Truthfully, inventory counts and maintenance should be a year-round practice. If you want to maintain a precise or even an accurate inventory count, this should be a task for all seasons, not just once annually. Whether you're a specialty grocer, a hardware store, or a bulk item warehouse, maintaining accurate inventory is always the way to go. While a large percentage of retailers that conduct their inventory counts near the end of the calendar year, their repetition of common mistakes results in some significant financial headaches down the road. It may be time to get handle on your inventory.
If your business is experiencing any of the following issues . . .
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year-end inventory didn’t go quite as you’d hoped, forcing you to make last-minute adjustments,
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due to inaccuracy at multiple locations, tracking methods create more problems than they solve
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costing methods are difficult to implement and maintain
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your current system lacks any real-time visibility into your inventory status
it may be time for a system overhaul. First, let’s take a closer look.
Your inventory system isn’t working
Sometimes, going old school is a good idea for your business. A strategically placed bill board, going door to door, giving out free samples, all have their advantages. But when it comes to your inventory system, reliance on a retro approach (constant manual counts and going with your gut) only creates more problems as your business starts to grow. If you’re holding too much inventory, you are tying up capital and ultimately wasting money.
Ok, maybe you’ve probably long since left the old clip board manual count method behind and dipped your toe in the water and went with a more traditional ERP system or an easy-to-use solution like QuickBooks. And viola, problems solved, right? Not quite. Once things get a little more complicated, inventory counts at one, two or more locations, QuickBooks begins to fall short because users can’t help but notice that QuickBooks and other entry level solutions, fail to provide any semblance of real-time visibility. Time to look for a real, viable solution,… in the cloud.
Not just any cloud solution
Now you’re getting warmer because cloud-based solutions with intuitive inventory management capabilities offer a compelling alternative to manual approaches to inventory management or costly on premise solutions. While there are many cloud-based options out there, the best cloud solutions will provide real-time visibility into inventory, with anywhere, anytime access to critical information. It can function at the core of an ERP system, integrating seamlessly with demand planning, financials and logistics. Automated capabilities eliminate manual inputs while maximizing efficiency throughout the inventory lifecycle.
Efficient tracking with Gravity Software
When you’re looking to the cloud, consider a software solution that tracks for you. That’s right: harness the power of Gravity Software® (Gravity). With true multi-location inventory tracking capabilities, Gravity gives you the ability to track, control and manage your products wherever you do business. From Warehouse # 1 to your assembly plant to your retail store, each location can control its own pricing, reordering and stocking characteristics.
Costing methods your way
Gravity makes it easy to cost and track your inventory because it readily adapts to the existing costing method that you already have in place. With FIFO (First In, First Out), LIFO (Last In, First Out), Weighted Average, and Standard and Specific Identification costing methods, costing issues are a thing of the past.
With Gravity's real-time insight into your inventory levels you can:
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Locate and track quantities of specific products or components.
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Monitor your total inventory or utilize Gravity’s intuitive dashboard capabilities drill down by location and view any and all inventory issues with real-time visibility.
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Analyze your inventory to maximize your profitability.
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Provide real-time available to promise with reliable lead times.
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Know when to reorder and when to hold off.
By utilizing the Microsoft Power Platform (aka Dynamics 365), Gravity makes it simple for businesses to track and analyze multi-location inventory from anywhere, at any time without all the startup costs associated with other accounting applications. Learn more and schedule your online demo today!
Gravity Software
Better. Smarter. Accounting.
