we have detailed process knowledge. Here is a detailed process of our inventory calculations:

Inventory Formula Calculations:

Op. Balance + purchases +/- material conversion (production) +/- material sent and received from vendor (for processing) - sale - scrap.

The application will be able to calculate livestock for – Warehouse/Stores stock, WIP stock (Production) and at the vendor.

Kalpak Solutions is currently supporting many clients across India and abroad as well. With a small investment in boosting your profits, you can get your inventory costs down, as well as you can do trend analysis and get benefits of the ready to use dashboards.

As a part of customer awareness initiative, we are sharing our way of doing things! We are sharing a workflow that is used to design an inventory management system.

Here is a flow of typical inventory management system:

Sales Order Entry (Order Confirmation) a. Purchase Requisition (based on Bill of Material -BOM) will be generated automatically. b. BOM (Bill Of Material) – the application has the logic of conversion formulas for Raw material, Semi-Finished Items, Finished Items.
Generation of Purchase Order (PO) to Supplier. a. Material inspection at gate and GRN. b. Warehouse stock gets updated.
Work order generation based on Sales Order - the application will calculate it based on the number of orders and target date. The interface will be given to change the target date. a. Material request note from Production to Stores. The material moves from Stores to Production, Stores and WIP Stock gets updated. b. Daily production entry of finished items. Calculation of scrap. c. The material goes to the vendor for processing and it comes back after the processing - item code and material name would be different. d. Material inspection and GRN.
Material dispatch entry along with the invoice.

Here are some salient points:

Invoice no. will be auto-generated, invoice no. series will get reset on change of the financial year.
Logic will be developed to calculate Total Inventory cost, material processing cost (labour charges from supplier), landing cost (imported material, transportation cost and other costs).
Item purchase cost will be calculated based on average.
Expenses master and transaction entries.
An interface will be given to enter salary details manually (Under "Salaries" head of Expenses).

Our clients have shared that they value us as one of the best inventory management software company in pune, and we would surely like to create a partnership with you, to deliver you maximum benefits!

If you have any questions about the system, please feel free to call us!