In order to compete in the wholesale arena it is essential to effectively manage stock and therefore provide excellent customer service levels. If a wholesaler runs out of certain items or has an unsuitable mix of products orders cannot be met, resulting in disgruntled customers. On the other hand, overstocking of products wastes valuable space in the warehouse and ties up capital that could be better used elsewhere.
Our Accord® software’s Stock Control module fully integrates with Purchase Order Processing and Sales modules, providing the wholesaler with efficient stock monitoring capabilities. The wholesaler is thus able to accurately forecast product demand and hold the appropriate level of stock, maintaining customer service whilst freeing up valuable capital and increasing profit margins.
The Accord Stock Control software module can be summarised in 6 components:
- Stock Valuation Basis
- Stock Takes and Pre-Input Stock Takes
- Stock Adjustments
- Stock Movement Reporting
- Stock Performance Reporting
- Stockholding Budget
In Part 1 of our Stock Control Module Overview we will focus on the first three components, with the remaining three being discussed in Part 2.
Stock Valuation Basis
Accord allows the use of First In First Out (FIFO) cost, latest cost and average cost as a way of valuing stock and calculating profit. Where current cost is used as opposed to FIFO or average, Stock Appreciation allows reporting, taking into account price changes.
Stock Takes and Pre-Input Stock Takes
In order to minimise the disruption to business the Stock Take system has been intelligently designed. It is possible to take full and partial stock takes, with areas broken down into warehouse locations, product departments, product groups, individual products, by supplier, assembly departments and of course the whole warehouse. The system stores the levels at the time of the stock take, allowing for items that have been ordered but not yet picked. Once the check is complete it is possible for goods receiving and invoicing to continue whilst stock level figures are input.
If the Warehouse Management software module is used it is possible to add any reserve stock to the balance. As a result you are able to speed up the stock take process by checking reserve stock separately. A printable variance report will then highlight any discrepancies between the stock levels calculated by the system and the figures input. Where figures do not correlate a further check can be undertaken and any corrections made to the input figures. This stage of the process can be repeated as many times as is necessary. Once complete the stock levels held in the system will be updated to reflect the true figures. A log file keeps a track of all stock level inputs and can be accessed as required.
Where sites use a separate storage area it is possible to use the Pre-Input Stock Take program prior to the standard stock take. This allows for stored items to be accounted for and added to pre-input data sheets. The standard stock take can then be undertaken with pre-input figures added at the end to give complete stocking levels.
Where adjustments to stock levels are required it is possible to enter either a written explanation or a reason code. The date and time of the adjustment will be recorded by the system, as will the name of the staff member that made the entry. Stock adjustment records can be retained for as long as they are required.
For further information on BCP’s Stock Control Software call our customer advisors on +44(0) 161 355 3000. If you prefer you can drop us an email at email@example.com or complete our contact form.