Inventory management = Quantity x Valuation

Published on Saturday, 19 November, 2011 | by Geoff Round

Inventory. Always a difficult subject whether you look at it from the physical side or the accounting side.

When we look at inventory we are mainly concerned about when to order and how much to order. In fact, the market abounds with companies that offer inventory management services to deal with these two questions. But the driver for applying EOQ, JIT or advanced statistical tools for forecasting is not just the management of stock levels but the management of profit. Without a proper stock valuation method in place, it is difficult to manage profit margins – which, after all is said and done, is a key performance indicator for most businesses. So imagine my surprise when I discover that most SaaS products on the market can’t give me complete control over my inventory and stock valuation.

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Inventory Management: Maintaining the Profit Margins in Your Business

Published on Saturday, 5 November, 2011 | by Sophie Azeezah

Businesses are established to get profit and continue flourishing in the competitive market. Unless we control our stock, we will lose power over our business and lose the trust of our customers.Inventory Management is indispensable in exercising control over the variability in demand and supply to satisfy the needs of the company, its partners and most importantly, the customers. With proper inventory management customer service and productivity within the organization will be improved.Inventory Management assists in optimising the assets tied up in company stock, relegating the question of whether we are holding too little or too much to the past, maximizing the opportunities to run a ‘just – in –time’ operation, provide greater certainty over meeting delivery dates to your customer and allows to plan purchases to minimize the impact on cash flow.

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CRM: A Key Component of Your Customer Retention Strategy

Published on Friday, 28 October, 2011 | by Sophie Azeezah

Sitting back and waiting for the economic forecast to show an upturn in the economy is not a good idea. You have every right to worry that you may become a victim of these adverse conditions. However, there is a way forward – if you`re committed. The best way to deal with an economic downturn is to work not just harder but smarter by planning and innovating your way to continued prosperity. CRM can be used to enhance your business opportunities both tactically and strategically to cement your customer relationships.

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Gain Control Over Your Project Costs | WorkforceTrack Budget Sheet

Published on Thursday, 6 October, 2011 | by Sophie Azeezah

Managing the costs is as important as managing the income on a project. Managers who are responsible for specific projects and the employees engaged on them need to make sure they are operating within the budget set. The Budget Report manages all the financial aspects such as revenue, Employee Cost, Service & Product cost and expenses. This function can also be used to send Sales invoices and sales quotes to the client for approval.

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