Inventory Management deserves separate mention beyond other phases of
accounting due to its importance to operations.
With Inventory, you have two conflicting goals: minimize the amount of money tied up in product and never be out of product when you receive an order. You need to know exactly what you have, where it is, what you're likely to need to fill orders, where you get it, how long it takes to get it, current costs and pricing, how many turns you get out of which items, how much it's all really worth and how much you can tell the IRS it's all worth.
Information systems, properly applied, can be a big help in handling all these factors and making your inventory a lot more profitable by optimizing your use of the inventory itself. Tight control of inventory reduces the amount of idle money tied up in slow moving or obsolete product, and maximizes investment in items that pay a good return. It also can greatly reduce "shrinkage".
There are many technologies that can help you with the complexities of inventory management. Among these are:
Just let your imagination run free over the possibilities, then implement the ones that make the most sense in your situation.
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