Stock inventory refers to your product at every stage of production from raw materials to finished product. Companies that manufacture products produce stock; some service-based industries may do so, but not necessarily. Stock need not be a finished product; companies can also sell raw materials and require inventory control to manage the operations.
Stock Inventory Software
If you are currently handling your stock inventory on an Excel template and your goal is to grow your business, you will need to transition from spreadsheets to an online inventory software. SOS Inventory is a subscription-based software in the cloud built with the small business owners in mind to allow them to easily upgrade from spreadsheets to a more sophisticated stock control system in a short period of time.
SOS's Stock Control Software Features
Important stock control features for growing businesses are:
- Multi-channel inventory management – the ability to import and process sales orders by API or manually from multiple channels or locations.
- Track by lot or serial number to manage expiration dates and track product forward or backwards.
- Customize fields and reports for deep dives into product performance.
- Unify data across all touchpoints in your business for greater accuracy
- Access account remotely from any mobile device
- Integrate with QuickBooks Online, Big Commerce, Shopify and other platforms
- Generate purchase orders from sales invoices
- Keep inventory counts and costs up to date at all times
Stock Inventory App
An effective application for managing your company’s stock will track each product, every step of the way, from receipt at the warehouse to storage to order fulfillment. It will also follow a product at every stage, as it makes its journey around the production facility from raw materials to finished product, and all the points in between. A comprehensive software program will facilitate its management of every end of the spectrum, allowing for greater control in ordering from supply chains to minimize waste and overhead while optimizing profit.
When many different raw materials are assembled, raw material counts will reduce by those included in that assembly. In cases where products are sold or assembled according to an expiration date, as is often the case with perishables such as food, chemicals or medication, an smartly devised inventory software will move the oldest product out of warehouse first to avoid waste and profit loss.
Inventory Stock Management
There are varying methods for tracking stock. The first in first out method (FIFO) aims to move the first products to arrive from suppliers out to the retailer. Most manufacturers choose this method of accounting. Alternatively, last in first out moves the most recent products out of the warehouse first. The business must choose one method and stick to it or if a change is required, paperwork must be filed with the IRS to update the method. Switching back and forth from one method to the other could send up red flags to the IRS.
Managing stock inventory with software makes it much easier.