Inventory Management Made Efficient with RealBooks
The stock in your inventory is the major aspect of your business’s cash inflow. So it’s needless to say that tracking their shelf life becomes vitally important. No one wants goods that have become obsolete.
Keeping a close tab on how long your stock sits in your inventory will help your business determine the stock that is needed and avoid negative productivity by removing dispensable factors.
The Stock Aging Analysis provides you with a current snapshot of your inventory.
Why does your business need Stock Aging Analysis?
With Stock Aging Analysis you can determine:
- The speed of your inventory’s movement
- How your inventory management performs against the competition
- Determine the internal as well as external factors that may have impacted your slow-moving inventory.
- The costs incurred for the stocks held and alternative techniques to adjust and reduce those costs efficiently.
- Decisions regarding the volume of inventory purchases.
- Which stock needs to be sold at discounted rates to get rid of them ASAP.
What are the consequences of not doing a proper stock aging analysis?
Not keeping track of your inventory has many cons that adversely affect your business profitability.
- It would be hard to determine which group of stocks are moving slowly and holding you back.
- The cost of inventory control and audit might go up.
- You’ll need additional manpower to handle inventory which again adds up to your cost.
- Obsolete stock will only eat up your warehouse space.
Let’s simplify! For a growing business, an efficient technique of inventory management becomes essential. Insights from stock aging studies can also help you anticipate some of the circumstances that may affect the company. Potential investors who are keeping a close eye on your company’s progress are constantly interested in learning more about its inventory.
This calls for making a smart decision and investing in an equally smart inventory management software.
RealBooks online accounting software provides a dynamic interface for stock and inventory management. It has a module dedicated to inventory management packed with features that make reporting on your inventory a breeze.
How RealBooks aid in Stock Aging Analysis?
- Stock Aging Breakup
The Stock Aging report makes it simple to see how long your particular items have been sitting in inventory. The aging breakdown is done for a 30-day period, which means you’ll see different columns in the report ranging from 0 to 90 days and beyond.
- Detailed reporting
The stock aging report lists everything right from the item name, its code, barcode, and item group and unit name to its total quantity, rate, and valuation along with aging breakup.
- Batch-wise stock aging
For those who maintain batch wise stock, you can view the stock age on a batch-wise basis with the Item/Item group filter for a given date. This report details not only the aging but also the manufacturing date and the expiry date of the batch and shows you the precise shelf life of items.
What’s more?
The aging breakdown can be customized as per convenience. This gives you the flexibility of viewing your reports as you like.
- Additional reports
Not only stock aging, but with RealBooks, you get a plethora of reports related to stock that give an overview of what’s going on in your inventory. You can track stock movement and the stock that remains unused, batch-wise or per item, for a given date.
All these give you an insight into the shelf life of your items and make inventory control simple which helps you to adjust inventory management techniques as and when required.
It’s time to switch to RealBooks and take your visionary organization towards a smarter and greener tomorrow.