To set up an inventory control system, you must have a very organized inventory. It is much easier to set up an inventory system when you have all of the same products in one area. You can set up the system to track product numbers, UCP codes or product names. The best way to track inventory is to track with the product number. This way, when you need to order more items, the product number will appear. Tracking the inventory does require periodic product counting to reconcile the system.
Items you will need
- Inventory software
- List of all item numbers
- Data entry person
Select software that will require very little time to install. The software should be able to generate cycle counts, search by item number, subtract any shipments and add any inbound shipments. The software should also display a cost per item selection. The software needs to have a selection to print pick lists, shipping documents and cost analysts reports.
Complete the set up by entering the item name and part number as well as the beginning inventory amount. The process may a while, depending on how much inventory you have. Make sure to enter every part number for each item. Different part numbers and names will run in the software when printing cycle counts sheets and shipping documents.
Enter all the information about the cost of each product. This will be the price that will be charged to the customer. There will be a section where you can enter the cost of the item with a markup price for the customer. You can markup every item individually or as a whole.
Enter any customer names that are shipped to on a regular basis. This will include name, address and payment type. The system will generate a bill of lading for any shipments with a cost and name of the company as well as the items shipped or bought.
Print cycle report sheets and make sure all the counts of the physical inventory match the items in the software. If there are any discrepancies, adjust the inventory in the software program to reflect the actual physical inventory.
Data entry is vital to the inventory process. Any mistakes will result in a faulty inventory result. Use software that is easy to use and understand.
Always backup the software nightly in case the computer system malfunctions.