# Excel Formula To Calculate Difference Between Two Dates In Days Inventory Management – Ten Ways to Use Accounting Software to Improve Efficiency

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## Inventory Management – Ten Ways to Use Accounting Software to Improve Efficiency

1. Integrated order entry.

Do your processes include writing down your customers’ orders, only to have someone else re-enter the information to create an invoice? If so, you’re spending more money and time than necessary by paying two people to do the same job. You can save time and increase the accuracy of your orders by implementing order entry in your system. Using order entry allows a person to enter and save an order, and that same order can be converted into an invoice when ready. You’ll save money, and also reduce human error, increasing customer satisfaction.

2. Automate sales of different units of measure.

Some customers want the case, others want the entire palette, and still others want just one of the same item. Sound familiar? Should you ‘tweak’ your software to handle this scenario, or end up making inventory adjustments? You can solve this costly problem by setting up an inventory item with multiple units of measure. By setting up the sales units you need for each item, you can let your system calculate how much you have in stock by unit, and you can easily buy, sell, and stock your items. This can save you significant time and will also give you a more accurate picture of how many items are in stock. Most importantly, you can quickly tell your customer how much is available in the unit of measurement you choose.

3. Set up and use conventions for building or ‘kit’ objects.

Do you put multiple items together and sell them as a kit? Or, do you produce something made from more raw materials? Do you tolerate the laborious process of entering each piece of finished goods separately into your accounting system? If so, you can drastically reduce time and increase accuracy by setting these items up as ‘assemblies’. Setting up assembly allows you to place the finished product on order, and it takes all of its components out of stock for you behind the scenes. This cuts down on data entry and keeps your inventory counts and costs accurate.

4. Take physical inventory several times.

Accurately counting items in your inventory can save your company money, and your customers will be happy to receive a quick and accurate answer about whether an item is available. You can simplify your physical inventory process by using a system that allows you to continue selling products while you count them. The sales staff is happy because they can continue to sell, the warehouse manager is happy because the calculations are accurate, and the customer is happy to receive accurate information in a timely manner.

5. Track inventory by location.

Is that item in the back warehouse? On the retail floor? Or is it out on one of the delivery trucks? If you store items in more than one location, you should be able to quickly see where it is by location. You can accomplish this by setting up more than one inventory location in your software. If you have the ability to set up unlimited inventory locations, you can also set up (for example) a delivery truck as its own location. Setting up multiple warehouses saves you search time, and can also reduce costly shrinkage.

6. Automatic tracking of serial and multi-numbered items.

Still tracking your serial or multi-numbered items on paper or in a spreadsheet? Not only does this make it time-consuming to get those items, there’s no trail to associate your customers with serial or multiple numbers for the items they’ve purchased. You can set up your system to capture and store serial or multiple numbers for your inventory upon receipt. So when you enter your customer’s order, you can choose which serial/lot number to buy. Your company will save significant time by keeping track of those numbers in one system, and you’ll keep your customers happy by being able to quickly access which serial or multiple numbers for the items they’ve purchased. It helps you keep easy track of warranty information.

7. Let your software system keep track of customer pricing.

Are you tired of flipping through files to find out what your customer last paid, only hoping that the page at the top is the most up-to-date? You can eliminate this hassle by setting up your customer value in your software system. By setting customer pricing in software, you’ll ensure better accuracy while keeping your customers happy, and you’ll also save yourself wasted time and hassle.

8. Track the profitability of inventory items.

How easy is it to see which items are most profitable? How do you know the items you promote or sell the most are bringing in the most revenue? With the ability to run reports showing profitability (gross profit margin) by each individual item, you can check often to make sure you’re selling the right items. By having this information easily accessible, you can focus your sales and marketing departments on selling and promoting the most profitable items, enabling you to improve your bottom line.

9. Enter purchase orders from Order Entry.

Have you ever run out of an item, and forgot to order it for your customer? You can prompt your system to enter purchase orders directly from the order entry screen. By doing this, you will be sure to receive the items for your order while keeping your customers happy. You will save time by taking care of both functions at once.

10. Know what items you have so you can keep the right number in stock.

Are you surprised when you run out of an item? Or how about when you find a huge overstock? Set up your system to have a minimum and maximum amount for each item. Then you can easily run a report at any time, showing what you’re running low on so you can order more before you run out. You can be sure that you won’t waste valuable shelf space by overstocking any items. It will also streamline the purchase order process, saving your company hours of time.

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