In the business alphabet, “I” is for inventory, a fairly simple concept, right? You have a product, you store it in a warehouse, and count. Not really? Now suppose you have several product components, all parts of an unfinished product. Count those too. OK, there’s more than one location: after all, you have a warehouse and a retail store, an assembly plant, and why the heck not, a second warehouse. Some locations hold finished product; others hold components, while some hold both. Oh yeah, almost forgot: you have multiple products, with multiple components. Count, count, count! This just goes to show that a simple concept can grow exponentially, and if you’re not keeping track of all of it properly and accurately, you’re in for a serious case of miscued reporting. So, short of stopping all transactions, sales and transfers while your team counts at every locale, how do you effectively manage your inventory?
Where’s my inventory? It’s in the cloud!
Whether your name is ACME and you’re in the business of making rockets, or you’re running a restaurant with an extensive menu and 100 brews on tap, you need precise knowledge of your inventory. Why? Because, regardless of industry, having just a rough idea of what you have and don’t have is a recipe for profit loss and unnecessary spending.
For all business owners, the thought of having a precise count on all inventory, is music to their ears; however, the idea of achieving that goal is a lot more like scratching finger nails on a chalkboard. But it doesn’t have to be. Don’t worry; you don’t have to do a manual count at every location every time you want to know your magic number. Instead, implement a cloud-based solution that tracks your inventory levels (finished product, components, all locations) for you. Why look to the cloud? Implementing a cloud-based accounting solution that tracks inventory gives you the power and confidence of precise reporting. No more rough ideas or guesstimates; and pretty accurate is no longer your goal. Because you’ll be used to precision. Precision in all things, from inventory counts, to transfers, transaction and sales. When you’re precise, you’re free to spend time on other pressing matters like proactive analysis and growing your business.
[Related: Why you should be using a Bill of Materials in your company]
Harness the power of Gravity
A cloud-based solution isn’t just any solution. And 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.
Make confident decisions
Gravity makes it easy to cost and track your inventory. With FIFO, LIFO, and other recognized costing methods, you get a precise profit analysis on every sale. You’ll be able to track not only finished product inventory, but inventory levels for components as well. Every transfer, every sale, every assembled unit is recorded. Now you’ll have confidence that pricing at every locale reflects true cost, at every location, so you can make decisions with confidence in hard, precise numbers.
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 drill down by location
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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 CRM), Gravity makes it simple for businesses to operate from anywhere, at any time without all the startup costs associated with other accounting applications. If your business has outgrow your entry level or legacy accounting software, schedule your online demo today and just say GO!
Gravity Software
Better. Smarter. Accounting.
